At the end of the fiscal year, Palm City was trying to determine which of its funds would be required to be reported as major funds in accordance with GASB standards. Palm City has provided the information for all of its governmental and enterprise funds that is needed to determine major fund classification in accordance with GASB standards. Select "Yes" if the funds should be classified as major or "No" otherwise. Fund Name Governmental Funds General Fund Health & Human Services Fund Community Development Fund Debt Service Fund Enterprise Funds Utility City Airport Golf Course Total Assets $ 462.2 110.7 220.5 70.8 639.4 5,419.5 48.9 10% 5% Criterion Criterion Yes No Total Liabilities $ PALM CITY As of fiscal year end 52.8 11.9 20.9 6.1 97.5 5,017.3 8.6 10% Criterion 5% Criterion Total Expenditures / Expenses $ 915.9 118.8 28.4 132.4 104.1 616.7 19.6 10% Criterion 5% Criterion LLLL

At the end of the fiscal year, Palm City was trying to determine which of its funds would be required to be reported as major funds in accordance with GASB standards. Palm City has provided the information for all of its governmental and enterprise funds that is needed to determine major fund classification in accordance with GASB standards. Select "Yes" if the funds should be classified as major or "No" otherwise. Fund Name Governmental Funds General Fund Health & Human Services Fund Community Development Fund Debt Service Fund Enterprise Funds Utility City Airport Golf Course Total Assets $ 462.2 110.7 220.5 70.8 639.4 5,419.5 48.9 10% 5% Criterion Criterion Yes No Total Liabilities $ PALM CITY As of fiscal year end 52.8 11.9 20.9 6.1 97.5 5,017.3 8.6 10% Criterion 5% Criterion Total Expenditures / Expenses $ 915.9 118.8 28.4 132.4 104.1 616.7 19.6 10% Criterion 5% Criterion LLLL

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

N3.

At the end of the fiscal year, Palm City was trying to determine which of its funds would be required to be reported as major funds in
accordance with GASB standards. Palm City has provided the information for all of its governmental and enterprise funds that is
needed to determine major fund classification in accordance with GASB standards. Select "Yes" if the funds should be classified as
major or "No" otherwise.
Fund Name
Governmental Funds
General Fund
Health & Human Services Fund
Community Development Fund
Debt Service Fund
Enterprise Funds
Utility
City Airport
Golf Course
Total
Assets
$
462.2
110.7:
220.5
70.8
639.4
5,419.5
48.9
10%
Criterion
Yes
No
5%
Criterion.
Total
Liabilities
$
STON
52.8
11.9
20.9
6.1
PALM CITY
As of fiscal year end
97.5
5,017.3
8.6
10%
Criterion
5%
Criterion
Total
Expenditures
/ Expenses
$
915.9
118.8
28.4
132.4
104.1
616.7
19.6
10%
Criterion
5%
Criterion

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