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Question:
Below is information on total assets for several funds of the City of Dublin (all amounts are in thousands of dollars).
Fund Assets
General $1,300
Federal Grants Special Revenue 500
State Grants Special Revenue 200
City Hall Capital Projects 900
Debt Service 700
Water and Sewer Enterprise 8,000
Swimming Pool Enterprise 1,000
Fleet Management Internal Service 10,800
Employee Pension Fund 6,500
Requirement:
Write a schedule computing the threshold for asset amounts that could be used to calculate which funds must be reported as major. Identify which funds are major funds.
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2) Give all required consolidation adjustment entries needed to prepare the consolidated financial statements as at 30 June 2010. The balance sheets and income statement of ABC Ltd and XYZ Ltd can be found on the worksheet.
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