A government entity has the following transactions:Property tax revenue: $500,000Capital grant received: $200,000General government expenses:...
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Accounting
A government entity has the following transactions:
- Property tax revenue: $500,000
- Capital grant received: $200,000
- General government expenses: $400,000
- Capital outlay: $250,000
(a) Prepare the statement of revenues, expenditures, and changes in fund balances. (b) Calculate the net change in fund balances. (c) Determine the impact of the transactions on governmental activities. (d) Discuss the differences between governmental and commercial accounting.
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