Question
Reporting reconciliation between fund and government-wide financial statements Oliver City reported capital assets of $4,300,000 and accumulated depreciation of $2,000,000 in the governmental activities column
Reporting reconciliation between fund and government-wide financial statements
Oliver City reported capital assets of $4,300,000 and accumulated depreciation of $2,000,000 in the governmental activities column of its government-wide statement of net position for the year ended December 31, 2018. The total governmental funds column in Olivers calendar year 2019 statement of revenues, expenditures, and changes in fund balances showed that Olivers capital outlay expenditures were $340,000. Oliver Citys director of finance estimated that total depreciation for 2019 was $200,000.
Based on this information, determine the reconciliation amounts reported in the two funds financial statements to the two government-wide financial statements.
Use a negative sign with your answer, if appropriate.
Reconciliation of Funds Balance Sheet to Goverment-Wide Statement of Net Position Amounts reported in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and, therefore are not reported in the funds. $ 5 and, therefore are not reported in the funds. $ 03 Reconciliation of Funds Balance Sheet to Goverment-Wide Statement of Net Position Amounts reported in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and, therefore are not reported in the funds. $ 5 and, therefore are not reported in the funds. $ 03Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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