simple accounting help

Exercise: Accounting

Answer the following questions using the 2010 Minneapolis CAFR:

Using the Balance Sheet: Which of these shows all the money that Minneapolis owes to some other organization or person? What are the total assets of the City of Minneapolis? What are the total liabilities for the City of Minneapolis? How much money is unreserved and available to spend for any purpose How much is Minneapolis worth in net total?

Is the City in better or worse shape financially?

Go to the General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance on Page 87. The General Fund is the fund that the City uses to hold all of its revenues that can be spent for any purpose, including taxes. Because of this, it is given special attention. What was the fund balance in the General Fund at the end of 2010? How much did the City estimate its fund balance would be at the end of 2010 How much did the City actually end up with in its General Fund fund balance at the end of 2010? What was the largest driver in the increase in fund balance from the final adopted budget to the actual expenditures? Which department saved the most money? How much money was taken out of contingency over what was budgeted for 2010?

Go to the Statement of Cash Flow on Page 35 Which fund had the greatest increase in its cash position? Which fund had the largest reduction in its cash position? What department had revenues from investing activities?