Reporting major funds. Assume Elmwood City has the following fund structure:
General fund
Special revenue fund (4)
Capital projects fund (2)
Debt service fund (2)
Expendable trust funds (5)
Internal service funds (3)
Enterprise funds (6)
General fixed assets account group
General long-term debt account group
Elmwood City determined that Special Revenue Fund B, capital projects funds, Enterprise Fund D, and Enterprise Fund E are the only major funds.
a. Present the column headings that Elmwood City must use in its governmental fund statement of revenues, expenditures, and changes in fund balance.
b. Present the column headings that Elmwood City must use in its governmental fund statement of revenues, expenses, and changes in net assets.