During 2010, the City of Coyote contracted to build a sidewalk costing $10,000 as a special assessments project for which it collected $10,000 from affected citizens. The government had no obligation in connection with this project. Both a $10,000 revenue and a $10,000 expenditure were recorded in the Capital Projects Fund. In preparing government-wide financial statements, an asset and a general revenue were recorded for $10,000.
a.In the general information, the Capital Projects Fund reported a $ 40,000 increase in its fund balance. What was the correct overall change in the Capital Projects Fund’s balance during 2010?
b.In the general information, a $150,000 overall increase in the city’s net assets was found on the government-wide financial statements. What was the correct overall change in the city’s net assets on the government-wide financial statements?
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