Accounting problem

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Exercise_8_14_template.xlsx

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Fund Basis Statements

CITY OF COTTONWOOD
Balance Sheet
Governmental Funds
As of December 31, 2015
	General	Special Revenue	Courthouse Renovation	Debt Service	Permanent	Total Governmental
ASSETS	Fund	Fund	Fund	Fund	Fund	Funds
Cash and cash equivalents	6,408,214	627,837	895,300	230,000		8,161,351
Investments	3,312,992					3,312,992
Inventory	33,126					33,126
Receivables (net)						-
Taxes receivable	2,872,611					2,872,611
Accounts Receivable	679,215	14,177				693,392
Due from Other Governments	1,085,184		243,264			1,328,448
Other Assets	23,747					23,747
Investments in Permanent Endowment					3,875,600	3,875,600
TOTAL ASSETS	14,415,089	642,014	1,138,564	230,000	3,875,600	20,301,267
LIABILITIES
Accounts payable	2,043,000	70,000	207,134			2,320,134
Accrued wages and benefits	400,358		19,398			419,756
TOTAL LIABILITIES	2,443,358	70,000	226,532	-	-	2,739,890
DEFERRED INFLOWS -Property Taxes	185,064					185,064

FUND BALANCE
Nonspendable - Permanent fund corpus					3,875,600	3,875,600
Restricted for intergovernmental grants		572,014				572,014
Assigned to capital projects	585,785		912,032			1,497,817
Assigned to debt service				230,000		230,000
Unassigned	11,200,882					11,200,882
TOTAL FUND BALANCE	11,786,667	572,014	912,032	230,000	3,875,600	17,376,313
TOTAL LIABILITIES, DEFERRED INFLOWS AND FUND BALANCE	14,415,089	642,014	1,138,564	230,000	3,875,600	20,301,267
CITY OF COTTONWOOD
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - GOVERNMENTAL FUNDS
For The Year Ended December 31, 2015
	General	Special Revenue	Courthouse Renovation	Debt Service	Permanent Fund	Total Governmental
REVENUES
Property Taxes	24,587,250					24,587,250
Other Local Taxes	11,403,125					11,403,125
Charges for Services	1,601,435	530,542				2,131,977
Miscellaneous	1,302,422				125,678	1,302,422
TOTAL REVENUES	38,894,232	530,542	-	-	125,678	39,424,774
EXPENDITURES
Current
General Government	3,074,532					3,074,532
Judicial Administration	4,400,325					4,400,325
Public Safety	6,328,125					6,328,125
Public Works	4,625,425					4,625,425
Health and Welfare	4,418,294					4,418,294
Education	3,887,834				125,678	3,887,834
Parks and Recreation	3,155,325					3,155,325
Community Development	899,209	893,804				1,793,013
Capital outlay	256,000		10,924,818			11,180,818
Debt service
Principal				954,326		954,326
Interest				1,125,818		1,125,818
TOTAL EXPENDITURES	31,045,069	893,804	10,924,818	2,080,144		44,943,835
REVENUES OVER (UNDER) EXPENDITURES	7,849,163	(363,262)	(10,924,818)	(2,080,144)		(5,519,061)
OTHER FINANCING SOURCES (USES):
Issuance of Debt			9,675,400			9,675,400
Transfers from other funds			650,000	2,080,144		2,730,144
Transfers (to) other funds	(3,256,899)					(3,256,899)
	(3,256,899)	-	10,325,400	2,080,144	-	9,148,645
Excess of revenues and other sources over
(under) expenditures and other uses	4,592,264	(363,262)	(599,418)	-	-	3,629,584
FUND BALANCE - Beginning of Year	7,194,403	935,276	1,511,450	230,000	3,875,600	13,746,729
FUND BALANCE - End of Year	11,786,667	572,014	912,032	230,000	3,875,600	17,376,313
CITY OF COTTONWOOD
Statement of Net Position
As of December 31, 2014
	Note: this is last year's Government-wide Statement
		Primary Government
		Governmental	Business-Type	Primary
ASSETS		Activities	Activities	Government
Cash and cash equivalents		$ 5,872,412
Investments		877,617
Inventory		47,405
Receivables (net)			Shaded area information is not
Taxes receivable		1,591,827	needed to complete exercise
Due from Other Governments		755,744
Investments in permanent endowment		3,875,600
Capital Assets (net of Accumulated Depreciation)		16,990,000
TOTAL ASSETS		30,010,605
LIABILITIES
Accounts payable		$ 3,961,483
Unearned revenue		0
Accrued Interest payalbe		186,500
Landfill post closure care costs liability		2,471,480
Bonds payable		10,596,000
TOTAL LIABILITIES		17,215,463

NET POSITION
Net Investment in Capital Assets		6,394,000
Restricted		3,875,600
Unrestricted		2,525,542
TOTAL NET POSITION		$ 12,795,142
		$ 30,010,605

Background Information: Financial Statements - Governmental Funds

Journal Entries

Note: Enter all amouts as positive numbers. The worksheet is formatted to add debits to assets and expenses and add credits to liabilities, equities and revenues
				Gov'tal Fund Balances				Balances for Gov't-wide Stmts
Worksheet Journal Entries to Convert					Debits	Credits
to the Accrual basis of Accounting	debit $	credit $	DEBITS:
			Cash	8,161,351				8,161,351
			Investments	3,312,992				3,312,992
			Inventories	33,126				33,126
			Taxes Receivable	2,872,611				2,872,611
			Accounts Receivable	693,392				693,392
			Due from other governments	1,328,448				1,328,448
			Other Assets	23,747				23,747
			Investments in Permanent Endowment	3,875,600				3,875,600
			Capital Assets - net of accumulated depreciation (two rows)
				-				-
			Expenditures (expenses) Current
			General Government	3,074,532				3,074,532
			Judicial Administration	4,400,325				4,400,325
			Public Safety	6,328,125				6,328,125
			Public Works	4,625,425				4,625,425
			Health and Welfare	4,418,294				4,418,294
			Education	3,887,834				3,887,834
			Parks and Recreation	3,155,325				3,155,325
			Community Development	1,793,013				1,793,013

			Other Expenditures (expenses)
			- Capital Outlay	11,180,818				11,180,818
			- Depreciation	-				-
			- Debt Service Principal	954,326				954,326
			- Interest expense/expenditure	1,125,818				1,125,818
			Other Fin. Uses - Transfers Out	3,256,899				3,256,899
			Total Debits	68,502,001				68,502,001
			CREDITS:
			Accounts Payable	2,320,134				2,320,134
			Accrued wages and benefits	419,756				419,756
			Deferred Inflows Property Taxes	185,064				185,064
			Accrued Interest Payable	-				-
			Landfill closure liability (two rows)
				-				-
			Bonds Payable (two rows)
				-				-
			Revenues
			Property Taxes	24,587,250			c1	24,587,250
			Other local taxes	11,403,125				11,403,125
			Charges for services	2,131,977				2,131,977
			Miscellaneous	1,302,422				1,302,422
								-
								-
			Other Financing Sources					-
			Proceeds : Issuance of Debt	9,675,400				9,675,400
			Transfers In	2,730,144				2,730,144
			Net Position at Beginning of year (3 rows)
							c2
				13,746,729			a1	13,746,729
			Total Credits	68,502,001				68,502,001
			Total debits and credits Journal Entries		-	-		-

Journal entries to convert governmental funds to the accrual basis

Financial Statements

		CITY OF COTTONWOOD
		Statement of Activities
		For the year ended December 31, 2015
		Primary Government
			Net (Expense) Revenue and Change in Net Position
Functions/Programs	Expenses	Charges for Services	Governmental Activities	Business-Type Activities	Total	Shaded areas are business-type activities. The amounts are assumed and not part of the exercise.
Governmental Activities:						Amounts assumed as part of problem
General Government		1,156,497	1,156,497	-	1,156,497
Judicial Administration		44,018	44,018	-	44,018
Public Safety		275,492	275,492	-	275,492
Public Works		-	-	-	-
Health and Welfare		-	-	-	-
Education		-	-	-	-
Parks and Recreation		604,359	604,359	-	604,359
Community Development		51,611	51,611	-	51,611
Depreciation Expense			-	-	-
Interest on Long-term Debt		-	-	-	-
Total Governmental Activities	-	2,131,977	2,131,977	-	2,131,977
Business Type Activities
Water	4,041,987	5,385,233		1,343,246	1,343,246
Solid Waste	1,556,633	1,851,433		294,800	294,800
Parking	481,869	461,107		(20,762)	(20,762)
Total Business-type Activities	6,080,489	7,697,773	-	1,617,284	1,617,284
Total Primary Government	6,080,489	9,829,750	2,131,977	1,617,284	3,749,261
	General Revenues
	Property Taxes				-
	Other local Taxes				-
	Miscellaneous				-
	Transfers			526,755	526,755
	Total General Revenues		-	526,755	526,755
	Change in Net Position		2,131,977	2,144,039	4,276,016
	Net Position, Beginning			29,897,624	29,897,624
	Net Position, Ending		2,131,977	32,041,663	34,173,640
	CITY OF COTTONWOOD
	Statement of Net Position
	As of December 31, 2015
		Primary Government
		Governmental	Business-Type	Primary
ASSETS		Activities	Activities	Government
Cash and cash equivalents			4,025,000	4,025,000
Investments			5,871,042	5,871,042
Inventory			71,042	71,042
Receivables (net)				-
Taxes receivable				-
Interest Receivable			26,573	26,573
Due from Other Governments			292,775	292,775
Other assets				-
Investment in permanent endowment			-	-
Capital Assets (net of Accumulated Depreciation)			42,142,915	42,142,915
TOTAL ASSETS		0	52,429,347	52,429,347
LIABILITIES
Accounts payable			493,849	493,849
Accrued wages and benefits			473,168	473,168
Accrued Interest payable				-
Landfill post closure care costs liability			562,480	562,480
Bonds payable			18,858,187	18,858,187
TOTAL LIABILITIES		-	20,387,684	20,387,684

NET POSITION
Net Investment in Capital Assets			23,284,728	23,284,728
Restricted			-	-
Unrestricted			8,756,935	8,756,935
TOTAL NET POSITION		$ -	32,041,663	32,041,663