17/11

The City of Bernard starts the year of 2017 with the following unrestricted amounts in its general fund: cash of $29,250 and investments of $72,000. In addition, it holds a small building bought on January 1, 2016, for general government purposes for $381,000 and related long-term debt of $304,800. The building is being depreciated on the straight-line method over 10 years. The interest rate is 10 percent. The general fund has four separate functions: general government, public safety, public works, and health and sanitation. Other information includes the following: $533,00 105,000 30,000 24,480 8,100 5,480 34,500 8,800 28,00 212,eee 89,900 177,000 Receipts: Property taxes Sales taxes Dividend income Charges for general government services Charges for public safety services Charges for public works Charges for health and sanitation services Charges for landfill Grant to be used for salaries for health workers (no eligibility requirements) Issued long-term note payable Sold above investments Receivables at year-end: Property taxes ($12,100 is expected to be uncollectible) Payments: Salary: General government Public safety Public works Health and sanitation (all from grant) Utilities: General government Public safety Public works Health and sanitation Insurance: General government Public safety Public works (all prepaid as of the end of the year) Health and sanitation Miscellaneous: General government Public safety Public Works Health and sanitation Interest on previous debt 100,500 98,000 85, eee 23,880 10,800 19,250 16,200 4,800 32,160 15,600 8,100 5,700 19,500 14,400 9,600 10, 150 30,480 & Draw 11 of 12 Nav Health and sanitation Interest on previous debt Principal payment on previous debt Interest on new debt Building (public works) Equipment public safety) Public works supplies (30% still held) Investments Ordered but not received: Equipment Supplies Due at end of year: Salaries: General government Public safety Public works 10,150 30,480 17,780 19,080 216,00 96,000 27,188 113,000 26,250 11,050 14,900 18,208 5,700 On the last day of the year, the city borrowed $68,000 from a local bank and used that money to buy a truck. The first payment on the loan (plus interest) will be made at the end of the next year. The city started a landfill this year that it is recording within its general fund. It is included as a public works function. Closure costs today would be $304,000 although the landfill is not expected to be filled for nine more years. The city has incurred no costs to date although the landfill is now 15 percent filled For the equipment and supplies that have been ordered but not yet received, the City Council (the highest decision-making body in the government) has voted to honor the commitment when the items are received, The new building is being depreciated over 20 years using the straight-line method and no salvage value, whereas depreciation of the equipment is similar except that its life is only 10 years. Assume the city records a full year's depreciation in the year of acquisition The investments are valued at $121700 at year-end. a-1. Prepare a statement of activities for governmental activities for December 31, 2017, and the year then ended. a-2. Prepare a statement of net position for governmental activities for December 31, 2017, and the year then ended. b-1. Prepare a statement of revenues, expenditures, and other changes in fund balances for the General Fund as of December 31, 2017, and the year then ended. Assume that the purchases method is being applied. b-2. Prepare a balance sheet for the General Fund as of December 31, 2017, and the year then ended. Assume that the purchases method is being applied. Prepare a statement of activities for governmental activities for December 31, 2017, and the year the be deducted should be indicated by a minus sign.) CITY OF BERNARD Statement of Activities For Year Ended December 31, 2017 Program Revenues Charges for Grants and Services Contributions Net (Expense) Revenue and Changes in Net Position Governmental Total Activities Expenses Functions/Programs Governmental activities: 0 Total governmental activities General revenues: $ O $ 0 $ 0 $ 0 $ 0 Total general revenues Change in net position: Change during 2017 0 $ 0 0 $ 0 Req A1 Req A2 TROLLEGE Req B1 Req B2 Prepare a statement of net position for governmental activities for December 31, 2017, and the year then ended. CITY OF BERNARD Statement of Nat Position December 31, 2017 Governmental Activities Totals Assets: Current assets: Total current assets Capital assets: 0 $ 0 $ 0 $ 0 Total assets Liabilities: Current liabilities: Noncurrent liabilities: Total current assets 0 $ 0 Capital assets: Total assets $ 0 $ O Liabilities Current liabilities: Noncurrent liabilities: 0 $ 0 Total liabilities Net position: Total nel position 0 Req A1 Req A2 Reg B1 Req B2 Prepare a statement of revenues, expenditures, and other changes in fund balances for the General Fund as of December 31, 2017, and the year then ended. Assume that the purchases method is being applied. CITY OF BERNARD Statement of Revenues, Expenditures, and Other Changes in Fund Balances - Governmental Funds For Year Ended December 31, 2017 General Fund Revenues: $ Total Expenditures: Current: Debt service: $ Total Expenditures: Current: Debt service: Capital outlay: 0 Total expenditures $ Excess (deficiency) of revenues over expenses $ Other financing sources: 0 $ 0 Total other financing sources Net changes in fund balance 0 0 Req A1 Req A2 Req B1 Req B2 Prepare a balance sheet for the General Fund as of December 31, 2017, and the year then ended. Assume that the purchase method is being applied. CITY OF BERNARD Balance Sheet Governmental Funds December 31, 2017 General Fund Assets: $ 0 Total assets Liabilities and fund balances: Liabilities: Fund balances: 0 Total liabilities and fund balance $ $ 0 The City of Bernard starts the year of 2017 with the following unrestricted amounts in its general fund: cash of $29,250 and investments of $72,000. In addition, it holds a small building bought on January 1, 2016, for general government purposes for $381,000 and related long-term debt of $304,800. The building is being depreciated on the straight-line method over 10 years. The interest rate is 10 percent. The general fund has four separate functions: general government, public safety, public works, and health and sanitation. Other information includes the following: $533,00 105,000 30,000 24,480 8,100 5,480 34,500 8,800 28,00 212,eee 89,900 177,000 Receipts: Property taxes Sales taxes Dividend income Charges for general government services Charges for public safety services Charges for public works Charges for health and sanitation services Charges for landfill Grant to be used for salaries for health workers (no eligibility requirements) Issued long-term note payable Sold above investments Receivables at year-end: Property taxes ($12,100 is expected to be uncollectible) Payments: Salary: General government Public safety Public works Health and sanitation (all from grant) Utilities: General government Public safety Public works Health and sanitation Insurance: General government Public safety Public works (all prepaid as of the end of the year) Health and sanitation Miscellaneous: General government Public safety Public Works Health and sanitation Interest on previous debt 100,500 98,000 85, eee 23,880 10,800 19,250 16,200 4,800 32,160 15,600 8,100 5,700 19,500 14,400 9,600 10, 150 30,480 & Draw 11 of 12 Nav Health and sanitation Interest on previous debt Principal payment on previous debt Interest on new debt Building (public works) Equipment public safety) Public works supplies (30% still held) Investments Ordered but not received: Equipment Supplies Due at end of year: Salaries: General government Public safety Public works 10,150 30,480 17,780 19,080 216,00 96,000 27,188 113,000 26,250 11,050 14,900 18,208 5,700 On the last day of the year, the city borrowed $68,000 from a local bank and used that money to buy a truck. The first payment on the loan (plus interest) will be made at the end of the next year. The city started a landfill this year that it is recording within its general fund. It is included as a public works function. Closure costs today would be $304,000 although the landfill is not expected to be filled for nine more years. The city has incurred no costs to date although the landfill is now 15 percent filled For the equipment and supplies that have been ordered but not yet received, the City Council (the highest decision-making body in the government) has voted to honor the commitment when the items are received, The new building is being depreciated over 20 years using the straight-line method and no salvage value, whereas depreciation of the equipment is similar except that its life is only 10 years. Assume the city records a full year's depreciation in the year of acquisition The investments are valued at $121700 at year-end. a-1. Prepare a statement of activities for governmental activities for December 31, 2017, and the year then ended. a-2. Prepare a statement of net position for governmental activities for December 31, 2017, and the year then ended. b-1. Prepare a statement of revenues, expenditures, and other changes in fund balances for the General Fund as of December 31, 2017, and the year then ended. Assume that the purchases method is being applied. b-2. Prepare a balance sheet for the General Fund as of December 31, 2017, and the year then ended. Assume that the purchases method is being applied. Prepare a statement of activities for governmental activities for December 31, 2017, and the year the be deducted should be indicated by a minus sign.) CITY OF BERNARD Statement of Activities For Year Ended December 31, 2017 Program Revenues Charges for Grants and Services Contributions Net (Expense) Revenue and Changes in Net Position Governmental Total Activities Expenses Functions/Programs Governmental activities: 0 Total governmental activities General revenues: $ O $ 0 $ 0 $ 0 $ 0 Total general revenues Change in net position: Change during 2017 0 $ 0 0 $ 0 Req A1 Req A2 TROLLEGE Req B1 Req B2 Prepare a statement of net position for governmental activities for December 31, 2017, and the year then ended. CITY OF BERNARD Statement of Nat Position December 31, 2017 Governmental Activities Totals Assets: Current assets: Total current assets Capital assets: 0 $ 0 $ 0 $ 0 Total assets Liabilities: Current liabilities: Noncurrent liabilities: Total current assets 0 $ 0 Capital assets: Total assets $ 0 $ O Liabilities Current liabilities: Noncurrent liabilities: 0 $ 0 Total liabilities Net position: Total nel position 0 Req A1 Req A2 Reg B1 Req B2 Prepare a statement of revenues, expenditures, and other changes in fund balances for the General Fund as of December 31, 2017, and the year then ended. Assume that the purchases method is being applied. CITY OF BERNARD Statement of Revenues, Expenditures, and Other Changes in Fund Balances - Governmental Funds For Year Ended December 31, 2017 General Fund Revenues: $ Total Expenditures: Current: Debt service: $ Total Expenditures: Current: Debt service: Capital outlay: 0 Total expenditures $ Excess (deficiency) of revenues over expenses $ Other financing sources: 0 $ 0 Total other financing sources Net changes in fund balance 0 0 Req A1 Req A2 Req B1 Req B2 Prepare a balance sheet for the General Fund as of December 31, 2017, and the year then ended. Assume that the purchase method is being applied. CITY OF BERNARD Balance Sheet Governmental Funds December 31, 2017 General Fund Assets: $ 0 Total assets Liabilities and fund balances: Liabilities: Fund balances: 0 Total liabilities and fund balance $ $ 0