A government reported an other financing source in the amount of $600,000 related to the sale of land in its governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances. The land had a cost of $170,000. The amount that would be reported in the government-wide Statement of Activities would be:

Question

Quizplus · Accepted Answer

The gain reported in the government-wide Statement of Activities would be the sale price minus the cost of the land, which is $600,000 - $170,000 = $430,000.

A Government Reported an Other Financing Source in the Amount