The City of Ann Arbor engages in the following transactions during its fiscal year ending June 30, 2022. Show what impact, if any, each has on the city's assets, liabilities, and fund balance, assuming it prepares its fund financial statements on the modified accrual basis.

A. On August 30, 2022 it received $27,000 from the state for sales taxes recorded on its behalf. The payment was for sales made in June that merchants were required to remit to the state by July 15.

b. In January the city was awarded a state training grant of $520 for the period March 1, 2022 through February 28, 2023. In fiscal 2022 the city received the entire $520 but spent only $480. Although the funds were received in advance, the city would have to return to the state any amounts that were not used to cover allowable training grants.

c. The city requires each vendor who sells in its farmers market to obtain an annual permit. The funds generated by the sale of these permits are used to maintain the market. The permits, which cover the period from March 1 through February 28, are not refundable. In February 2022 the city issued $58 of permits. d. A few years ago the city received a donation of a parcel of land, upon which it expected to build a new community center. During fiscal 2022 it opted to sell the land instead for $245. When acquired by the town, the land had a market value of $182.

The City of Ann Arbor engages in the following transactions during its fiscal year ending June 30, 2022. Show what impact, if any, each has on the city's assets, liabilities, and fund balance, assuming it prepares its fund financial statements on the modified accrual basis. a. On August 30, 2022 it received $27,000 from the state for sales taxes recorded on its behalf. The payment was for sales made in June that merchants were required to remit to the state by July 15 . b. In January the city was awarded a state training grant of $520 for the period March 1,2022 through February 28,2023 . In fiscal 2022 the city received the entire $520 but spent only $480. Although the funds were received in advance, the city would have to return to the state any amounts that were not used to cover allowable training grants. c. The city requires each vendor who sells in its farmers market to obtain an annual permit. The funds generated by the sale of these permits are used to maintain the market. The permits, which cover the period from Marcp 1 through February 28, are not refundable. In February 2022 the city issued $58 of permits. d. A few years ago the city received a donation of a parcel of land, upon which it expected to build a new community center. During fiscal 2022 it opted to sell the land instead for $245. When acquired by the town, the land had a market value of $182. PAD 743 Summer 2023 Homework 4 Page 1 of 2