Gov and Non-Profit Comp Problem Essay

8-13 PART 1 SOLUTIONS TO THE EXCEL BASED EXERCISES ARE ALSO AVAILABLE IN EXCEL ON
THE INSTRUCTOR’S WEBSITE

WORKSHEET JOURNAL ENTRIES TO CONVERT
TO THE ACCRUAL BASIS OF ACCOUNTING

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A.CAPITAL ASSETS (NET) 7,752,000
NET ASSETS BEGINNING OF YEAR 7,752,000

DEPRECIATION EXPENSE 315,000
CAPITAL ASSETS (NET) 315,000

CAPITAL ASSETS (NET) 616,600
CAPITAL OUTLAY (EXPENDITURE) 616,600

B. NO BEGINNING LONG TERM DEBT – –

PROCEEDS FROM SALE OF BONDS 700,000
PROCEEDS FROM BOND PREMIUM 15,000
BONDS PAYABLE 700,000
BOND PREMIUM 15,000

BONDS PAYABLE 17,500
EXPENDITURE – PRINCIPLE ON BONDS 17,500

INTEREST EXPENSE 10,238
INTEREST PAYABLE 10,238
INTEREST FROM OCT. 1 TO DEC. 31
(700,000 – 17,500) * 6% * 3/12 = 10,238

PREMIUM ON BONDS PAYABLE 1,500
INTEREST EXPENSE 1,500

C. DEFERRED PROPERTY TAXES 19,150
PROPERTY TAX REVENUE 19,150

PROPERTY TAX REVENUE 18,700
NET ASSETS BEGINNING OF YEAR 18,700

D.TRANSFERS IN 53,500
TRANSFERS OUT 53,500

PART A CONTINUED

E.CASH 12,300
DUE FROM OTHER FUNDS 19,800
SUPPLIES INVENTORY 7,500
CAPITAL ASSETS (NET) 19,500
ACCOUNTS PAYABLE 2,300
WAGES PAYABLE 420
INTEREST PAYABLE 600
BANK NOTE PAYABLE 12,000
ADVANCE FROM ENTERPRISE FUND 16,000
NET ASSETS 27,780

NET ASSETS 3,180
GENERAL GOVERNMENT EXPENDITURES 3,180

INTEREST EXPENSE 600
NET ASSETS 600

JEFFERSON COUNTY
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED 12-31-2014
PROGRAM REVENUES NET (EXPENSE) REVENUE AND CHANGE IN NET ASSETS
EXPENSES CHARGES FOR SERVICES OPERATIONAL GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS GOVERNMENTAL ACTIVITIES BUSINESS-TYPE ACTIVITIES TOTAL FUNCTIONS/PROGRAMS

GOVERNMENTAL ACTIVITIES:
GENERAL GOVERNMENT $ 177,830 $ – $ (177,830) $ (177,830) LIBRARY 14,000 – (14,000) (14,000) DEPRECIATION 315,000 (315,000) (315,000) INTEREST 30,338 (30,338) (30,338) TOTAL GOVERNMENTAL ACTIVITIES 537,168 – – – (537,168) (537,168) BUSINESS TYPE ACTIVITIES

WATER AND SEWER 768,000 805,000 37,000 37,000 TOTAL GOVERNMENT $ 1,305,168 $ 805,000 $ – $ – $ (537,168) $ 37,000 (500,168)

GENERAL REVENUES
TAXES:
PROPERTY TAXES 263,650 263,650
INTERGOVERNMENTAL REVENUES 250,000 250,000
INVESTMENT INCOME 20,400 20,400
TOTAL GENERAL REVENUES 534,050 – 534,050
CHANGE IN NET ASSETS (3,118) 37,000 33,882
NET ASSETS, BEGINNING 8,552,658 41,650 8,594,308
NET ASSETS, ENDING $ 8,549,540 $ 78,650 $ 8,628,190

8-13 PART C

8-13 PART 3 (CONTINUED)

JEFFERSON COUNTY
STATEMENT OF NET ASSETS
DECEMBER 31, 2014
GOVERNMENTAL ACTIVITIES BUSINESS-TYPE ACTIVITIES TOTAL ASSETS CASH $ 419,428 $ 23,000 $ 442,428 INVESTMENTS 500,900 – 500,900 TAXES RECEIVABLE (NET) 58,420 – 58,420 INTEREST RECEIVABLE 2,500 – 2,500 INTERNAL BALANCES CURRENT 19,800 (19,800) – DUE FROM OTHER GOVERNMENTS 250,000 – 250,000 INVENTORIES 7,750 18,000 25,750 INTERNAL BALANCES LONG-TERM (16,000) 16,000 – CAPITAL ASSETS, NET OF ACCUMULATED DEPRECIATION 8,073,100 255,000 8,328,100 TOTAL ASSETS $ 9,315,898 $ 292,200 $ 9,608,098

LIABILITIES
ACCOUNTS PAYABLE 4,900 11,700 16,600 WAGES PAYABLE 2,620 1,850 4,470 ACCRUED INTEREST PAYABLE 10,838 – 10,838 CONTRACT PAYABLE 40,000 – 40,000 BANK NOTE PAYABLE 12,000 – 12,000 BONDS PAYABLE 682,500 200,000 882,500 PREMIUM ON BONDS SOLD 13,500 – 13,500 TOTAL LIABILITIES 766,358 213,550 979,908
NET ASSETS
INVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT 7,377,100 55,000 7,432,100 RESTRICTED 980,000 – 980,000 UNRESTRICTED 192,440 23,650 216,090 TOTAL NET ASSETS $ 8,549,540 $ 78,650 $ 8,628,190

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