Really need help in hurry!! I need help with this question related to govenment
ID: 2794845 • Letter: R
Question
Really need help in hurry!! I need help with this question related to govenment and nonprofit organization class. I need to answer the following question based on 2016 Jacksonville CAFR. The report 's link is https://drive.google.com/file/d/1uRbyCobIFl7AvN0Y_kkBm85UmBiuryVa/view?usp=sharing
And I have uploaded the picture of stataements. And I aso have the picture of statements attached.
The question is: Review the reconciliation between the governmental fund balances and the governmental-type activities net assets. This might be on the governmental fund balance sheet and statement of revenue etc., or in a separate schedule in the basic financial statements. (Max. 1 page) a. List two major differences for each statement and the direction of the adjustment. Be sure to clearly identify whether the adjustments are being made to governmental fund balance to arrive at governmental type net assets or vice-versa. Thank you.
CITY OF JACKSONVILLE, FLORIDA BALANCE SHEET - GOVERNMENTAL FUNDS SEPTEMBER 30, 2016 WITH COMPARATIVE TOTALS FOR 2015 (in thousands SPECIAI BONDED DEBT BETTER JACKSONVILLE PLAN OBLIGATIONS GENERAL FUND SPECIAI BONDED DEBT- OBLIGATIONS ASSETS: Equity in pooled cash and investments Cash in escrow and with fiscal agents Securities lending colla Receivables (net, where applicable, of S 177,266 186 67,167 $ 114,620 78,680 S 11,422 62,348 allowances for uncollectibles): Accounts and i Mo Other 5,690 16,795 10,989 49,383 3,273 Due from independent agencies and other gov nvc Prepaid i TOTAL ASSETS 330,749 193,300 73,770 LIABILITIES: s 31,285 S 139 $ 56 Accounts payable and accrued liab Contracts payable Due to other Due to component Due to individuals Bonds payable Interest payable Deposits 53,240 25,440 49,866 12,482Explanation / Answer
The Reconciliation :
The last component of the adjust sheet is a reconciliation—a crosswalk between add up to support adjust and add up to legislative exercises net resources in the government-wide articulation of net resources. The compromise may show up on the confront of the adjust sheet. The adjust balance sheet compromise may moreover be went with by a note divulgence that presents the accommodating things in more noteworthy detail. The accommodating things are by and large of two kinds—those that clarify contrasts in the scope of exercises secured (for illustration, legislative exercises may incorporate inner benefit reserves, in expansion to the legislative stores) and those that clarify contrasts in the bookkeeping bases (for occurrence, the nearness of capital resources and long-term liabilities in the government-wide explanations, but their nonappearance in the administrative reserves).
Balance sheet alludes to the articulation of capital, liabilities and resources of the government or trade organization that speaks to the adjust of consumption and salary over the past period. Articulation of income on the other hand alludes to the alludes to the articulation of benefit and misfortune that delineates the budgetary execution of the company over a specific period of time or financial year. The add up to government support adjust has diminished from $14,191 as per the accommodated adjust sheet to $6,459 as per the accommodated explanation relating to the revenues. The changes fundamental net position relating to government exercises has diminished from $32,554 as per the accommodated adjust sheet to $4,716 as per the accommodated explanation relating to the incomes.
Due from government allow agreeing to adjust sheet accounts for $4,934. In any case in the articulation of income it is recorded at $49,308 as the income for the government. The finance adjust shortfall measuring to $7,732 brought about in net alter in support adjust of the government which accounts for $6,459. Due to exercises that are trade sort agreeing to adjust sheet accounts for ($619). Be that as it may in the articulation of income exchange made to commerce sort exercises accounts for ($570).
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.