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Question: The City of Coyote records an art


The City of Coyote records an art display within its general fund. The display generates revenues of $9,000 this year as well as expenditures of $45,000 ($15,000 in expenses and $30,000 to buy land for the display). The CPA firm determines that the city should report this program as an enterprise fund activity because of its association with the city’s art museum.
a. Based on the information provided, what was the correct change in the fund balance for the general fund for 2020?
b. What was the correct overall change in the city’s net position on government-wide financial statements?
c. What was the correct change in the net position of the enterprise fund on the fund financial statements?

2.99

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