The city of Rina has two governmental activities, one business activity and a co

Question

The city of Rina has two governmental activities, one business activity and a component unit. The governmental activities are education and parks and recreation, the business activity is a civic auditorium and the component unit is a museum. There were general revenues from property taxes of $600,000 and transfers of $20,000 from the general fund to the enterprise fund. . The information at year end- December 31, 2015- is as follows:

Education expenses, program revenues and grants are $482,100, $6,000 and $117,000, respectively.

Parks and recreation expenses and program expenses are $22,000 and $8,000, respectively.

The civic auditorium expenses and program revenues are $88,000 and $130,000 respectively.

The component unit’s expense and program revenues are $42,000 and $50,000 respectively.

Required:

(A.) Prepare a statement of activities for the City of Rina for the year ended December 31, 2015

Explanation / Answer

Statement of Activities

Particulars Education Parks and Recreation Total Government Activities Civic Auditorium Museum General Revenue Expenses $482100 $22000 $504100 $88000 $42000 $20000 Program Revenue $6000 $8000 $14000 $130000 $50000 $600000 Grants $117000 $117000 Net (Expenses)/Revenues ($359100) ($14000) ($373100) $42000 $8000 $580000 Change in Net Assets, End of year ($359100) ($14000) ($373100) $42000 $8000 $580000

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