At the end of Year 4 the city owed teachers

At the end of Year 4, the city owed teachers $60,000 in vacation pay that had not been
recorded. The assumption is that these vacations will be taken evenly over the next year. A
60-day period is used to determine available funds.a. What is the correct change in the fund
balance of the General Fund for the year?b. What is the correct overall change in the net assets
in the government-wide financial statements?The government-wide financial statements
indicated the following Year 4 totals:Education had net expenses of $710,000.Parks had net
expenses of $130,000.Art museum had net revenues of $80,000.General revenues were
$900,000; the overall increase in net assets was $140,000.The fund-based financial statements
issued for Year 4 indicated the following:The General Fund had an increase of $30,000 in its
fund balance.The Capital Projects Fund had an increase of $40,000 in its fund balance.The
Enterprise Fund had an increase of $60,000 in its net assets.Officials for Wolfe define
“available” as current financial resources to be paid or collected within 60 days.View Solution:
At the end of Year 4 the city owed teachers
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