8-13 The fund-basis financial Statements of Jefferson County have completed for the year 2017 and appear in the first tab of the Excel Spreadsheet provided with this exercise. The following is also available: a. Capital Assets - Capital assets purchased in previous years through governmental-type funds totaled $7,890,000(Net of Accumulated Depreciation) as of January 1. - Depreciation on Captial assets used in Governmental-type activities amounted to $316,000. - No capital assets were sold or disposed of and all purchases are properly reflected in the fund-basis statements as Capital expenditures. B. Long-Term Debt - There was no outstanding long-term debt associated with governmental type funds as of January 1 - April 1, 6 percent bonds with a face value of $700,000 were issued at a premium. Bond payments are made on October 1 and April 1 of each year. Interest is based on an annual rate of 6 percent, and principal payments are $22,000 each. The First payment (interest and Principal) was made on October 1. - Amortization of the bond premium for the current year is $ 1,800 D. Transfers - Transfers were between governmental-type funds E.Internal Service Fund - The (motor pool) internal service fund's revenue is predominantly derived from departments classified as Governmental-type activities - There was no amounts due to the internal service fund from the General Fund. The outstanding balance of Due to other funds was with the enterprise fund and is not capital-related - The enterprise fund provided a long-term advance to the internal service fund( not capital-related) REQUIRED: Use the Excel template provided to complete the following requirements; 1. Prepare the journal entries necessary to convert the governmental fund financial statements to the accrual basis of accounting 2. Post the journal entries to the conversion worksheet provided 3. Prepare a Government-Wide Statement of Activities and Statement of Net Position for the year 2017. All of the Governmental fund revenues are "General Revenues" * This an involved problem, requiring many steps. Here are some hints. a. Tab 1 is info. to be used in the problem. *You do not have to enter anything* b. After making the Journal Entries in tab 2, post these to the worksheet to convert to the accrual basis. c. Make sure the total debits and credits equal d. when calculating Restricted Net Position, Recall that permanent fund principal is added to restricted fund Balances

it deals governmental accounting

Jefferson County - Fund Basis Financial Statements Jefferson County Governmental Funds Balance Sheet as of 12-31-2017 Capital Debt Total General Projects Service Permanent Governmental Fund Fund Fund Fund Funds Assets Cash $ 128,148 S 181,000 $ 22,800 $ 8,400 $ 340,348 Investments 502,400 502,400 Taxes Reveivable (net) 51,325 51,325 Due from other governments 280,000 280.000 Accrued interest receivable 1,700 1.700 Supplies Inventory 350 350 Total Assets $ 179.823 S 461,000 S 22,800 $ 512,500 $ 1,176,123 4,100 Liabilities, Deferred Inflows and Fund Balance Liabilities Accounts Payable 2.000 Wages Payable 850 Contracts payable Total Liabilities 2,850 Deferred Inflows Deferred Inflows - Property Taxes 22.600 6,100 850 25.000 31.950 25,000 25,000 - 4,100 22.600 Fund Balances 350 500,000 Nonspendable Inventories Permanent fund principal Restricted Assigned Unassigned Total Fund Equity 436,000 350 500.000 436.000 32,000 153,223 1,121,573 22,800 8,400 800 153,223 154,373 436,000 22,800 508,400 Total Liabilities, Deferred Inflows and Fund $ 179,823 S 461,000 S 22,800 $ 512,500 $ 1,176,123 Jefferson County - Fund Basis Financial Statements Jefferson County Statement of Revenues Expenditures and Changes in Fund Balance for the year ended 12-31-2017 Capital Total General Projects Service Permanent Governmental Fund Fund Fund Fund Funds Revenues Property Taxes $ 262,075 262,075 Intergovernmental revenues 280,000 280,000 Investment income: 21,100 21,100 Total Revenues 262,075 280,000 - 21,100 563,175 181.560 12,700 Expenditures Current: General Government Operations Library Capital Outlay Debt Service Principal Interest Total Expenditures 181,560 12,700 651,900 39,900 612,000 22,000 21,000 43,000 22,000 21,000 889.160 221,460 612,000 12,700 Excess (Deficiency) of Revenues Over Expe 40,615 (332,000 (43,000) 8,400 (325,985) 700,000 22,800 Other financing sources (uses) Proceeds of bonds Premum on bonds Transfers in Transfers out total other financing sources (uses) 65,800 700.000 22.800 65,800 (65.800) 722,800 (43,000) (43,000) (22.800) 700,000 65,800 Jefferson County - Fund Basis Financial Statements 22,800 Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 (2,385) 156,758 $ 154,373 368,000 68,000 S 436,000 8,400 500,000 $ 508,400 3 96,815 724.758 1,121,573 $ 22,800 $ Jefferson County Statement of Net Position As of 12-31-2017 Jefferson County Statement of Revenues, Expenses, and Changes in fund Net Position For the year ended 12-31-2017 Internal Enterprise Service Funds Fund Revenues Charges for Services $ 805.000 S 96,250 Enterprise Funds Internal Service Fund S 22,000 $ 22,850 15,750 3,500 42,100 Total Revenues 805.000 Assets Cash Due from other funds Supplies Inventory total current assets Advance to Internal Service fund Capital Assets (net) Total Assets 96,250 Operating Expenses Cost of services Depreciation 18,000 40,000 17,000 255.000 312,000 703.000 60,000 83,690 6,900 21,600 63,700 S $ Total Operaing Expenses 763.000 90,590 16,750 850 Operating Income (loss) 42,000 5,660 Liabilities Accounts payable Wages payable Interest payable Due to Other funds total current liabilities 4,350 490 600 Nonoperating income (expenses) Interest Expense Total nonoperating revenue 15,750 33.350 5,440 (5.000) (5.000) (600) (600) 200,000 Change in Net Position Net Position- Beginning of Year Net Position - End of Year 37,000 41.650 78,650 5,060 26,200 31,260 Bond payable Bank note payable Advance from Enterprise fund Total Liabilities Net position 10,000 17.000 32.440 $ S 233,350 Jefferson County - Fund Basis Financial Statements Net investment in capital assets Unrestricted 55,000 23,650 78,650 $ 4,600 26,660 31,260 Net Position S Jefferson County - Fund Basis Financial Statements Jefferson County Governmental Funds Balance Sheet as of 12-31-2017 Capital Debt Total General Projects Service Permanent Governmental Fund Fund Fund Fund Funds Assets Cash $ 128,148 S 181,000 $ 22,800 $ 8,400 $ 340,348 Investments 502,400 502,400 Taxes Reveivable (net) 51,325 51,325 Due from other governments 280,000 280.000 Accrued interest receivable 1,700 1.700 Supplies Inventory 350 350 Total Assets $ 179.823 S 461,000 S 22,800 $ 512,500 $ 1,176,123 4,100 Liabilities, Deferred Inflows and Fund Balance Liabilities Accounts Payable 2.000 Wages Payable 850 Contracts payable Total Liabilities 2,850 Deferred Inflows Deferred Inflows - Property Taxes 22.600 6,100 850 25.000 31.950 25,000 25,000 - 4,100 22.600 Fund Balances 350 500,000 Nonspendable Inventories Permanent fund principal Restricted Assigned Unassigned Total Fund Equity 436,000 350 500.000 436.000 32,000 153,223 1,121,573 22,800 8,400 800 153,223 154,373 436,000 22,800 508,400 Total Liabilities, Deferred Inflows and Fund $ 179,823 S 461,000 S 22,800 $ 512,500 $ 1,176,123 Jefferson County - Fund Basis Financial Statements Jefferson County Statement of Revenues Expenditures and Changes in Fund Balance for the year ended 12-31-2017 Capital Total General Projects Service Permanent Governmental Fund Fund Fund Fund Funds Revenues Property Taxes $ 262,075 262,075 Intergovernmental revenues 280,000 280,000 Investment income: 21,100 21,100 Total Revenues 262,075 280,000 - 21,100 563,175 181.560 12,700 Expenditures Current: General Government Operations Library Capital Outlay Debt Service Principal Interest Total Expenditures 181,560 12,700 651,900 39,900 612,000 22,000 21,000 43,000 22,000 21,000 889.160 221,460 612,000 12,700 Excess (Deficiency) of Revenues Over Expe 40,615 (332,000 (43,000) 8,400 (325,985) 700,000 22,800 Other financing sources (uses) Proceeds of bonds Premum on bonds Transfers in Transfers out total other financing sources (uses) 65,800 700.000 22.800 65,800 (65.800) 722,800 (43,000) (43,000) (22.800) 700,000 65,800 Jefferson County - Fund Basis Financial Statements 22,800 Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 (2,385) 156,758 $ 154,373 368,000 68,000 S 436,000 8,400 500,000 $ 508,400 3 96,815 724.758 1,121,573 $ 22,800 $ Jefferson County Statement of Net Position As of 12-31-2017 Jefferson County Statement of Revenues, Expenses, and Changes in fund Net Position For the year ended 12-31-2017 Internal Enterprise Service Funds Fund Revenues Charges for Services $ 805.000 S 96,250 Enterprise Funds Internal Service Fund S 22,000 $ 22,850 15,750 3,500 42,100 Total Revenues 805.000 Assets Cash Due from other funds Supplies Inventory total current assets Advance to Internal Service fund Capital Assets (net) Total Assets 96,250 Operating Expenses Cost of services Depreciation 18,000 40,000 17,000 255.000 312,000 703.000 60,000 83,690 6,900 21,600 63,700 S $ Total Operaing Expenses 763.000 90,590 16,750 850 Operating Income (loss) 42,000 5,660 Liabilities Accounts payable Wages payable Interest payable Due to Other funds total current liabilities 4,350 490 600 Nonoperating income (expenses) Interest Expense Total nonoperating revenue 15,750 33.350 5,440 (5.000) (5.000) (600) (600) 200,000 Change in Net Position Net Position- Beginning of Year Net Position - End of Year 37,000 41.650 78,650 5,060 26,200 31,260 Bond payable Bank note payable Advance from Enterprise fund Total Liabilities Net position 10,000 17.000 32.440 $ S 233,350 Jefferson County - Fund Basis Financial Statements Net investment in capital assets Unrestricted 55,000 23,650 78,650 $ 4,600 26,660 31,260 Net Position S