The document discusses a quiz question about the City of Santangelo and provides financial statements. It explains that the statement of revenues, expenses and changes in net fund assets shows income before contributions, changes in net assets during a period, and net assets at the end of the year. It also notes that the net position section of the statement of net position indicates the restricted, non-restricted, and investment in capital assets components of net position. The statement of revenues, expenses, and changes in net position is included, showing operating revenues, expenses, depreciation, income before contributions, capital contributions, change in net assets, and net assets at the beginning and end of the year.

1. Please complete all questions and upload your completed quiz 2 into LEO under the
Solution
The answer relates to "City of Santangelo" Question.
Part A)
The statement of revenues, expenses and changes in net fund assets shows the income before
contributions, change in net assets during the relevant period and net assets at the end of the year.
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Part B)
The net position section of the statement of net position indicates the restricted and non-restricted
component of net position and investment in capital assets component of net position.
Statement of Revenues, Expenses, and Changes in Net
Position
Operating Revenues (A) 600,000
Operating Expenses 470,000
Depreciation Expense 40,000
Total Expenses (B) 510,000
Income Before Contributions (A-B) 90,000
Add Capital Contributions 500,000
Change in Net Assets 590,000
Add Net Assets, Beginning of Year 420,000
Net Assets, End of Year $1,010,000