Solution-Create a balance sheet and a statement of revenue

Create a balance sheet and a statement of revenue

Reference no: EM132929337

Question - A special district's balance sheet may not capture its economic resources and obligations.

A special district accounts for its general fund (its only fund) on a modified accrual basis. In a particular period, it engaged in the following transactions:

It issued $20 million in long-term bonds.

It acquired several tracts of land at a total cost of $4 million, paying the entire amount in cash.

It sold a portion of the land for $1 million, receiving cash for the entire amount. The tract sold had cost $0.8 million.

It repaid $2 million of the bonds.

It lost a lawsuit and was ordered to pay $9 million over three years. It made its first cash payment of $3 million.

Create a balance sheet and a statement of revenue, expenditure, and other changes in fund balance?

Reference no: EM132929337

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Create a balance sheet and a statement of revenue

Reference no: EM132929337

Reference no: EM132929337

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