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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.
Purpose Arturo's journal entry to record its acquisition of Westmont.
Create the entry to record the asset retirement obligation. Use Oil Platform as an account title and Prepare the journal entries to record
Would you buy stock in this company? Are there questions you would want answered before answering the original question? What are the strengths and weaknesses of this company?
The standard wage rate is $12 per hour. ABC manufactured 1,000 fuzzy bears in October. The company used 980 direct labor hours and paid $12.50 per hour. What is labor rate variance? Is the variance favorable or unfavorable?
The total profit would be $50,000(40%*$125,000). However, $50,000 of the goods were still in Aster's inventory. $20,000 should be hold back as unrealized profit that should be deducted from Peony's net income.
The remainder of the outstanding bonds is reacquired by exercising the bonds' call feature. In the final analysis, how much was the gain or loss experienced by Pratt in reacquiring its 8% bonds?
Quiltworks company reported actual sales of $2,000,000, and fixed costs of $450,000. The contribution margin ratio is 30%. Calculate the break even point in dollars
What are the two kinds of implied warranties for which warranty liability can be imposed in connection with a negotiable instrument and what kind of personal defenses can he raise against enforcement of a negotiable instrument by an ordinary holde..
Richard operates a hair styling boutique out of his home. 300 of the 1,200 square feet of floor space are allocated to the boutique. Other information. Illustrate w hat amount of income or loss from the boutique should Richard show on his return
Explain how variable costing differs from absorption costing and compute unit product costs under each method, and Identify relevant and irrelevant costs and benefits in a decision situation.
What kinds of problems can this company (or any company) avoid by properly managing its debt and does the company appear to be investing appropriately in plant and equipment?
Which one of the subsequent statements best explains why companies want to distinguish between direct and indirect costs?
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