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At the end of the fiscal year, Palm City was trying to determine which of its funds would be required to be reported as major funds in accordance with GASB standards. Palm City has provided the information for all of its governmental and enterprise funds that is needed to determine major fund classification in accordance with GASB standards. Select "Yes" if the funds should be classified as major or "No" otherwise. Fund Name Governmental Funds General Fund Health & Human Services Fund Community Development Fund Debt Service Fund Enterprise Funds Utility City Airport Golf Course Total Assets $ 462.2 110.7 220.5 70.8 639.4 5,419.5 48.9 10% 5% Criterion Criterion Yes No Total Liabilities $ PALM CITY As of fiscal year end 52.8 11.9 20.9 6.1 97.5 5,017.3 8.6 10% Criterion 5% Criterion Total Expenditures / Expenses $ 915.9 118.8 28.4 132.4 104.1 616.7 19.6 10% Criterion 5% Criterion LLLL

At the end of the fiscal year, Palm City was trying to determine which of its funds would be required to be reported as major funds in accordance with GASB standards. Palm City has provided the information for all of its governmental and enterprise funds that is needed to determine major fund classification in accordance with GASB standards. Select "Yes" if the funds should be classified as major or "No" otherwise. Fund Name Governmental Funds General Fund Health & Human Services Fund Community Development Fund Debt Service Fund Enterprise Funds Utility City Airport Golf Course Total Assets $ 462.2 110.7 220.5 70.8 639.4 5,419.5 48.9 10% 5% Criterion Criterion Yes No Total Liabilities $ PALM CITY As of fiscal year end 52.8 11.9 20.9 6.1 97.5 5,017.3 8.6 10% Criterion 5% Criterion Total Expenditures / Expenses $ 915.9 118.8 28.4 132.4 104.1 616.7 19.6 10% Criterion 5% Criterion LLLL

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the fiscal year, Palm City was trying to determine which of its funds would be required to be reported as major funds in accordance with GASB standards. Palm City has provided the information for all of its governmental and enterprise funds that is needed to determine major fund classification in accordance with GASB standards. Select "Yes" if the funds should be classified as major or "No" otherwise. Fund Name Governmental Funds General Fund Health & Human Services Fund Community Development Fund Debt Service Fund Enterprise Funds Utility City Airport Golf Course Total Assets $ 462.2 110.7: 220.5 70.8 639.4 5,419.5 48.9 10% Criterion Yes No 5% Criterion. Total Liabilities $ STON 52.8 11.9 20.9 6.1 PALM CITY As of fiscal year end 97.5 5,017.3 8.6 10% Criterion 5% Criterion Total Expenditures / Expenses $ 915.9 118.8 28.4 132.4 104.1 616.7 19.6 10% Criterion 5% Criterion
Transcribed Image Text:At the end of the fiscal year, Palm City was trying to determine which of its funds would be required to be reported as major funds in accordance with GASB standards. Palm City has provided the information for all of its governmental and enterprise funds that is needed to determine major fund classification in accordance with GASB standards. Select "Yes" if the funds should be classified as major or "No" otherwise. Fund Name Governmental Funds General Fund Health & Human Services Fund Community Development Fund Debt Service Fund Enterprise Funds Utility City Airport Golf Course Total Assets $ 462.2 110.7: 220.5 70.8 639.4 5,419.5 48.9 10% Criterion Yes No 5% Criterion. Total Liabilities $ STON 52.8 11.9 20.9 6.1 PALM CITY As of fiscal year end 97.5 5,017.3 8.6 10% Criterion 5% Criterion Total Expenditures / Expenses $ 915.9 118.8 28.4 132.4 104.1 616.7 19.6 10% Criterion 5% Criterion
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