Solved

Here Is Information for a County Government The County Has Four Special Revenue Funds, with the Following

Question 136

Essay

Here is information for a county government:
 Governmental funds  Enterprise funds  Total assets and deferred outflows $60,000,000$52,000,000 Total liabilities and deferred inflows 45,000,00050,000,000 Total revenues 370,000,000300,000,000 Total expenditures/expenses 382,000,000299,500,000\begin{array}{|l|r|r|}\hline & \text { Governmental funds } & {\text { Enterprise funds }} \\\hline \text { Total assets and deferred outflows } & \$ 60,000,000 & \$ 52,000,000 \\\hline \text { Total liabilities and deferred inflows } & 45,000,000 & 50,000,000 \\\hline \text { Total revenues } & 370,000,000 & 300,000,000 \\\hline \text { Total expenditures/expenses } & 382,000,000 & 299,500,000 \\\hline\end{array}

The county has four special revenue funds, with the following characteristics:
 Health fund  Parks fund  Social services  fund  911 fund  Total assets and  deferred outflows $7,000,000$3,000,000$6,200,000$5,200,000 Total liabilities and  deferred inflows 2,000,0001,800,0003,000,0004,600,000 Total revenues 30,000,00032,000,00024,000,00022,000,000 Total expenditures 28,000,00030,000,00023,000,00021,000,000\begin{array}{|l|r|r|r|r} \hline& \text { Health fund } & {\text { Parks fund }} & {\begin{array}{c}\text { Social services } \\\text { fund }\end{array}} & {\text { 911 fund }} \\\hline \begin{array}{l}\text { Total assets and } \\\text { deferred outflows }\end{array} & \$ 7,000,000 & \$ 3,000,000 & \$ 6,200,000 & \$ 5,200,000 \\\hline \begin{array}{l}\text { Total liabilities and } \\\text { deferred inflows }\end{array} & 2,000,000 & 1,800,000 & 3,000,000 & 4,600,000 \\\hline \text { Total revenues } & 30,000,000 & 32,000,000 & 24,000,000 & 22,000,000 \\\hline \text { Total expenditures } & 28,000,000 & 30,000,000 & 23,000,000 & 21,000,000\\\hline\end{array} Required
Which of these special revenue funds will be shown separately, as major funds, in the governmental funds financial statements?

Correct Answer:

verifed

Verified

To be major funds, the special revenue f...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents