The City of Elmtree is preparing its financial statements for the year ended December 31, 20X2, and.

The City of Elmtree is preparing its financial statements for the year ended December 31, 20X2, and has asked for your assistance in determining whether its special revenue fund is a major or a nonmajor fund for the financial statements of its governmental funds. The city has provided the following information: The special revenue fund reported the following amounts at December 31, 20X2 (assets and l iabilities), and for the year ended December 31, 20X2 (revenues and expenditures): Assets ………. $4,100,000 Liabilities ……… 3,900,000 Revenues …….. 6,700,000 Expenditures …… 6,500,000 Required Determine whether Elmtree’s special revenue fund is a major fund for the 20X2 financial s tatements of the city’s governmentalfunds.

 

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