The City of Terrytown reports the following information:
There are no business type activities for this city or other component units. Taxes raised for general revenues equal $200,000 and taxes raised for debt service equal $25,000. Other general revenues were generated through fines, fees, and permits that total $100,000. The city also sold a plot of land for a gain of $10,000. The beginning of the year net assets totaled $155,000.
Required:
Prepare a statement of activities schedule for the city.

Question

The City of Terrytown reports the following information:  
There are no business type activities for this city or other component units. Taxes raised for general revenues equal $200,000 and taxes raised for debt service equal $25,000. Other general revenues were generated through fines, fees, and permits that total $100,000. The city also sold a plot of land for a gain of $10,000. The beginning of the year net assets totaled $155,000.
Required:
Prepare a statement of activities schedule for the city.

Quizplus · Accepted Answer

The Answer of The City of Terrytown reports the following information:  
There are no business type activities for this city or other component units. Taxes raised for general revenues equal $200,000 and taxes raised for debt service equal $25,000. Other general revenues were generated through fines, fees, and permits that total $100,000. The city also sold a plot of land for a gain of $10,000. The beginning of the year net assets totaled $155,000.
Required:
Prepare a statement of activities schedule for the city.

The City of Terrytown Reports the Following Information