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Using the finance or similarly named department link of a city's Web site, download either the city's entire comprehensive annual financial report (CAFR) or, if possible, just the portion of the CAFR that contains the basic financial statements. Print a copy of the government-wide statement of activities and a copy of the statement of revenue, expenditures, and changes in fund balances, governmental funds, along with the reconciliation between these two statements, and respond to the requirements below. The city manager is concerned that some recently elected members of the city council will get a mixed message since the change in net position reported for governmental activities is noticeably different from the change in fund balances reported on the governmental funds statement of revenues, expenditures, and changes in fund balances. The city manager has requested that you, in your role as finance director, explain to the city council in clear, easy to understand terms for which purposes each operating statement is intended and how and why the operating results differ.
A) Examine the two operating statements in detail, paying particular attention to the lines on which changes in net position and changes in fund balances are reported and develop a list of reasons why the two numbers are not the same.
B) Prepare a succinct and understandable explanation of the results of operations of the government from the perspective of each operating statement, in terms that a non accountant council member would be able to understand.
At the end of the current fiscal year, the raw material to be purchased under this contract had a market value of $2.2 million. Illustrate what is the journal entry at the end of the current fiscal year?
Describe at least three ways that factors in the external environment influence employee behaviour
Presented below is a comparative balance sheet for Bogues Corporation for 20X7 and 20X6. Prepare a horizontal analysis of Bogues Corporation's balance sheet.
Prepare the entry to record Farrin's investment in the partnership, assuming the equipment has a fair market value of $5,000.
Ted also owns a 10% of Subco (an S corporation) that had $100,000 of taxable income and distributed a total of $60,000 to its shareholders. How much must Ted include in his gross income as a result of being a shareholder in these two corporations?
Provide specific examples of accounting information that might be useful in assessing Michael Porter's cost leadership competitive strategy.
What type of reorganization has taken place? Describe the tax consequences to Taylor Corporation, its former shareholders, and Superior Corporation.
Identify decisions that managers like Choi must make in applying depreciation methods.
“The IFRS standards are considered to be more principles based than the U.S. rules-based GAAP.” Comment on the implications of this statement, including the legal implications. U.S. GAAP has been considered by many to be the best GAAP in the world...
he paid the balance by a loan from his hometown bank. The loan is to be paid on a monthly basis for 2 years charging 12 % interest. Find how much are the monthly payments?
The Faucet Division is currently operating at full capacity. Its standard unit sells for $50 per unit and has variable costs of $29. Calculate the minimum transfer price that the Faucet Division should be willing to accept, and discuss whether it ..
Greer company's standard predetermined overhead rate is $8 per direct labor hour. For the month of June, 26,000 actual hours were worked, and 27,000 standard hours were allowed. Normal capacity hours were 28,000. Elucidate how much overhead was..
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