Continuous Problem - City of Monroe Chapter 8 - Government-wide Statements 8-C. 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 5-C; (3) the proprietary funds Statement of Net position and Statement of Revenues, Expenses, and Changes in Fund Net position from Section 6-C. 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 stafements prepared for Section 5-C. Enter debits balances as positives and credit as negatives. When doing this, follow the following guidelines: Net position: Use a single account for myosition (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 $ 1.085,000 Operational Grant General Government 312.000 Capital Grant Public Safety 1,000,000 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 dcbits and credits cquals 20.593.850 2. Prepare worksheet entries and post to the worksheet for the following items. Identify cach adjustment by the letter wood in the problem a Record the January 1, 2014 balances of poneral fixed assets and related ecumulated depreciation account. The City of Monroe had the following balances (excluding literal Service Funds) Accumulated Depreciation 320 Cost Land 3.000.000 INO Continuous Problem - City of Monroe Chapter 8 - Government-wide Statements 8-C. 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 5-C; (3) the proprietary funds Statement of Net position and Statement of Revenues, Expenses, and Changes in Fund Net position from Section 6-C. 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 stafements prepared for Section 5-C. Enter debits balances as positives and credit as negatives. When doing this, follow the following guidelines: Net position: Use a single account for myosition (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 $ 1.085,000 Operational Grant General Government 312.000 Capital Grant Public Safety 1,000,000 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 dcbits and credits cquals 20.593.850 2. Prepare worksheet entries and post to the worksheet for the following items. Identify cach adjustment by the letter wood in the problem a Record the January 1, 2014 balances of poneral fixed assets and related ecumulated depreciation account. The City of Monroe had the following balances (excluding literal Service Funds) Accumulated Depreciation 320 Cost Land 3.000.000 INO
