Chapter 8 Government-wide Statements 8C. Assemble the following from previous continuous problems: (1) the governmental funds Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balances from Section 5C; (3) the proprietary funds Statement of Net position and Statement of Revenues, Expenses, and Changes in Fund Net position from Section 6C.

Required: 1. Start a worksheet for adjustments, using the trial balance format illustrated in the text (i.e. list accounts with debit balances first, then accounts with credit balances). Enter the balances from the governmental funds financial 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 $ 1,067,500

Operational GrantGeneral Government 332,000

Capital GrantPublic Safety 1,335,000 total $2,734,500

Capital Assets: It is not necessary to set up separate lines for different classes of capital (fixed) assets or accumulated depreciation (simply use one row for Capital Assets and another for Accumulated Depreciation). Confirm that the total debits and credits equal. 2. Prepare worksheet entries and post to the worksheet for the following items. Identify each adjustment by the letter used in the problem:

a. Record the January 1, 2020 balances of general fixed asset and related accumulated depreciation accounts. The City of Monroe had the following balances (excluding Internal Service Funds): Cost Accumulated Depreciation Totals $ 67,900,000 32,000,000

b. 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.

e. As of January 1, 2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding.

f. 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 .03 6/12) + ($4,000,000 . 08 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 .03 6/12) = $180,000.

i. Amortize bond premium in the amount of $ 10,000. j. Make adjustments for additional revenue accrual. The only adjustment is for property taxes to eliminate the current year deferral of property taxes.

k. Adjust for the $21,000 of property taxes that was deferred in 2019 and recognized as revenue in the 2020 fund-basis statements.

l. 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 depreciation balances (use a separate column of the worksheet to enter Internal Service Fund entries).

n. No revenues from internal service funds were with external parties. Assume $3,200 of the $11,200 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 interfund receivables.

o. Reduce governmental fund expenses by the net operating profit of internal service funds. As the amount is small, reduce general government expenses for the entire amount.

p. Eliminate transfers that are between departments reported within governmental activities. 3. Prepare, in good form, a Statement of Activities for the City of Monroe for the Year Ended December 31, 2020.

For purposes of this statement, assume:

$ 332,000 in the General Fund is a state grant specifically to support general government programs.

$ 1,067,500 in the Street and Highway Fund is an operating grant specifically for highway and street maintenance expenses.

$ 1,335,000 in the City Jail 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 P6C (Enterprise fund) to prepare the business activities portion (net any short-term interfund payables/receivables).

4. Prepare, in good form, a Statement of Net position for the City of Monroe 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, (b) restricted, and (c) unrestricted. For purposes of classifying net position for the governmental activities, assume: For the governmental activities net position invested in capital assets, net 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 funds Balance Sheet to the net position in the government-wide Statement of Net position. 6. Prepare the reconciliation 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.

The Balance sheet from 5-C

The Statement of revenues and expenditures from 5-c

The net position from 6-c

The statement of revenues and expenses from 6-c

Could someone just help me with a-p journal entries?

Street and Highway City Hall Debt Service City Jail Debt Service Total Governmental Funds General $ 503,800 $ 30,900 $ 568,000 Assets Cash Cash with Fiscal Agent Investments Taxes Reveivable - (net) Interest & Penalties Receivable - (net) Due from State Government Total Assets 63,000 360,000 200,000 457,500 16,850 380,000 $1,358,150 534,700 928,000 263,000 457,500 16,850 557,500 2,757,550 177,500 $ 271,400 $ 568,000 $ 560,000 $ Liabilities, Deferred Inflows and Fund Balance Liabilities Accounts Payable $ 200,300 Due to Other funds 40,200 Total Liabilities 240,500 $ 63,500 $ 263,800 40,200 304,000 63,500 Deferred Inflows Property Taxes 17,500 17,500 207,900 Fund Balances Restricted for: Street & Highway Maintenance Debt Service Assigned for Encumbrances Unassigned Total Fund Equity 568,000 560,000 58.000 1,042,150 1,100,150 207,900 1,128,000 58,000 1,042,150 2,436,050 207,900 568,000 560,000 Total Liabilities, Deferred Inflows and Fund Balanc: $1,358,150 $ 271,400 $ 568,000 $ 560,000 $ 2,757,550 Street and Highway City Hall Debt Service City Jail Debt Service City Jail Construction Total Governmenta 1 Funds General Revenues Property Taxes Sales Taxes Interest & penalties Licenses and Permits Intergovernmental Revenues Miscellaneous Revenues 1.900 $6,846,000 2.938,000 16,100 800,000 332,000 350,000 $ 6,846,000 2,938,000 18,000 800,000 2,734,500 350,000 1,067,500 1,335,000 Total Revenues 11,282,100 1,069,400 1,335,000 13,686,500 1,040,500 Expenditures Current: General Government Public Safety Highways and Streets Sanitation Health Welfare Culture and Recreation Capital Outlay Debt Service Principal Interest Total Expenditures 1,649,000 3,066,900 1,441,400 591,400 724,100 374,300 917,300 492,800 1,649,000 3,066,900 2,481,900 591,400 724,100 374,300 917,300 5,568,500 5,075,700 800,000 354,000 1.154.000 160,000 160,000 800,000 514,000 16,687,400 9,257,200 1,040,500 5,075,700 Excess (Deficiency) of Revenues Over Expenditure 2,024,900 28,900 (1.154,000) (160,000) (3,740.700) (3,000,900) 4,000,000 200,000 Other Financing Sources (Uses) Proceeds of Bonds Premium on Bonds Sold Transfers In Transfers Out Total Other Financing Sources (Uses) 1,142,000 726,700 4,000,000 200,000 1,868,700 (1,868,700) 4,200,000 (1,662,000) (1,662,000) 1,142,000 (206,700) 3,993,300 726,700 (12,000) 566,700 252,600 Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 362,900 737,250 $1,100,150 28,900 179,000 S 207.900 1,199,100 916,250 $ 2,115,350 S (12.000 S 566,700 $ 252,600 Business-Type Activities Enterprise Funds Water and Sewer Governmental Activities Internal Service Funds $ $ 36,500 Assets Current Assets Cash Customer Accounts Receivable (Net) Due from Other Funds Inventories Total Current Assets 460,300 107,500 37,000 26,000 630.800 3,200 42,540 82,240 Noncurrent Assets Advance to Stores and Services Fund Restricted Assets (Cash) Capital Assets, Net of Accumulated Depreciatio Total Noncurrent Assets Total Assets 15,000 117,000 3,060,300 3,192,300 3,823,100 58,400 58,400 140,640 22,100 Liabilities Current Liabilities Accounts Payable Payroll Taxes Payable Due to Internal Service Fund Total Current Liabilities 25,500 355,200 8,000 388,700 22,100 2,500,000 Noncurrent Liabilities Revenue Bonds Payable Advance from Water Utility Fund Total Noncurrent Liabilities Total Liabilities 2,500,000 2,888,700 7,000 7,000 29,100 129,540 Net Position Net Investment in Capital Assets Restricted Unrestricted Total Net Position 560,300 117,000 257,100 934,400 78,140 207,680 $ Business-Type Activities Enterprise Funds Water and Sewer Governmental Activities Internal Service Funds Operating Revenues Charges for Services Total Current Assets $ $ 1,062,000 1,062,000 371,200 371,200 347,560 Operating Expenses Cost of Sales and Services Selling Administration Depreciation Total Operating Expenses 503,800 58,900 119,400 267,000 949,100 8,000 14,600 370,160 Operting Income (loss) 112,900 1,040 Nonoperating Expenses Interest Expense 137,500 Change in Net Position Net Position, January 1 Net Position, December 31 (24,600) 959,000 934,400 1,040 128,500 129,540 $ $ Street and Highway City Hall Debt Service City Jail Debt Service Total Governmental Funds General $ 503,800 $ 30,900 $ 568,000 Assets Cash Cash with Fiscal Agent Investments Taxes Reveivable - (net) Interest & Penalties Receivable - (net) Due from State Government Total Assets 63,000 360,000 200,000 457,500 16,850 380,000 $1,358,150 534,700 928,000 263,000 457,500 16,850 557,500 2,757,550 177,500 $ 271,400 $ 568,000 $ 560,000 $ Liabilities, Deferred Inflows and Fund Balance Liabilities Accounts Payable $ 200,300 Due to Other funds 40,200 Total Liabilities 240,500 $ 63,500 $ 263,800 40,200 304,000 63,500 Deferred Inflows Property Taxes 17,500 17,500 207,900 Fund Balances Restricted for: Street & Highway Maintenance Debt Service Assigned for Encumbrances Unassigned Total Fund Equity 568,000 560,000 58.000 1,042,150 1,100,150 207,900 1,128,000 58,000 1,042,150 2,436,050 207,900 568,000 560,000 Total Liabilities, Deferred Inflows and Fund Balanc: $1,358,150 $ 271,400 $ 568,000 $ 560,000 $ 2,757,550 Street and Highway City Hall Debt Service City Jail Debt Service City Jail Construction Total Governmenta 1 Funds General Revenues Property Taxes Sales Taxes Interest & penalties Licenses and Permits Intergovernmental Revenues Miscellaneous Revenues 1.900 $6,846,000 2.938,000 16,100 800,000 332,000 350,000 $ 6,846,000 2,938,000 18,000 800,000 2,734,500 350,000 1,067,500 1,335,000 Total Revenues 11,282,100 1,069,400 1,335,000 13,686,500 1,040,500 Expenditures Current: General Government Public Safety Highways and Streets Sanitation Health Welfare Culture and Recreation Capital Outlay Debt Service Principal Interest Total Expenditures 1,649,000 3,066,900 1,441,400 591,400 724,100 374,300 917,300 492,800 1,649,000 3,066,900 2,481,900 591,400 724,100 374,300 917,300 5,568,500 5,075,700 800,000 354,000 1.154.000 160,000 160,000 800,000 514,000 16,687,400 9,257,200 1,040,500 5,075,700 Excess (Deficiency) of Revenues Over Expenditure 2,024,900 28,900 (1.154,000) (160,000) (3,740.700) (3,000,900) 4,000,000 200,000 Other Financing Sources (Uses) Proceeds of Bonds Premium on Bonds Sold Transfers In Transfers Out Total Other Financing Sources (Uses) 1,142,000 726,700 4,000,000 200,000 1,868,700 (1,868,700) 4,200,000 (1,662,000) (1,662,000) 1,142,000 (206,700) 3,993,300 726,700 (12,000) 566,700 252,600 Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 362,900 737,250 $1,100,150 28,900 179,000 S 207.900 1,199,100 916,250 $ 2,115,350 S (12.000 S 566,700 $ 252,600 Business-Type Activities Enterprise Funds Water and Sewer Governmental Activities Internal Service Funds $ $ 36,500 Assets Current Assets Cash Customer Accounts Receivable (Net) Due from Other Funds Inventories Total Current Assets 460,300 107,500 37,000 26,000 630.800 3,200 42,540 82,240 Noncurrent Assets Advance to Stores and Services Fund Restricted Assets (Cash) Capital Assets, Net of Accumulated Depreciatio Total Noncurrent Assets Total Assets 15,000 117,000 3,060,300 3,192,300 3,823,100 58,400 58,400 140,640 22,100 Liabilities Current Liabilities Accounts Payable Payroll Taxes Payable Due to Internal Service Fund Total Current Liabilities 25,500 355,200 8,000 388,700 22,100 2,500,000 Noncurrent Liabilities Revenue Bonds Payable Advance from Water Utility Fund Total Noncurrent Liabilities Total Liabilities 2,500,000 2,888,700 7,000 7,000 29,100 129,540 Net Position Net Investment in Capital Assets Restricted Unrestricted Total Net Position 560,300 117,000 257,100 934,400 78,140 207,680 $ Business-Type Activities Enterprise Funds Water and Sewer Governmental Activities Internal Service Funds Operating Revenues Charges for Services Total Current Assets $ $ 1,062,000 1,062,000 371,200 371,200 347,560 Operating Expenses Cost of Sales and Services Selling Administration Depreciation Total Operating Expenses 503,800 58,900 119,400 267,000 949,100 8,000 14,600 370,160 Operting Income (loss) 112,900 1,040 Nonoperating Expenses Interest Expense 137,500 Change in Net Position Net Position, January 1 Net Position, December 31 (24,600) 959,000 934,400 1,040 128,500 129,540 $ $