(Statement of Activities) Prepare a statement of activities fortazewell county for calendar year 2009, given the following:
General property tax revenues 70,000,000
proceeds from sale of general government land 2,200,000
unrestricted grant revenues 300,000
grants restricted to education 12,000,000
capital grants for transportation 9,000,000
expenses (including depreciation) :
general government 10,000,000
public safety 18,000,000
education 34,000,000
transportaiton 24,000,000
culture and recreation 1,500,000
interest expense on gltl 3,000,000
gltl principal retired 16,000,000
general government capital outlay expenditures 7,000,000
Transfers to enterprise fund:
water enterprise fund:
charges for services 13,000,000
expenses 11,900,000
Book Value of general government building destroyed
in tornado (uninsured) 310,000
net position, governmental activities., 1/1/09 26,530,000
net postion business - type activities, 1/1/09 4,000,000
*The cost of the land that was sold was 350,000
Prepare the governmental activities balance sheet conversionworksheet for Ravenscroft County Iowa for december 31,2009
(Statement of Activities) Prepare a statement of activities fortazewell county for calendar year 2009, given the following:
General property tax revenues 70,000,000
proceeds from sale of general government land 2,200,000
unrestricted grant revenues 300,000
grants restricted to education 12,000,000
capital grants for transportation 9,000,000
expenses (including depreciation) :
general government 10,000,000
public safety 18,000,000
education 34,000,000
transportaiton 24,000,000
culture and recreation 1,500,000
interest expense on gltl 3,000,000
gltl principal retired 16,000,000
general government capital outlay expenditures 7,000,000
Transfers to enterprise fund:
water enterprise fund:
charges for services 13,000,000
expenses 11,900,000
Book Value of general government building destroyed
in tornado (uninsured) 310,000
net position, governmental activities., 1/1/09 26,530,000
net postion business - type activities, 1/1/09 4,000,000
*The cost of the land that was sold was 350,000
Prepare the governmental activities balance sheet conversionworksheet for Ravenscroft County Iowa for december 31,2009
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2. Prepare worksheet entries and postto the worksheet for the following items. Identify each adjustmentby the letter used in the problem: a. Record the January 1, 2015balances of general fixed assets and related accumulateddepreciation accounts. The City of Monroe had the followingbalances (excluding Internal Service Funds):
b. Eliminate thecapital expenditures shown in the governmental funds Statement ofRevenues, Expenditures, and Changes in Fund Balances. c. Depreciation expense(governmental activities) for the year totaled $ 5,750,000. d. Eliminate theother financing sources from the sale of bonds by recording aliability for bonds payable and the related premium. e. As of January1, 2015, the City of Monroe had $12,000,000 in general obligationbonds outstanding. f. Eliminate the expenditures for bondprincipal. g. Accrueinterest in the amount of $328,000. (Two bond issues wereoutstanding; interest payments for both were last made on July 1,2015. The computation is as follows: ($11,200,000 Ã .03 Ã 6/12) +($4,000,000 Ã. 08 Ã 6/12) = $328,000). h. Adjust for theinterest accrued in the prior year government-wide statements, butrecorded as an expenditure in the 2015 fund basis statements,($12,000,000 Ã .03 Ã 6/12) = $180,000. i. Amortize bondpremium in the amount of $ 10,000. j. Makeadjustments for additional revenue accrual. The only adjustment isfor property taxes to eliminate the current year deferral ofproperty taxes. k. Adjust for the$21,000 of property taxes that was deferred in 2014 and recognizedas revenue in the 2015 fund-basis statements. l. Assume theCity adopted a policy in 2015 of allowing employees to accumulatecompensated absences. Make an adjustment accruing the expense of $39,500 Charge compensated absences expense. m. Bring in thebalances of the internal service fund balance sheet accounts.Again, use a single account for all capital assets and a secondaccount for all accumulated depreciation balances (use a separatecolumn of the worksheet to enter Internal Service Fundentries). n. No revenuesfrom internal service funds were with external parties. Assume$3,200 of the $11,200 âDue from Other Fundsâ in the internalservice accounts represents a receivable from the General Fund andthe remaining $8,000 is due from the enterprise fund. Eliminate the$3,200 interfund receivables. o. Reducegovernmental fund expenses by the net operating profit of internalservice funds. As the amount is small, reduce general governmentexpenses for the entire amount. p. Eliminatetransfers that are between departments reported within governmentalactivities. | Gov'tal Fund Balances | Adjustments &Eliminations | Govern-mental Funds Adjusted | Internal Service Funds | Balances for Gov't-wide Stmts | ||||||||||||
Debits | Credits | Debits | Credits | ||||||||||||||
DEBITS: | |||||||||||||||||
Cash | 830,320 | 830,320 | 830,320 | ||||||||||||||
Cash with Fiscal Agent | 928,000 | 928,000 | 928,000 | ||||||||||||||
Investments | 259,000 | 259,000 | 259,000 | ||||||||||||||
Taxes Receivable, net | 274,000 | 274,000 | 274,000 | ||||||||||||||
Interest Receivable, net | 16,850 | 16,850 | 16,850 | ||||||||||||||
Inventories | - | - | |||||||||||||||
Due from State Govt. | 580,000 | 580,000 | 580,000 | ||||||||||||||
Due from Other Funds | - | - | |||||||||||||||
Capital Assets | - | - | |||||||||||||||
bothrows | |||||||||||||||||
- | - | ||||||||||||||||
Expenditures (expenses) Current | - | ||||||||||||||||
General Govt. | 1,646,900 | 1,646,900 | 1,646,900 | ||||||||||||||
Public Safety | 3,026,900 | 3,026,900 | 3,026,900 | ||||||||||||||
Highway and Streets | 2,471,900 | 2,471,900 | 2,471,900 | ||||||||||||||
Sanitation | 591,400 | 591,400 | 591,400 | ||||||||||||||
Health | 724,100 | 724,100 | 724,100 | ||||||||||||||
Welfare | 374,300 | 374,300 | 374,300 | ||||||||||||||
Culture and Recreation | 917,300 | 917,300 | 917,300 | ||||||||||||||
Compensated Absences Exp | - | - | |||||||||||||||
Other Expenditures (expenses) | - | - | |||||||||||||||
- Debt Service Principal | 800,000 | 800,000 | 800,000 | ||||||||||||||
- Interest(expenditure/expense) | 514,000 | 514,000 | 514,000 | ||||||||||||||
bothrows | |||||||||||||||||
- Capital Outlay | 5,798,100 | 5,798,100 | 5,798,100 | ||||||||||||||
- Depreciation | - | - | |||||||||||||||
Other Fin. Uses - Transfers Out | 1,876,700 | 1,876,700 | 1,876,700 | ||||||||||||||
- | |||||||||||||||||
Total Debits | 21,629,770 | 21,629,770 | |||||||||||||||
CREDITS: | |||||||||||||||||
Accounts Payable | 493,400 | 493,400 | 493,400 | ||||||||||||||
Due to Other Funds | 40,200 | 40,200 | 40,200 | ||||||||||||||
Accrued Interest Payable | - | - | |||||||||||||||
Bonds Payalbe | |||||||||||||||||
bothrows | - | - | |||||||||||||||
Premium on Bonds | - | - | |||||||||||||||
Compensated Absence Payable | - | - | |||||||||||||||
Advance from Water Utility Fund | - | - | |||||||||||||||
Deferred Inflows: Property Taxes | 27,500 | 27,500 | 27,500 | ||||||||||||||
Accumulated Depreciation | |||||||||||||||||
bothrows | - | - | |||||||||||||||
Revenues | - | ||||||||||||||||
Property Taxes | 6,657,500 | 6,657,500 | 6,657,500 | ||||||||||||||
Sales Taxes | 2,942,000 | 2,942,000 | 2,942,000 | ||||||||||||||
Interest | 21,220 | 21,220 | 21,220 | ||||||||||||||
Licenses & Permits | 800,000 | 800,000 | 800,000 | ||||||||||||||
Miscellaneous | 350,000 | 350,000 | 350,000 | ||||||||||||||
State Grant for Highway StreetExpenses | 1,072,000 | 1,072,000 | 1,072,000 | ||||||||||||||
Capital Grant- Gen Gov't | 332,000 | 332,000 | 332,000 | ||||||||||||||
Capital Grant- Public Safety | 1,320,000 | 1,320,000 | 1,320,000 | ||||||||||||||
- | - | ||||||||||||||||
- | - | ||||||||||||||||
Other Financing Sources | - | - | |||||||||||||||
Proceeds of Bonds | 4,000,000 | 4,000,000 | 4,000,000 | ||||||||||||||
Premium on Bonds | 200,000 | 200,000 | 200,000 | ||||||||||||||
Transfers In | 1,876,700 | 1,876,700 | 1,876,700 | ||||||||||||||
Net Position at beginning of year | - | ||||||||||||||||
threerows | |||||||||||||||||
1,497,250 | 1,497,250 | 1,497,250 | |||||||||||||||
Total Credits | 21,629,770 | 21,629,770 |
The City of Pfeiffer starts the year of 2015 with the General Fund and an enterprise fund. The General Fund has two activities: education and parks/recreation. For convenience, assume that the General Fund holds $123,000 cash and a new school building costing $1 million. The city utilizes straight-line depreciation. The building has a 20-year life and no salvage value. The enterprise fund has $62,000 cash and a new $600,000 civic auditorium with a 30-year life and no salvage value. The enterprise fund monitors just one activity, the rental of the civic auditorium for entertainment and other cultural affairs. |
The following transactions for the city take place during 2015. Assume that the cityâs fiscal year ends on December 31. |
a. | Decides to build a municipal park and transfers $70,000 into a capital projects fund and immediately expends $20,000 for a piece of land. The creation of this fund and this transfer were made by the highest level of government authority. |
b. | Borrows $110,000 cash on a long-term bond for use in creating the new municipal park. |
c. | Assesses property taxes on the first day of the year. The assessment, which is immediately enforceable, totals $600,000. Of this amount, $510,000 will be collected during 2015 and another $50,000 is expected in the first month of 2016. The remainder is expected about halfway through 2016. |
d. | Constructs a building in the park in (b) for $80,000 cash so that local citizens can play basketball and other sports. It is put into service on July 1 and should last 10 years with no salvage value. |
e. | Builds a sidewalk around the new park for $10,000 cash and puts it into service on July 1. It should last for 10 years, but the city plans to keep it up to a predetermined quality level so that it will last almost indefinitely. |
f. | Opens the park and charges an entrance fee of only a token amount so that it records the park, therefore, in the General Fund. Collections during this first year total $8,000. |
g. | Buys a new parking deck for $200,000, paying $20,000 cash and signing a long-term note for the rest. The parking deck, which is to go into operation on July 1, is across the street from the civic auditorium and is considered part of that activity. It has a 20-year life and no salvage value. |
h. | Receives a $100,000 cash grant for the city school system that must be spent for school lunches for the poor. Appropriate spending of these funds is viewed as an eligibility requirement of this grant. During the current year, $37,000 of the amount received was properly spent. |
i. | Charges students in the school system a total fee of $6,000 for books and the like. Of this amount, 90 percent is collected during 2015 with the remainder expected to be collected in the first few weeks of 2016. |
j. | Buys school supplies for $22,000 cash and uses $17,000 of them. The General Fund uses the purchases method. |
k. | Receives a painting by a local artist to be displayed in the local school. It qualifies as a work of art, and officials have chosen not to capitalize it. The painting has a value of $80,000. It is viewed as inexhaustible. |
l. | Transfers $20,000 cash from the General Fund to the Enterprise Fund as a capital contribution. |
m. | Orders a school bus for $99,000. |
n. | Receives the school bus and pays an actual cost of $102,000. The bus is put into operation on October 1 and should last for five years with no salvage value. |
o. | Pays salaries of $240,000 to school teachers. In addition, owes and will pay $30,000 during the first two weeks of 2016. Vacations worth $23,000 have also been earned but will not be taken until July 2016. |
p. | Pays salaries of $42,000 to city auditorium workers. In addition, owes and will pay $3,000 in the first two weeks of 2016. Vacations worth $5,000 have also been earned but will not be taken until July 2016. |
q. | Charges customers $130,000 for the rental of the civic auditorium. Of this balance, collected $110,000 in cash and will collect the remainder in April 2016. |
r. | Pays $9,000 maintenance charges for the building and sidewalk in (d) and (e). |
s. | Pays $14,000 on the bond in (b) on the last day of 2015: $5,000 principal and $9,000 interest. |
t. | Accrues interest of $13,000 on the note in (g) as of the end of 2015, an amount that it will |
u. | Assumes that a museum that operates within the city is a component unit that will be discretely presented. The museum reports to city officials that it had $42,000 of direct expenses this past year and $50,000 in revenues from admission charges. The only assets that it had at year-end were cash of $24,000, building (net of depreciation) of $300,000, and a long-term liability of $210,000. |
Prepare the 2015 fund financial statements for the governmental funds and the proprietary funds. A statement of cash flows is not required. Assume that âavailableâ is defined as within 60 days and that all funds are major. The General Fund is used for debt repayment. Assume that major funds are labeled as âSpecial Revenue Fundâ and âCapital Projects Fundâ. (Amounts to be deducted should be indicated by a minus sign.) |