ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Chapter 7, Problem 17.4EP
To determine

Identify the correct answer by solving the amount of net transfers.

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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 $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…
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…

Chapter 7 Solutions

ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM

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