Chapter 10 1 Government Accounting Government Wide Fiial Sta s Reconciliations required to yield government-wide financial statements from fund financial datements and preparation of financial statements The City of Bar Harbor is ant must prepare a number of journal entries to recognize assets and liabilities previously omitted ron the fund financial statements ccounting that were not recognized under the current financial resources measurement preparing its government-wide financial statements for the year Its accoun and to recognize revenues and expenses for the year under accrual focus and the modified accrual basis of accounting used to prepare the Statement of Revenues, Expenditures, and Changes in Fund Balances for its funds . Prepare the journal entries for the required reconciliations to recognize the following in the government-wide financial statements (all amounts in $1,000s): 1. Recognize Capital Assets of $199,360 as of the beginning of the year 2. Record Depreciation Expense of $9,968 for the year and reverse Expenditures of $11.962 for Capital Outlays during the year 3. Recognize $7,000 of Bonds Payable as of the beginning of the year 4. Reverse Other Financing Sources of $2,000 and Expenditures Debt Payments of $700 relating to increases and decreases in the bond liability during the year 5. Reverse Deferred Revenue of $27,.300 as of the beginning of the year 6. Reverse $1,365 of Deferred Revenue recognized during the year. 7. Recognize Compensated Absences of $3,988 as of the beginning of the year and an increase in that liability of $199 during the year. Recognize $20 of Accrued Interest Payable as of the beginning of the year and an increase in that liability of $33 during the year 8. 9. Recognize a liability of $5,482 relating to the City's landfill as of the beginning of the year The estimate for this liability did not change during the year b The City of Bar Harbor reports the following summary fund financial statements for its General Fund: General Fund Balance Sheet Current $ 30.240 Cash Receivables Real estate and personal property 2,520 26,060 $ 58,820 $ 2.982 28.665 31,647 27.173 $ 58,820 Total assets Deferred revenues Fund of revenues, expenditures, and changes in fund balances lotal revenues-fund financial statements $111.364 107 912 sources and use 2.000 Proceeds from bonds Net change in fund baiances 5 5,472 these fund financial statements and the reconciliations in Parn eported in the Statement of Activities for the year and the reconciliations in Part a, prepare the govement wide Positioe that should of Net Position and identify the Revenues, Expenses and Change in Net Chapter 10 1 Government Accounting Government Wide Fiial Sta s Reconciliations required to yield government-wide financial statements from fund financial datements and preparation of financial statements The City of Bar Harbor is ant must prepare a number of journal entries to recognize assets and liabilities previously omitted ron the fund financial statements ccounting that were not recognized under the current financial resources measurement preparing its government-wide financial statements for the year Its accoun and to recognize revenues and expenses for the year under accrual focus and the modified accrual basis of accounting used to prepare the Statement of Revenues, Expenditures, and Changes in Fund Balances for its funds . Prepare the journal entries for the required reconciliations to recognize the following in the government-wide financial statements (all amounts in $1,000s): 1. Recognize Capital Assets of $199,360 as of the beginning of the year 2. Record Depreciation Expense of $9,968 for the year and reverse Expenditures of $11.962 for Capital Outlays during the year 3. Recognize $7,000 of Bonds Payable as of the beginning of the year 4. Reverse Other Financing Sources of $2,000 and Expenditures Debt Payments of $700 relating to increases and decreases in the bond liability during the year 5. Reverse Deferred Revenue of $27,.300 as of the beginning of the year 6. Reverse $1,365 of Deferred Revenue recognized during the year. 7. Recognize Compensated Absences of $3,988 as of the beginning of the year and an increase in that liability of $199 during the year. Recognize $20 of Accrued Interest Payable as of the beginning of the year and an increase in that liability of $33 during the year 8. 9. Recognize a liability of $5,482 relating to the City's landfill as of the beginning of the year The estimate for this liability did not change during the year b The City of Bar Harbor reports the following summary fund financial statements for its General Fund: General Fund Balance Sheet Current $ 30.240 Cash Receivables Real estate and personal property 2,520 26,060 $ 58,820 $ 2.982 28.665 31,647 27.173 $ 58,820 Total assets Deferred revenues Fund of revenues, expenditures, and changes in fund balances lotal revenues-fund financial statements $111.364 107 912 sources and use 2.000 Proceeds from bonds Net change in fund baiances 5 5,472 these fund financial statements and the reconciliations in Parn eported in the Statement of Activities for the year and the reconciliations in Part a, prepare the govement wide Positioe that should of Net Position and identify the Revenues, Expenses and Change in Net