Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Major Funds Information for fiscal 2020 for Cuyahoga County's enterprise and governmental funds is as follows: Deferred Deferred (in thousands) Assets Outflows Liabilities Inflows Revenues

image text in transcribed
Major Funds Information for fiscal 2020 for Cuyahoga County's enterprise and governmental funds is as follows: Deferred Deferred (in thousands) Assets Outflows Liabilities Inflows Revenues Expenses Water Fund 5605 $35 $400 $20 $1,380 $1,380 Sewer Fund 245 195 5 310 300 Airport Fund 1,100 50 930 25 950 970 Harbor Fund 480 475 2 625 622 All enterprise and governmental funds 9,500 200 9,450 150 13,000 12,500 Required Identify the enterprise funds that meet the thresholds to be reported as major funds in the enterprise fund financial statements. Calculate the thresholds. Use decimal places with answers when appropriate (do not round answers), Total for Total for Governmental Enterprise and Enterprise Element Funds 10% Test Funds 5% Test Assets/Deferred outflows $ 0 x 5 0 X $ OX$ 0 X Liabilities/Deferred inflows OX 0 x 0 x OX Revenues 0 x 0 x 0 X 0 x OX Expenses OX OX

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Chains Of Finance How Investment Management Is Shaped

Authors: Diane-Laure Arjalies, Philip Grant, Iain Hardie, Donald MacKenzie, Ekaterina Svetlova

1st Edition

0198802943, 978-0198802945

More Books

Students also viewed these Finance questions

Question

Is it possible for me to research other subject here?

Answered: 1 week ago