C. Assemble the following from previous continuous problems: (1) the governmental funds Balance Sheet and Statement of Revenues, Expendeures, and Changes in Fund Balances from Section 5-C. (3) the oprietary funds Statement of Net Position and Statement of Revenues, Expenses, and Changes in Fund Net Position from Section 6-C. (Please right click on the attached document and select open in new window. Then, download the template and enter the required values in the appropriate fields. Save your completed template to your computer and then upload it here by clicking "Browse" Next, click "Save.") Cequired: Start a worksheet for adjustments, using the trial balance format ilustrated in the texte list accounts with debit balances first, then accounts with credit balances. Enter the balances from the governmental funds nancial statements prepared for Section 5-C. When doing this, follow the following guidelines: Net Position: Use a single account for net position (which will include the beginning balance of all fund balance accounts) Intergovernmental Revenues. When setting up the worksheet, set up separate lines for the intergovernmental revenues as follows: State Grant for Highway and Street Maintenance Operational Grant-General Government Capital Grant-Public Safety Total $1,067,500 332,000 1,335,000 $2,734,500 Capital Assets it is not necessary to set up separate Ines for different classes of capital (fixed) assets or accumulated depreciation pumply use Depreciation Confirm that the total debits and credits equal 2. Prepare worksheet entres and post to the worksheet for the folowing items identify each adjustment by the letter used in the problem row for Capital Assets and another for Accumulated a Record the January 1, 2020 balances of general feed asset and related accumulated depreciation accounts. The City of Monroe had the folowing balances (excluding Internal Service Funds Accumulated Cost Depreciation Totals $67,900,000 $32,000,000 o Eliminate the capital expenditures shown in the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances c Depreciation Expense (governmental activities) for the year totaled $5.130,000. d Eliminate the other financing sources from the sale of bonds by recording a liability for bonds payable and the related premium e As of January 1, 2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding Eliminate the expenditures for bond principal g. Accrue interest in the amount of $328.000. (Two bond issues were outstanding, interest payments for both were last made on July 1, 2020. The computation is as follows: ($11.200.000 0.03 6/12) ($4,000,000. 008 6/12)-$328,000) h. Adjust for the interest accrued in the prior year government wide statements, but recorded as an expenditure in the 2020 fund basis statements ($12,000,000 0.03-6/123-$180,000 Amortize bond premium in the amount of $10,000 Make adjustments for additonal revenue accrual. The only adjustment is for property taxes to eliminate the current year deferral of property taxes kAdjust for the $21,000 of property taxes that was deferred in 2019 and recognized as revenue in the 2020 fund basis statements Assume the City adopted a policy in 2020 of allowing employees to accumulate compensated absences. Make an adjustment accruing the expense of $42.000 Charge compensated absences expense m. Bring in the balances of the internal service fund balance sheet accounts. Again, use a single account for all capital assets and a second account for all accumulated deprecution balances (use a separate column of the worksheet to enter Internal Service Fund entne n No revenues from intemal service funds were with external partes Assume $3.200 of the $11200 Due from Other Funds in the internal service accounts represents a receivable from the General Fund and the remaining $8,000 is due from the enterprise fund. Eliminate the $3,200 stedund receivables o Reduce governmental fund expenses by the net operating profit of internal service funds. As the amount is sm, reduce general government expenses for the entire amount p Eliminate transfers that are between departments reported within governmental activities 3. Prepare a Statement of Actives for the City of Monroe for the Year Ended December 31, 2020. For purposes of this statement, assum $332,000 in the General Fund is a state grant specifically to support general government programs $1067500 in the Street and Highway Fund is an operating grant specifically for highway and street maintenance expenses. $1335,000 in the Cey Jal Construction Fund is a capital grant that applies to public safety Use the balances computed from the worksheet completed in part 2 for the governmental activities portion of the statement. Use the solution to P6-C (Enterprise fund) to prepare the business activities portion the any short term interfund payables/receivables) 4. Prepare a Statement of Net Position for the City of Monice as of December 31, 2020 Group all capital assets, net of depreciation. Include a breakdown in the Net Position section for (a) Capital Assets, net of related debt (Restricted, and (d) Unrestricted. For purposes of classifying net position for the governmental activities, assume For the govemmental activities net position invested in capital assets, met of related debt, the related debt includes the bonds payable, the premium on bonds payable, and the advance from the water utility fund The special revenue fund resources are restricted by the granting agency for street and highway maintenance Assume $204,500 are the only restricted resources in the governmental activities 5. Prepare the reconciliation necessary to convert from the fund balance reported in the governmental hunchs Balance Sheet to the Net Position in the government wide Statement of Net Position 6. Prepare the seconciliation necessary to convert from the change in fund balances in the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the change in net position in the government-wide Statement of Activities Revenues Property Taxes Sales Taxes Interest & Penalties Licenses and Permits Intergovemmental Revenues Miscellaneous Revenues Total Revenues Expenditures CITY OF MONROE Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 2020 General Street and City Hall Debt Highway Service City Jail Debt Service City Jail Construction Total Governmental Funds $ 6,845,000 $ 6,846,000 2,938,000 . 2,938,000 16,100 1,900 18,000 . 800,000 332,000 1,067,500 1,335,000 800,000 2.734,500 350.000 350,000 11,282,100 $ 1,069,400 $ 05 1,335,000 $ 13,686,500 Current General Government 1,649,000 Public Safety 3,066,900 Highways and Streets 1,441,400 1,040,500 Sanitation 591,400 Health 724,100 Welfare 374,300 Culture and Recreation 917,300 Capital Outlay Debt Service: 492,800 1,649,000 3,066,900 2,481,900 591,400 724,100 374,300 917,300 5,328,300 5,821,100 Principal 800,000 800,000 Interest Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses) 354,000 160,000 514,000 9,257,200 1,040,500 1,154,000 160,000 5,328,300 16,940,000 2,024,900 28.900 (1,154,000) (160,000) (3.993,300) (3,253,500) Proceeds of Bonds Premium on Bonds Sold Transfers In Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 4,000,000 4,000,000 200,000 200,000 1,142,000 726,700 1,868,700 (1,662,000) (1,662,000) (206,700) (1.868,700) 0 1,142,000 726,700 3.993.300 4,200,000 362,900 28,900 (12,000) 566,700 946,500 E $ 737.250 1,100,150 $ 179,000 412,000 . 1,328,250 207.900 S 400,000 S 566,700 $ 05 2,274,750 CITY OF MONROE Balance Sheet for the Governmental Funds As of December 31, 2020 General Street and Highway City Hall Debt Service City Jail Debt Service Total Governmental Funds Assets Cash $ 503,800 $ 30,900 S 6,700 $ 541,401 Cash with Fiscal Agent 400,000 360,000 760,00 Investments 63,000 200.000 263,001 Taxes Reveivable - (net) 457,500 457,501 . Interest & Penalties Receivable (net) 16.850 16.85 17 Due from State Government 380,000 177 500 557,501 Total Assets S 1,358,150 $ 271,400 S 400,000 S 566,700 S 2.596,251 Liabilities, Deferred Inflows and Fund Balance Liabilities Accounts Payable Due to Other funds Total Liabilities Deferred Inflows Property Taxes Fund Balances $ 200,300 $ 63,500 s 263,801 40,200 40,201 $ 240,500 $ 63.5005 05 0 5 304.001 17,500 12 17,500 Restricted for Street & Highway Maintenance Debt Service Assigned for Encumbrances Unassigned 207,900 207,901 400,000 566,700 966,70 58,000 58,000 1,042,150 1.042.15 Total Fund Equity 1,100,150 207,900 400,000 566,700 2.274,75 Total Liabilities, Deferred Inflows and Fund Balance $ 1,358,150 $ 271.4005 400,000 $ 566,700 $ 2.596.25 Assets Current Assets Cash Customer Accounts Receivable (Net) Due from General Funds Materials and Supplies Total Current Assets CITY OF MONROE PROPRIETARY FUNDS Statement of Net Position December 31, 2020 Business-Type Activities Enterprise Funds Water and Sewer Governmental Activities Internal Service Funds Stores and Service Fund 83.400 S 36,500 111.000 37,000 11,200 84,000 42.540 315.400 90,240 Noncurrent Assets Advance to Stores and Services Fund 15,000 Restricted Assets (Cash) 142,000 Capital Assets, Net of Accumulated Depreciation 3,035,300 76,400 Total Noncurrent Assets 3,192,300 76,400 3.507,700 100.640 Total Assets Liabilities Current Liabilities. Accounts Payable 25.500 22.100 Payroll Taxes Payable 3,300 Due to Stores and Services Fundi 8.000 Total Current Liabilities 36.800 22,100 Noncurrent Liabilities 2.500,000 Revenue Bonds Payable Advance from Water Utility Fund 15,000 Total Noncurrent Liabilities 2,500,000 15,000 Total Liabilities 2.536,800 37,100 Net Position 535.300 Net Investment in Capital Assets 01,400 142,000 Restricted 293,600 68,140 Unrestricted 970.900S 129.540 Total Net Position Cash Flows from Operating Activities: Cash Received from Customers and Departments Cash Paid to Suppliers and Employees Net Cash Provided by Operating Activities Cash Flows from Capital Related Financing Activities: Acquisition of Capital Assets CITY OF MONROE PROPRIETARY FUNDS Statement of Cash Flows For the Year Ended December 31, 2020 Business-Type Activities Enterprise Funds Water and Sewer Governmental Activities Internal Service Funds Stores and Service Fund $ 983,000 $ (729,800) 253.200 387,000 (367,500) 19.500 (09.300) Interest Paid on Long-term Debt (162.500) Partial Repayment of Advance from Water Utility Fund (15.000) Net Cash Used in Capital Related Financing Activities (261,000) (15.000) Cash Flows from Investing Activities: Partial Receipt of Advance to Stores & Services Fund 15.000 Net Cash Provided by Investing Activities 15.000 0 Net Increase (Decrease) in Cash 0.400 4,500 Cash and Restricted Cash, January 1 219.000 32.000 Cash and Restricted Cash, December 31 as 225,4005 30.500 Reconciliation of Operating Income to Net Cash Provided by (Used in) Operating Activities Operating Income $ 174,400 $ 1,040 Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities Depreciation (Increase) Decrease in Customer Accounts Receivable (Increase) Decrease in Interfund Receivables (Increase) Decrease in Materials and Supplies Increase (Decrease) in Accounts Payable 267,000 (35.500) (37,000) 15.800 (50,000) (15,040) (71,000) 3,100 14.000 Increase (Decrease) in Payroll Taxes Payable Increase (Decrease) in Interfund Liabilities Net Cash Provided by Operating Activities 3,300 8,000 253,200 $ 10.500 Cash Flows from Operating Activities: Cash Received from Customers and Departments Cash Paid to Suppliers and Employees Net Cash Provided by Operating Activities Cash Flows from Capital Related Financing Activities: Acquisition of Capital Assets CITY OF MONROE PROPRIETARY FUNDS Statement of Cash Flows For the Year Ended December 31, 2020 Business-Type Activities Enterprise Funds Water and Sewer Governmental Activities Internal Service Funds Stores and Service Fund $ 983,000 $ (729,800) 253.200 387,000 (367.500) 10.500 (09.300) Interest Paid on Long-term Debt (102.500) Partial Repayment of Advance from Water Utility Fund (15.000) Net Cash Used in Capital Related Financing Activities (201.800) (15.000) Cash Flows from Investing Activities: Partial Receipt of Advance to Stores & Services Fund 15.000 Net Cash Provided by Investing Activities Net Increase (Decrease) in Cash Cash and Restricted Cash, January 1 Cash and Restricted Cash, December 31 15.000 0.400 4,500 219.000 32.000 225,400 $ 36.500 Reconciliation of Operating Income to Net Cash Provided by (Used in) Operating Activities: Operating Income S 174,400 $ 1,040 Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities Depreciation (increase) Decrease in Customer Accounts Receivable (increase) Decrease in Interfund Receivables (increase) Decrease in Materials and Supplies Increase (Decrease) in Accounts Payable Increase (Decrease) in Payroll Taxes Payable Increase (Decrease) in Interfund Liabilities Net Cash Provided by Operating Activities 267,000 14,600 (35.500) (37,000) 15,800 (50,000) (15,040) (71,000) 3.100 3.300 8.000 253.2005 19,500