4. The following entries were in the governmental funds. 12/31/2016 Capital Projects Fund Cash Other Financing Sources - Proceeds sales of General Obligation Bonds Other Financing Sources - Bond Premium (to reflect issuance of 10 year general obligation bond) 2,828,000 2,800,000 28,000 12/31/2017 Debt Service Fund Expenditures: Bond Principal Expenditures: Bond Interest Cash (to reflect payment of 1/10th principal and 1st year's interest) 280,000 168,000 448,000 Required: Part A. What is the worksheet entry required to adjust beginning (or Position in the 12/31/2017 government-wide financial statements for long term debt? Part B. What are the worksheet entries to adjust for current year activity in long-term debt for the year ended 12/31/20172 Assume interest for the year is due on 12/31 and the bond premium is amortized on the straight line basis. 5. The City of Thomasville maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government- wide financial statements. Required: You are to prepare, in journal form, worksheet adjustments for each of the following situations. A. General fixed assets, as of the beginning of the year, which had not been recorded, were as follows: $ 60,000,000 Land 542,000,000 Buildings Improvements other than buildings 245,000,000 Equipment 85,000,000 Accumulated depreciation, capital 248,400,000 assets B. During the year, expenditures for capital outlays amounted to $12,825,000. Of that amount, $10,710,000 was for buildings; $1,755,000 was for improvements other than buildings, $ 9,000 was capitalized interest and the remainder was for land. 4 Page C. The capital outlay expenditures outlined in (B) were completed at the end of the year (no depreciation until next year). For purposes of financial statement presentation, all capital assets are depreciated using the straight-line method, with no estimated salvage value. Estimated lives are as follows: buildings, 50 years; improvements other than buildings, 20 years, equipment, 10 years tation, allation until hres outline D. Equipment with a cost of $110,000 and accumulated depreciation at the time of sale of $60,000 was sold for $25,000. 6. The City of Greystone maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: A. The City levied property taxes for the current fiscal year in the amount of $8,000,000. At year-end, $720,000 of the taxes had not been collected. It was estimated that $330,000 of that amount would be collected during the 60 days after the end of the fiscal year and that $250,000 would be collected after that time and the balance would be uncollectible. The City had recognized the maximum of property taxes allowable under modified accrual accounting. B. $179,000 of property taxes had been deferred at the end of the previous year and was recognized under modified accrual as revenue in the current year. C. In addition to the expenditures allowed under modified accrual accounting, the city computed that an additional $72,000 should be accrued for compensated absences. D. In the Statement of Revenues, Expenditures, and Changes in Fund Balances General Fund transfers out included $400,000 to a debt service fund and $270,000 to a special revenue fund. General Fund transfers in included $1,000,000 from an enterprise fund. 7. The City of Odessa maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government-wide statements. As such, the City's internal service fund, a print shop fund, is included in the proprietary funds statements. Required: Prepare necessary adjustments in order to incorporate the internal service fund in the government-wide statements as a part of governmental activities: A. Balance sheet accounts include: Cash, $210,000; Inventories, $425,000; Capital Assets, $1,400,000; Accumulated Depreciation, $600,000; Accounts Payable, $350,000; and Bonds Payable, $500,000. B. The only transaction in the internal service fund that is external to the government is interest expense in the amount of $15,000. C. Exclusive of the interest expense, the internal service fund reported operating age the end ui uit income of $65,000. An examination of the records indicates that services were provided as follows: one half to general government, one fourth to public safety, one fourth to culture and recreation. 4. The following entries were in the governmental funds. 12/31/2016 Capital Projects Fund Cash Other Financing Sources - Proceeds sales of General Obligation Bonds Other Financing Sources - Bond Premium (to reflect issuance of 10 year general obligation bond) 2,828,000 2,800,000 28,000 12/31/2017 Debt Service Fund Expenditures: Bond Principal Expenditures: Bond Interest Cash (to reflect payment of 1/10th principal and 1st year's interest) 280,000 168,000 448,000 Required: Part A. What is the worksheet entry required to adjust beginning (or Position in the 12/31/2017 government-wide financial statements for long term debt? Part B. What are the worksheet entries to adjust for current year activity in long-term debt for the year ended 12/31/20172 Assume interest for the year is due on 12/31 and the bond premium is amortized on the straight line basis. 5. The City of Thomasville maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government- wide financial statements. Required: You are to prepare, in journal form, worksheet adjustments for each of the following situations. A. General fixed assets, as of the beginning of the year, which had not been recorded, were as follows: $ 60,000,000 Land 542,000,000 Buildings Improvements other than buildings 245,000,000 Equipment 85,000,000 Accumulated depreciation, capital 248,400,000 assets B. During the year, expenditures for capital outlays amounted to $12,825,000. Of that amount, $10,710,000 was for buildings; $1,755,000 was for improvements other than buildings, $ 9,000 was capitalized interest and the remainder was for land. 4 Page C. The capital outlay expenditures outlined in (B) were completed at the end of the year (no depreciation until next year). For purposes of financial statement presentation, all capital assets are depreciated using the straight-line method, with no estimated salvage value. Estimated lives are as follows: buildings, 50 years; improvements other than buildings, 20 years, equipment, 10 years tation, allation until hres outline D. Equipment with a cost of $110,000 and accumulated depreciation at the time of sale of $60,000 was sold for $25,000. 6. The City of Greystone maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: A. The City levied property taxes for the current fiscal year in the amount of $8,000,000. At year-end, $720,000 of the taxes had not been collected. It was estimated that $330,000 of that amount would be collected during the 60 days after the end of the fiscal year and that $250,000 would be collected after that time and the balance would be uncollectible. The City had recognized the maximum of property taxes allowable under modified accrual accounting. B. $179,000 of property taxes had been deferred at the end of the previous year and was recognized under modified accrual as revenue in the current year. C. In addition to the expenditures allowed under modified accrual accounting, the city computed that an additional $72,000 should be accrued for compensated absences. D. In the Statement of Revenues, Expenditures, and Changes in Fund Balances General Fund transfers out included $400,000 to a debt service fund and $270,000 to a special revenue fund. General Fund transfers in included $1,000,000 from an enterprise fund. 7. The City of Odessa maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government-wide statements. As such, the City's internal service fund, a print shop fund, is included in the proprietary funds statements. Required: Prepare necessary adjustments in order to incorporate the internal service fund in the government-wide statements as a part of governmental activities: A. Balance sheet accounts include: Cash, $210,000; Inventories, $425,000; Capital Assets, $1,400,000; Accumulated Depreciation, $600,000; Accounts Payable, $350,000; and Bonds Payable, $500,000. B. The only transaction in the internal service fund that is external to the government is interest expense in the amount of $15,000. C. Exclusive of the interest expense, the internal service fund reported operating age the end ui uit income of $65,000. An examination of the records indicates that services were provided as follows: one half to general government, one fourth to public safety, one fourth to culture and recreation