Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
At the end of the fiscal year, Palm City was trying to determine which of its funds would be required to be reported as major
At the end of the fiscal year, Palm City was trying to determine which of its funds would be required to be reported as major funds in accordance with GASB standards. Palm City has provided the information for all of its governmental and enterprise funds that is needed to determine major fund classification in accordance with GASB standards. Select "Yes" If the funds should be classified as major or "No" otherwise. PALM CITY As of fiscal year end Fund Name Total Assets 10% Criterion Criterion Total Liabilities 10% Criterion Criterion 10% Criterion Criterion Total Revenues 10% Criterion Criterion $ 9928 110.7 Yes 220.5 'Yes 70.8 No Governmental Funds General Fund Health & Human Services Fund Community Development Fund Debt Service Fund Enterprise Funds Utility City Airport Golf Course No No No 528 11.9 Yes 209 61 9159 118 8 No 28.4 'NO Yes No 125.1 No 16.8 No 134.7 1324 9 5 6394 5.419. 48.9 5 75 .0173 8.6 104.1 616.7 19.6 115 9 661.8 18.1 At the end of the fiscal year, Palm City was trying to determine which of its funds would be required to be reported as major funds in accordance with GASB standards. Palm City has provided the information for all of its governmental and enterprise funds that is needed to determine major fund classification in accordance with GASB standards. Select "Yes" If the funds should be classified as major or "No" otherwise. PALM CITY As of fiscal year end Fund Name Total Assets 10% Criterion Criterion Total Liabilities 10% Criterion Criterion 10% Criterion Criterion Total Revenues 10% Criterion Criterion $ 9928 110.7 Yes 220.5 'Yes 70.8 No Governmental Funds General Fund Health & Human Services Fund Community Development Fund Debt Service Fund Enterprise Funds Utility City Airport Golf Course No No No 528 11.9 Yes 209 61 9159 118 8 No 28.4 'NO Yes No 125.1 No 16.8 No 134.7 1324 9 5 6394 5.419. 48.9 5 75 .0173 8.6 104.1 616.7 19.6 115 9 661.8 18.1
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started