P 20-4 Governmental fund conversion worksheet The postclosing trial balance for the City of Fort Collins governmental
Question:
P 20-4 Governmental fund conversion worksheet The postclosing trial balance for the City of Fort Collins governmental funds at June 30, 2016, shows the following ledger account balances:
DR CR Cash and cash equivalents $541,100 Investments 520,000 Taxes receivable 520,000 Accounts receivable 187,500 Due from other governments 364,970 Supplies inventory 290,000 Vouchers payable $379,500 Contracts payable 47,500 Revenue collected in advance 55,000 Fund balance/net position, beginning 912,720 Revenues 3,507,450 Expenditures 3,043,600 OFS—Bond proceeds 500,000 OFS—Capital lease 65,000 OFS—Transfers in 75,250 OFU—Transfers out 75,250
$5,542,420 $5,542,420 ADDITIONAL INFORMATION 1. During the year, Fort Collins purchased $9,000 in equipment, which was not depreciated.
2. Fort Collins also has other fixed assets with a historical cost of $95,000 and accumulated depreciation of
$65,000.
3. Fort Collins has capital project fund construction expenditures totaling $20,000.
4. During the year, the city issued a bond at $500,000 par value.
5. During the year, the city entered into a lease agreement. The entire amount should be recognized as general long-term debt.
6. The city’s revenue collected in advance would be treated as revenue under accrual accounting.
7. The transfers in and out were made between governmental funds.
8. The city does not report internal service funds.
REQuIRED: Prepare a conversion worksheet to determine the change in net position and the net position balance for the city’s governmental funds.
Step by Step Answer:
Advanced Accounting
ISBN: 9781292214597
13th Global Edition
Authors: Joseph H. Anthony, Bruce Bettinghaus, Floyd A. Beams, Kenneth Smith