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The board of commissioners of the city of Madison adopted a general fund budget for the year ending June 30, 2021, which indicated tax levy revenues of $1,800,000, bond proceeds of $700,000, appropriations for government operations of $1,200,000, and operating transfers out of $575,000.
Problem 1: If this budget was formally integrated into the accounting records used to produce the governmental fund financial statements, what was the required journal entry at the beginning of the year?
Financial Statement Analysis and Preparation
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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