The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund iscomposed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and anenterprise fund to account for an art museum. The city also has one discretely presented component unit.The government-wide financial statements indicate the following Year 4 totals.Education had net expenses of $792,000.Parks had net expenses of $125,000.Art museum had net revenues of $52,750.General revenues were $1,108,250. The overall increase in net position for the city was $244,000.The fund financial statements for Year 4 indicate the following:The general fund had an increase of $32,750 in its fund balance.The capital projects fund had an increase of $61,750 in its fund balance.The enterprise fund had an increase of $120,000 in its net position balance.Officials for the City of Wolfe define "available" as current financial resources to be paid or collected within 60 days.The city maintains a landfill and records it within its parks. The landfill generates program revenues of $16,000 in Year 4 and cashexpenses of $60,200. It also pays $12,200 cash for a piece of land. These transactions were recorded as would have beenanticipated, but no other recording was made this year. The city assumes that it will have to pay $370,000 to clean up the landfillwhen it is closed in several years. The landfill was 25 percent filled at the end of Year 3 and is 35 percent filled at the end of Year 4.No payments will be necessary for several more years. For convenience, assume that the entries in all previous years were correctlyhandled regardless of the situation.a. The city believes that the landfill was included appropriately in all previous years as one of the enterprise funds. According to theinformation provided, the overall increase in net position was $244,000. What is the correct overall change in the net position inthe government-wide financial statemb. The city believes that the landfill was included appropriately in all previous years in one of the enterprise funds. According to theinformation provided, the enterprise fund reports an increase in its net position of $120,000. What is the correct change in the netposition of the enterprise fund in fund financial statements?c. The city believes that the landfill was included appropriately in all previous years within the general fund. What is the correctchange in the fund balance of the general fund?nts?X Answer is not complete.The correct overall change in net position is$207,000а.b.The correct overall change in net position isС.The correct increase in fund balance is

Part a: A land filled at the end of year 3 = 25% A land filled at the end of year 4 = 35% Amount to…

Answered: a. The city believes that the landfill…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit.The government-wide financial statements indicated the following Year 4 totals:Education had net expenses of $710,000.Parks had net expenses of $130,000.Art museum had net revenues of $80,000.General revenues were $900,000; the overall increase in net position was $140,000.The fund financial statements issued for Year 4 indicated the following:The general fund had an increase of $30,000 in its fund balance.The capital projects fund had an increase of $40,000 in its fund balance.The enterprise fund had an increase of $60,000 in its net position.Officials for Wolfe define “available” as current financial resources to be paid…
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit.The government-wide financial statements indicated the following Year 4 totals:Education had net expenses of $710,000.Parks had net expenses of $130,000.Art museum had net revenues of $80,000.General revenues were $900,000; the overall increase in net position was $140,000.The fund financial statements issued for Year 4 indicated the following:The general fund had an increase of $30,000 in its fund balance.The capital projects fund had an increase of $40,000 in its fund balance.The enterprise fund had an increase of $60,000 in its net position.Officials for Wolfe define “available” as current financial resources to be paid…
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit.The government-wide financial statements indicated the following Year 4 totals:Education had net expenses of $710,000.Parks had net expenses of $130,000.Art museum had net revenues of $80,000.General revenues were $900,000; the overall increase in net position was $140,000.The fund financial statements issued for Year 4 indicated the following:The general fund had an increase of $30,000 in its fund balance.The capital projects fund had an increase of $40,000 in its fund balance.The enterprise fund had an increase of $60,000 in its net position.Officials for Wolfe define “available” as current financial resources to be paid…
The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $684,000. Parks had net expenses of $172,000. Art museum had net revenues of $69,750. General revenues were $990,250. The overall increase in net position for the city was $204,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $46,250 in its fund balance. The capital projects fund had an increase of $45,250 in its fund balance. The enterprise fund had an increase of $84,750 in its net position balance. Officials for the City of…
The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $636,000. Parks had net expenses of $150,000. Art museum had net revenues of $64,500. General revenues were $873,500. The overall increase in net position for the city was $152,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $43,250 in its fund balance. The capital projects fund had an increase of $51,750 in its fund balance. The enterprise fund had an increase of $79,250 in its net position balance. Officials for the City of Wolfe define "available" as…
The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $622,000. Parks had net expenses of $105,000. Art museum had net revenues of $54,750. General revenues were $881,250. The overall increase in net position for the city was $209,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $51,750 in its fund balance. The capital projects fund had an increase of $60,250 in its fund balance. The enterprise fund had an increase of $62,500 in its net position balance. Officials for the City of…
The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $668,000. Parks had net expenses of $147,000. Art museum had net revenues of $59,500. General revenues were $972,500. The overall increase in net position for the city was $217,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $32,500 in its fund balance. The capital projects fund had an increase of $62,250 in its fund balance. The enterprise fund had an increase of $63,250 in its net position balance. Officials for the City of Wolfe define "available" as…
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The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calend made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds fo enterprise fund to account for an art museum. It also has one discretely presented component uni The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $792,000. Parks had net expenses of $125,000. Art museum had net revenues of $52.750. General revenues were $1108.250; the overall increase in net position was $244,00O.
For problems 40 through 43, use the following introductory information: The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks had net expenses of $130,000. Art museum had net revenues of $80,000. General revenues were $900,000; the overall increase in net position was $140,000. The fund financial statements issued for Year 4 indicated the following: The general fund had an increase of $30,000 in its fund balance. The capital projects fund had an increase of $40,000 in its fund balance. The enterprise fund had an increase of $60,000 in its net position.…
For problems 40 through 43, use the following introductory information: The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks had net expenses of $130,000. Art museum had net revenues of $80,000. General revenues were $900,000; the overall increase in net position was $140,000. The fund financial statements issued for Year 4 indicated the following: The general fund had an increase of $30,000 in its fund balance. The capital projects fund had an increase of $40,000 in its fund balance. The enterprise fund had an increase of $60,000 in its net position.…
am.121.

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