Continuous Problem Part 7 and 8

aka2016

Copyofch_8_Government_wide_Statements_student_template1.xlsx

Home >Business & Finance homework help >Accounting homework help >Continuous Problem Part 7 and 8

Conversion worksheet

		Green shaded cells are from Chapter 5 financial Statements			Enter all amounts as positive numbers. The worksheet is formatted to add debits to assets & expenses and add credits to revenues, liabilities & equity
Refr.	Account Titles		Debits	Credits		Gov'tal Fund Balances	Adjustments & Eliminations			Govern-mental Funds Adjusted	Internal Service Funds		Balances for Gov't-wide Stmts
								Debits	Credits		Debits	Credits
A	type debit accounts in this column				DEBITS:
		type credit accounts in this column			Cash	657,720				657,720			657,720
					Cash with Fiscal Agent	928,000				928,000			928,000
					Investments	259,000				259,000			259,000
					Taxes Receivable, net	262,000				262,000			262,000
					Interest Receivable, net	16,850				16,850			16,850
					Inventories					-			-
					Due from State Govt.	559,000				559,000			559,000
					Due from Other Funds					-			-
					Capital Assets					-			-
					both rows
										-			-
					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	2,481,900				2,481,900			2,481,900
					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
					both rows
					- Capital Outlay	5,823,100				5,823,100			5,823,100
					- Depreciation					-			-
					Other Fin. Uses - Transfers Out	1,871,700				1,871,700			1,871,700
										-
					Total Debits	21,454,170							21,454,170
					CREDITS:
					Accounts Payable	326,800				326,800			326,800
					Due to Other Funds	40,200				40,200			40,200
					Accrued Interest Payable					-			-
					Bonds Payalbe
					both rows					-			-
					Premium on Bonds					-			-
					Compensated Absence Payable					-			-
					Advance from Water Utility Fund					-			-
					Deferred Inflows: Property Taxes	10,500				10,500			10,500
					Accumulated Depreciation
					both rows					-			-
					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 Street Expenses	1,065,000				1,065,000			1,065,000
					Capital Grant- Gen Gov't	332,000				332,000			332,000
					Capital Grant- Public Safety	1,340,000				1,340,000			1,340,000
										-			-
										-			-
					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	1,871,700				1,871,700			1,871,700
					Net Position at beginning of year					-
					three rows
						1,497,250				1,497,250			1,497,250
					Total Credits	21,454,170							21,454,170
					column totals: debits = credits ??	-		-	-		-	-	-

CITY OF MONROE WORKSHEET TO CONVERT GOVERNMENTAL ACTIVITIES TO ACCRUAL BASIS

Stmt of Activities

			Program Revenues		Net (Expense) Revenue and Change in Net Position
	Expenses	Charges for Services	Operational Grants and Contributions	Capital Grants and Contributions	Governmental Activities	Business-Type Activities	Total
Functions/Programs
Governmental Activities:
General Government					$ -		$ -
Public Safety					-		-
Highways and Streets					-		-
Sanitation					-		-
Health					-		-
Welfare					-		-
Culture and Recreation					-		-
Depreciaiton					-		-
Interest					-		-
Compensated Absneces					-		-
Total Governmental Activities	-	-	-	-	-		-
Business Type Activities
Water and Sewer						-	-
Total Government	$ -	$ -	$ -	$ -	$ -	$ -	-
			General Revenues
			Taxes:
			Property Taxes				-
			Sales Taxes				-
			Interest				-
			licenses and Permits				-
			Miscellaneous				-
			Total General Revenues		-	-	-
			Change in Net Position		-	-	-
			Net Position, Beginning				-
			Net Position, Ending		$ -	$ -	$ -

&14CITY OF MONROE Statement of Activities &11For the year ended December 31, 2017

Stmt of Net Position

	Governmental Activities	Business-Type Activities	Total
Assets
Cash			$ -
Cash with Fiscal Agents			-
Investments			-
Accounts Receivable (Net)			-
Taxes Receivable (Net)			-
Interest Receivable			-
Internal Balances Current			-	Net the amounts: due from and (due to) other funds
Due from Other Governments			-
Inventories			-
Internal Balances Long-Term			-
Restricted Assets			-
Capital Assets, Net of Accumulated Depreciation			-
Total Assets	$ -	$ -	$ -
Liabilities
Accounts Payable			-
Payroll Taxes Payable			-
Accrued Interest Payable			-
Revenue Bonds Payable			-
General Obligation Bonds Payable			-
Premium on Bonds Sold			-
Compensated Absences Payable			-
Total Liabilities	-	-	-
Net Position
Net Investment in Capital Assets			-
Restricted			-
Unrestricted			-
Total Net Position	$ -	$ -	$ -

&14CITY OF MONROE Statement of Net Position &11As of December 31, 2017

Reconciliations

		CITY OF MONROE
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position
		As of December 31, 2017
	Fund balances reported in governmental funds Balance Sheet
	Amounts reported for governmental activities in the
	Statement of Net Position are different because:
		Capital assets used in governmental activities are not financial resources and therefore not reported in the funds. Amount does not include capital assets of internal service funds (reported in following row).
		The assets and liabilities of internal service funds are included in governmental funds in the Statement of Net Position.
		Deferred revenue for property taxes reported in the funds but accrued as revenue in the government-wide statements and added to Net Position.
		Accrued interest payable is reported as a liability in the Statement of Activities; interest is not accrued in the governmental funds.
		Bonds payable, not due and payable in the current period are not reported in the funds.
		Compensated absences, not due and payable in the current period are not reported in the funds.
	Net Position of Governmental Activities		$ -
		CITY OF MONROE
	Reconciliation of the Statement of Revenues, Expenditures and Changes
		in Fund Balance to the Statement of Activities
		For the year ended December 31, 2017
	Net change in fund balances - Governmental funds
	Amounts reported for governmental activities in the
	Statement of Activities are different because:
		Governmental funds report capital outlays as expenditures rather than assets
		Governmental funds do not report depreciation expense
		The net revenue of internal service funds is not reported with the governmental funds
		Property taxes due more than 60 days after year end is not accrued in the governmental funds.
		Bond proceeds are reported as other financing sources in the governmental funds but as liabilities in the government-wide statements.
		Repayment of bonds is reported as an expenditure in the governmental funds
		Interest is not accrued at year end in the governmental funds.
		Increases in compensated absences, not due and payable in the current period are not reported in the funds.
	Change in Net Position of Governmental Activities		$ -

City of Monroe Reconciliation of fund basis to government-wide statements