The following General Fund information is available for the preparation of the financial statements for the City of Pine Cove for the year ended December 31,2014.
Required:
From the information given above,prepare,in good form,a General Fund Statement of Revenues,Expenditures,and Changes in Fund Balances for the City of Pine Cove for the Year Ended December 31,2014.
Definitions:
Ratios
Quantitative measures used to assess the financial performance, liquidity, efficiency, or risk of a business entity.
Current Ratio
This ratio indicates how well a business can settle its short-term debts with assets that are readily available.
Acid-test Ratio
A stringent indicator of a company’s short-term liquidity, calculated by dividing liquid assets by current liabilities, excluding inventory.
Debt-to-equity Ratio
The ratio that indicates the mix between shareholders' equity and debt in the capital structure used to finance assets.
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