solve the financial statement assignment
Please answer the following questions in a short paper. As your source of information, please use the City of Los Angeles Fiscal Year 2015 and 2016 Comprehensive Annual Financial Reports (CAFRs) which are both posted on Blackboard. The purpose of this exercise is to identify and explain financial information contained in the City’s CAFRs.
Please write your assignment as a narrative, with text explaining the points you are making or describing the data, tables and charts you are including in your text. Please use complete sentences, provide complete answers and provide citations for your work. The citation should be the CAFR page number.
1) What type of audit opinion did the City of Los Angeles receive in FY2015 and FY2016? Please provide the appropriate language, date of audit, name of the audit firm and a citation as evidence for each year.
2) Answer the following questions using the information in the City’s FY2016 Statement of Net Position (use information from the Statement of Net Position on p. 35)
- How much did the City own in total current assets in FY2016? (Total current assets = governmental activities plus business-type current assets)
- How much did the City owe in total current liabilities in FY2016? (Total current liabilities = governmental activities plus business-type current assets)
3) The Statement of Net Position includes information about assets, liabilities and net position for both Governmental Activities and Business-Type Activities.
- What percentage of total assets is recorded for Governmental activities in FY2016? Business type ?
- What percentage of total liabilities are recorded for Governmental activities in FY2016? Business type ?
- What does this tell you about the financial position of the City’s Governmental Activities versus the Business-Type Activities?
4) Answer the following questions using the information in both the City’s FY2015 and FY2016 Statements of Net Position. Please review the PowerPoint from October 29th to help answer the question.
- What is the percentage and dollar amount change in total assets & deferred outflows between FY2015 and FY2016?
- What is the percentage and dollar amount change in total liabilities & deferred inflows between FY2015 and FY2016?
- What does this information tell you?
5) Answer the following question using the information in both the City’s FY2015 and FY2016 Statement of Net Position.
- Did the City’s financial condition improve or deteriorate in FY2016 from FY2015? By how much (report the percentage and dollar value changes). To answer, you need to look at the total net position in each Statement.
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