excel based problem

1 8-13- The fund-basis financial statements of Jefferson County have been completed for the year 2017 and appear in the first tab of the Exeel speeadsheet provided with this exercise. The following information is also available Prepare the journal entries necessary to convert the governmental fund financial statements to the acerual basis of 5. Post the journal entries to the 6. Prepare a a. Capital Assets ment-wide Statement of Activities and Statement of Net Capital assets purehased in previous years through governmental-type for the year 2017. All of the governmental fund reverroes are . funds totaled $7.890,ooo (net of accomulated depreciation) as of Janaary "general revenues. This is an involved problem, requiring many steps. Here are soeme hints & Tab 1 is information to be used in the problem. You do not enter anything h. After you make the journal entries (Tab 2), post these to the workahect to Depreciation on capital assets used in governmental-type activities . amounted to $316,00o. 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 convert to the accrual basis. This wee debits as positive a is set up so that you enter cokumn to see that numbers and credits as negative. After you post your entries, look at the numbers below the total debits equal credits. If not, you probably entered a credit as a positive type funds as of January i April 1, 6 percent bonds with a face value of $700,ooo 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 $22,0oo each. The first payment Gnterest and principal) was made on October 1 Amortization of the bond premium for the current year is $1,800. i. Make sure that total debits equal total credits in the last column (balances . When cakulating Restricted Net Position, recall that permanent fund number for government-wide statements) principal is added to restricted fund balances, c. Deferred Inflows of Deferred inflows (comprised solely of property taxes) are expected to be collected more than 60 days after year-end. The balance of deferred taxes at the end of 2016 was $19.500 . d. . 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 were 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 separate tab is provided in Excel for each of these steps to complete the following requirements; a 1 8-13- The fund-basis financial statements of Jefferson County have been completed for the year 2017 and appear in the first tab of the Exeel speeadsheet provided with this exercise. The following information is also available Prepare the journal entries necessary to convert the governmental fund financial statements to the acerual basis of 5. Post the journal entries to the 6. Prepare a a. Capital Assets ment-wide Statement of Activities and Statement of Net Capital assets purehased in previous years through governmental-type for the year 2017. All of the governmental fund reverroes are . funds totaled $7.890,ooo (net of accomulated depreciation) as of Janaary "general revenues. This is an involved problem, requiring many steps. Here are soeme hints & Tab 1 is information to be used in the problem. You do not enter anything h. After you make the journal entries (Tab 2), post these to the workahect to Depreciation on capital assets used in governmental-type activities . amounted to $316,00o. 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 convert to the accrual basis. This wee debits as positive a is set up so that you enter cokumn to see that numbers and credits as negative. After you post your entries, look at the numbers below the total debits equal credits. If not, you probably entered a credit as a positive type funds as of January i April 1, 6 percent bonds with a face value of $700,ooo 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 $22,0oo each. The first payment Gnterest and principal) was made on October 1 Amortization of the bond premium for the current year is $1,800. i. Make sure that total debits equal total credits in the last column (balances . When cakulating Restricted Net Position, recall that permanent fund number for government-wide statements) principal is added to restricted fund balances, c. Deferred Inflows of Deferred inflows (comprised solely of property taxes) are expected to be collected more than 60 days after year-end. The balance of deferred taxes at the end of 2016 was $19.500 . d. . 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 were 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 separate tab is provided in Excel for each of these steps to complete the following requirements; a