the city of garden vale records financial activities in a general fund and a communi 4375103

The City of Garden vale records financial activities in a general fund and a community center (enterprise) fund. Consider the following information for the City for the year ended December 31, 2013: General property taxes levied $15,000,000 General property taxes collected 14,900,000 Community center user fees, collected in cash 1,200,000 Investment income earned-general fund, received in cash 230,000 Capital assets purchased with cash-general fund 540,000 Capital assets purchased using loans-general fund 410,000 Capital assets purchased with cash-community center 25,000 Fair value of investments-general fund, December 31, 2013 14,090,000 General long-term debt principal payments, in cash’ 300,000 General long-term debt interest payments, in cash 50,000 Total expenses of governmental programs2 15,500,000 Total expenses of community center programs3 1,205,000 Governmental program expenses paid in cash 14,920,000 Community center program expenses paid in cash 1,178,000 State grant received in cash, restricted for use in community center programs 20,000 Sales taxes collected in cash, to be remitted to state 1,700,000 Sales taxes remitted to state 1,692,000 1. Payments reduce debt used to finance capital assets. 2. Includes $500,000 of depreciation expense on capital assets. 3. Includes $30,000 of depreciation expense on capital assets. The December 31, 2012, statement of net position for the City of Gardenvale is as follows: Required Prepare, in good form, the 2013 government-wide statement of net position for the City of Gardenvale. View Solution:
The City of Garden vale records financial activities in a

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