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Using the finance or similarly named department link of a city's Web site, download either the city's entire comprehensive annual financial report (CAFR) or, if possible, just the portion of the CAFR that contains the basic financial statements. Print a copy of the government-wide statement of activities and a copy of the statement of revenue, expenditures, and changes in fund balances, governmental funds, along with the reconciliation between these two statements, and respond to the requirements below. The city manager is concerned that some recently elected members of the city council will get a mixed message since the change in net position reported for governmental activities is noticeably different from the change in fund balances reported on the governmental funds statement of revenues, expenditures, and changes in fund balances. The city manager has requested that you, in your role as finance director, explain to the city council in clear, easy to understand terms for which purposes each operating statement is intended and how and why the operating results differ.
A) Examine the two operating statements in detail, paying particular attention to the lines on which changes in net position and changes in fund balances are reported and develop a list of reasons why the two numbers are not the same.
B) Prepare a succinct and understandable explanation of the results of operations of the government from the perspective of each operating statement, in terms that a non accountant council member would be able to understand.
What is the fair-value option for reporting the equity method investments? Please explain procedures that should be used when changing from the fair value method to the equity method?
For the analysis of financial position, compute McDonough Products' (a) Current ratio and (b) Debt ratio. Compare these ratios with the industry averages. Is McDonough Products' financial position better or worse than the average for the industry?
Role of the Computer in graphing the Scatter diagram.
Greenco, a domestic corporation earns $25 million of taxable income from us sources band $5 million of taxable income from foreign sources. What amount of taxable does greenco report on its us tax return?
Amos could borrow $104,000from its bank to finance the purchase at an annual rate of 8%. Should Amos borrow from the bank or use the manufacturer's payment plan to pay for the equipment?
On December 31, Hack reported a net loss of $6 million for the year. What amount of loss should Sox report on its income statement for 2011 relative to its investment in Hack?
The cross-price elasticity of demand between your good and a related goof is -3.5 What can you determine about consumer demand for your product from this information?
the remaining stock is owned by an individual. Brown, Davis and Clark corporation are what type of control group?
Describe the failures in internal controls of Royal Dutch Shell plc and explain how they contributed toward the financial reporting problems at Shell.
What are some of the concepts, methodology, and movements that have provided the capability produce high quality products in shorter runs, which allows us to offer many colors, styles, and sizes without increasing costs to prohibitive levels?
The real estate is subject to a $1,700,000 mortgage and Nathan made taxable gifts in 2005 totaling $2 million at which time he claimed the maximum unified credit of $345,800 and paid gift tax of $435,000. Illustrate what is the amount of his estat..
Repair to office file cabinet lock, $40 (miscellaneous administrative expense). Illustrate what equation do you use to solve for the answers?
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