Determining Whether a Special Revenue Fund Is a Major Fund
The City of Elmtree is preparing its financial statements for the year ended December 31, 20X2, and has asked for your assistance in determining whether its special revenue fund is a major or a nonmajor fund for the financial statements of its governmental funds. The city has provided the following information:
Items | Totals for Governmental Funds | Totals for Governmental and Enterprise Funds |
Assets | $50,000,000 | $80,000,000 |
Liabilities | 22,000,000 | 37,000,000 |
Revenues | 70,000,000 | 95,000,000 |
Expenditures/expenses | 60,000,000 | 82,000,000 |
The special revenue fund reported the following amounts at December 31, 20X2 (assets and liabilities), and for the year ended December 31, 20X2 (revenues and expenditures):
Assets | $4,100,000 |
Liabilities | 3,900,000 |
Revenues | 6,700,000 |
Expenditures | 6,500,000 |
Required
Determine whether the special revenue fund of Elmtree is a major fund for the 20X2 financial statements of the city’s governmental funds.
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