A. $250,000 B. $300,000 C. $450,000 D. $500,000
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- A governmental fund’s Statement of Revenues, Expenditures, and Changes in Fund Balances reported expenditures for capital outlay in the amount of $5,000,000. Capital assets for that government cost $110,000,000, including $20,000,000 in land. Depreciable assets are amortized over 20 years, on average. The reconciliation from the governmental funds changes in fund balances to the governmental activities change in Net Position would reflect a(an): Multiple Choice A. Increase of $250,000. B. Increase of $500,000. C. Decrease of $250,000. D. Decrease of $500,000.Assume that the City of Coyote has produced its financial statements for December 31, 2024, and the year then ended. The city's general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $646,000. • Parks reports net expenses of $180,000. • Art museum reports net revenues of $61,000. General government revenues for the year were $941,000 with an overall increase in the city's net position of $176,000. The fund financial statements provide the following for the entire year: • The general fund reports a $51,500 increase in its fund balance. • The capital projects fund reports a $52,250 increase in its fund balance. The enterprise fund reports a $69,500 increase in its net position. The city asks the…Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $646,000. Parks reports net expenses of $180,000. Art museum reports net revenues of $61,000. General government revenues for the year were $941,000 with an overall increase in the city's net position of $176,000. The fund financial statements provide the following for the entire year: The general fund reports a $51,500 increase in its fund balance. The capital projects fund reports a $52,250 increase in its fund balance. The enterprise fund reports a $69,500 increase in its net position. The city asks the…
- A government buys equipment for its police department at a cost of $54,000. Which of the following is Equipment will increase by $54,000 in the government-wide financial statements. Depreciation in connection with this equipment will be reported in the fund financial statements. The equipment will not appear within the reported assets in the fund financial statements. An expenditure for $54,000 will be reported in the fund financial statements.City X purchased $6,000 of new computers during the year from the general fund. Which of the following statements is correct about how this would be recorded? The fixed assets in the government wide financial statements would not increase. The fixed asset accounts in the government wide financial statements would increase $6,000 There are no long term fixed assets in governmental accounting. O The fixed asset accounts in the governmental fund statements would increase $6,000Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $702,000. Parks reports net expenses of $144,000. Art museum reports net revenues of $50,250. General government revenues for the year were $966,750 with an overall increase in the city's net position of $171,000. The fund financial statements provide the following for the entire year: The general fund reports a $45,250 increase in its fund balance. The capital projects fund reports a $53,750 increase in its fund balance. The enterprise fund reports a $69,000 increase in its net position. The city asks the…
- Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city's general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $610,000. Parks reports net expenses of $107,000. Art museum reports net revenues of $57,750. General government revenues for the year were $813,250 with an overall increase in the city's net position of $154,000. The fund financial statements provide the following for the entire year: The general fund reports a $32,250 increase in its fund balance. The capital projects fund reports a $44,000 increase in its fund balance. The enterprise fund reports a $70,500 increase in its net position. The city asks the CPA firm…Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $615,000. Parks reports net expenses of $102,000. Art museum reports net revenues of $51,000. General government revenues for the year were $894,000 with an overall increase in the city's net position of $228,000. The fund financial statements provide the following for the entire year: The general fund reports a $44,000 increase in its fund balance. The capital projects fund reports a $64,500 increase in its fund balance. The enterprise fund reports a $62,250 increase in its net position. The city asks the…Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $766,000. Parks reports net expenses of $163,000. Art museum reports net revenues of $58,250. General government revenues for the year were $1,069,750 with an overall increase in the city's net position of $199,000. The fund financial statements provide the following for the entire year: The general fund reports a $35,750 increase in its fund balance. The capital projects fund reports a $45,750 increase in its fund balance. The enterprise fund reports a $72,750 increase in its net position. The city asks…
- Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city's general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: • Education reports net expenses of $742,000. • Parks reports net expenses of $140,000. • Art museum reports net revenues of $73,250. • General government revenues for the year were $987,750 with an overall increase in the city's net position of $179,000. The fund financial statements provide the following for the entire year: • The general fund reports a $52,250 increase in its fund balance. • The capital projects fund reports a $62,500 increase in its fund balance. • The enterprise fund reports a $73,500 increase in its net position. The city asks…Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city's general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $742,000. Parks reports net expenses of $140,000. • Art museum reports net revenues of $73,250. • General government revenues for the year were $987,750 with an overall increase in the city's net position of $179,000. . . The fund financial statements provide the following for the entire year: • The general fund reports a $52,250 increase in its fund balance. The capital projects fund reports a $62,500 increase in its fund balance. • The enterprise fund reports a $73,500 increase in its net position. The city asks…Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $600,000. Parks reports net expenses of $100,000. Art museum reports net revenues of $50,000. General government revenues for the year were $800,000 with an overall increase in the city's net position of $150,000. The fund financial statements provide the following for the entire year: The general fund reports a $30,000 increase in its fund balance. The capital projects fund reports a $40,000 increase in its fund balance. The enterprise fund reports a $60,000 increase in its net position. The city asks the…