E2-20 Major Funds [LO 2-3] Forest City has recently implemented GAAP reporting a
ID: 2520107 • Letter: E
Question
E2-20 Major Funds [LO 2-3] Forest City has recently implemented GAAP reporting and is attempting to determine which of the following special revenue funds should be classified as "major funds" and therefore be reported in separate columns on the balance sheet and statement of revenues, expenditures, and changes in fund balances for the governmental funds. As the city's external auditor, you have been asked to provide a rationale for either including or excluding each of the following funds as a major fund. Determine which of the following funds should be reported as a major fund. (Leave no cells blank. Round percentage answers to 1 decimal ace FOREST CITY As of (for the year ended) JUNE 30, 2017 >5% of All Governmental Forest >10% of >10% of Govern mental >5% of Govern. mental and Housing and Urban >10% of Govern Govern-mental City Govern m >5% of Govern- Gas Tax Revenue Fund All ental and Governmental and Enterprise Enterprise Development menta and Enterprise Library mental Funds Enterprise Funds Funds Funds Grant Fund Funds Funds Fund Funds Funds % 101,549 Total assets Total liabilities Total revenues Total expenditure Include as a major fund? 160,748 72,551 138,336 124,225 85,433 169,964 130,583 %$ 1,563,867 3,497,398 1,487,225 2,987,487 2,684,531 867.533 1,537.399 1,496,233 %1 120.589 119.812Explanation / Answer
FOREST CITY
As of (for the year ended)JUNE 30,2017
Gas tax Revenue fund($)
10%of governmental
funds($)
5%of governmental
And Enterprise funds($)
Housing& urban Development grant fund($)
10%of governmental
funds($)
5%of governmental and Enterprise funds($)
Forest city library fund
($)
10%of governmental
funds($)
5%of governmental and Enterprise funds($)
All Governmental Funds($)
All Governmental Funds($)
Total Assets
FOREST CITY
As of (for the year ended)JUNE 30,2017
Gas tax Revenue fund($)
10%of governmental
funds($)
5%of governmental
And Enterprise funds($)
Housing& urban Development grant fund($)
10%of governmental
funds($)
5%of governmental and Enterprise funds($)
Forest city library fund
($)
10%of governmental
funds($)
5%of governmental and Enterprise funds($)
All Governmental Funds($)
All Governmental Funds($)
Total Assets
160,748 16074.8 8037.4 175,111 17511.1 8755.55 101,549 10154.9 5077.45 1,563,867 3,497,398 Total Liablities 72,551 7255.1 3627.5 85,433 8543.3 4271.65 0 0 0 867,533 1,487,225 Total Revenue 138,336 13833.6 6916.8 169,964 16996.4 8498.2 120,589 12058.9 6029.45 1,537,399 2,987,487 Total Expenditure 124,225 12422.5 6211.25 130,583 13058.3 6529.15 119,812 11981.2 5990.6 1,496,233 2,684,531 Includes as a major fund 495,860 561,091 341,950Related Questions
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