Business, 29.05.2020 20:06, memelord0111011

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.

Forest City
As of (for the year ended) June 30, 2014
Gas Tax Housing & Urban Forest City All Governmental
Revenue Devolp. Grant Library Governmental & Enterprise
Fund Fund Fund Funds Funds Funds
Total Assets $160,748 $175,111 $101,549 $1,563,867 $3,497,398
Total Liabilities 72,551 85,433 0 867,533 1,487,225
Total Revenues 138,336 169,964 120,589 1,537,399 2,987,487
Total expenditures 124,225 130,583 119,812 1,496,223 2,684,531

Determine which of the above funds should be reported as a major fund?

Answers: 3

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Forest City has recently implemented GAAP reporting and is attempting to determine which of the foll...