3.0

       The government-wide financial statements are not required to present prior-year data.        The government-wide financial statements include a Statement of Net Assets, Statement of Activities, and Statement of Cash Flows.        The government-wide financial statements include capital assets, include infrastructure, and reflect depreciation, except for the infrastructure using the modified approach.        All of the above are true.

       Debit a receivable account and credit deferred revenues, a liability account.        No entry is required.        Debit a receivable account and credit the Fund Balance account.        Debit a receivable account and credit a revenue account.

3. (TCO D) The City of Davenport adopted the following budget for fiscal year 2012: Anticipated Revenues: Property Taxes                                                                            $5,340,000 Licenses and Permits                                                                       523,000 Fines and Forfeits                                                                            425,000 Total                                                                                              $6,288,000   Approved Expenditures: General Government                                                                 $2,160,000 Public Safety                                                                                  2,450,000 Public Works                                                                                  1,560,000 Total                                                                                              $6,170,000   In addition, the City reported the following actual amounts for the same fiscal year:   Revenues: Property Taxes                                                                             $5,375,000 Licenses and Permits                                                                        519,000 Fines and Forfeits                                                                              437,000 Total                                                                                               $6,331,000   Expenditures-Current Year: General Government                                                                    2,175,000 Public Safety                                                                                   2,490,000 Public Works                                                                                   1,542,000 Total                                                                                                 6,207,000   Required: Prepare a budgetary comparison schedule for the city ended June 30, 2012 assuming the fund balance of the General Fund (Budgetary Basis) was $598,000 on July 1, 2011. No “original budget” column will be required. Please include a “variance” column. Please arrange your budget utilizing the appropriate format. (Points : 10)

4. (TCO D) The following information was available for the General Fund for the City of Newman for the Year Ended June 30, 2012.   a. Revenues for the year: Property Taxes of $6,240,000, fines and penalties of $484,000, sales taxes of $453,000, intergovernmental revenue of $272,000, and charges for services of $64,000. b. Expenditures from current appropriations included: General Government of $3,320,000,  Public Safety of $1,923,000, Public Works of $821,000, Health and Welfare of $294,000, and Miscellaneous Appropriations of $42,000. c. A transfer was made from the General Fund to the Debt Service Fund of $700,000. A transfer of $510,000 was made to the General Fund from the Enterprise Fund. d. A sale of city-owned land was made to a private enterprise which is considered infrequent but not unusual was under city management control. The proceeds amounted to $330,000 and the land had a basis of $200,000 which was reported in the government-wide Statement of Net Assets the year before. e. Beginning balances included Fund Balance in the amount of $290,000 and Reserve for Encumbrances in the amount of $20,000. Required: Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the City of Newman for the Year Ended June 30, 2012. (Points : 10)