general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum The government-wide financial statements provide the following figures: . Education reports net expenses of $622,000. Parks reports net expenses of $105,000. Art museum reports net revenues of $54,750. . General government revenues for the year were $881.250 with an overall increase in the city's net position of $209,000. . The fund financial statements provide the following for the entire year. The general fund reports a $51,750 increase in its fund balance. The capital projects fund reports a $60,250 increase in its fund balance. The enterprise fund reports a $62,500 increase in its net position The city asks the CPA firm of Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate how to correct any erroneous reporting Officials also want to know the effect of each error. View each of the following situations as independent The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. Property owners could make payments early to receive a discount. The levy becomes legally enforceable on February 15, 2021. All money received by the city must be spent during 2021 or later. The total assessment is $348,000. Of that amount, the city collects 30 percent, less a 10 percent discount, in 2020. The city expects to receive all of the remaining money during 2021 with no discount. During 2020, the government increases cash as well as revenue for the amount received. No change was made in creating government-wide financial statements. a. What is the correct overall change in the city's net position as should be shown on the government-wide financial statements? b. What is the correct change for 2020 in the fund balance reported for the city's general fund? a Correct change Correct change Increase/Decrease increase decrease h Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city's general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum The government-wide financial statements provide the following figures: Education reports net expenses of $740,000 Parks reports net expenses of $130,000. Art museum reports net revenues of $58,000. General government revenues for the year were $1,015,000 with an overall increase in the city's net position of $203,000. . The fund financial statements provide the following for the entire year: The general fund reports a $33,250 increase in its fund balance. The capital projects fund reports a $63,250 increase in its fund balance. The enterprise fund reports a $75,750 Increase in its net position. The city asks the CPA firm of Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate how to correct any erroneous reporting Officials also want to know the effect of each error. View each of the following situations as Independent The City of Coyote mails property tax bills for 2021 to its citizens during August 2020 Payments could be made early to receive a discount. The levy becomes legally enforceable on February 15, 2021. All money the government receives must be spent during 2021 or later. The total assessment is $428,000, and the city collects 20 percent of that amount in 2020 less a 10 percent discount. The city expects to receive all remaining money during 2021 with no discount. During 2020, the government increases cash and a revenue for the amount received. In addition, a receivable and an unavailable revenue for $342,400 are recognized a. In the general information, an overall increase in the city's net position of $203,000 was found on the government-wide financial statements. What is the correct overall change in the city's net position as reported on the government-wide financial statements? b. In the general information, an overall increase of $33,250 is reported in the fund balance for the general fund. What was the correct change during 20207 a Correct change Correct change Intro/Deeres increase decrease D Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city's general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $798,000. Parks reports net expenses of $182,000. Art museum reports net revenues of $60,000. General government revenues for the year were $1,080,000 with an overall increase in the city's net position of $160,000. . . The fund financial statements provide the following for the entire year: The general fund reports a $50,750 Increase in its fund balance. The capital projects fund reports a $47,500 increase in its fund balance. The enterprise fund reports a $61,750 increase in its net position . . The city asks the CPA firm of Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate how to correct any erroneous reporting. Officials also want to know the effect of each error. View each of the following situations as independent In 2020, the City of Coyote received a $505,000 cash grant from the state to reduce air pollution. Assume that although a special revenue fund could have been set up the money remained in the general fund. Cash was received immediately but had to be returned if the city had not lowered air pollution by 25 percent by 2020. On December 31, 2020, Coyote spent $314,000 of this money for a large machine to help begin the process of reducing air pollution. The machine is expected to last for five years and was recorded as an expenditure in the general fund and as an asset on the government-wide financial statements where it was depreciated based on the straight-line method and the half-year convention. Because the money had been received, all $505.000 was recorded as a revenue on both the fund and the government-wide financial statements. a. What was the correct change for 2020 in the total fund balance reported by the general fund? b. What was the correct overall change in the net position reported on the government-wide financial statements? Correct change Correct change Increase/Decrease decrease decrease b