Gov'tal Fund Balances

DEBITS:

Cash 541,400

Cash with Fiscal Agent 760,000

Investments 263,000

Taxes Receivable, net 457,500

Interest Receivable, net 16,850

Inventories

Due from State Govt. 557,500

Due from Other Funds

Capital Assets

both rows

Expenditures (expenses) Current

General Govt. 1,649,000

Public Safety 3,066,900

Highway and Streets 2,481,900

Sanitation 591,400

Health 724,100

Welfare 374,300

Culture and Recreation 917,300

Compensated Absences Exp

Other Expenditures (expenses)

- Debt Service Principal 800,000

- Interest (expenditure/expense) 514,000

both rows

- Capital Outlay 5,821,100

- Depreciation

Other Fin. Uses - Transfers Out 1,868,700

Total Debits 21,404,950

CREDITS:

Accounts Payable 263,800

Due to Other Funds 40,200

Accrued Interest Payable

Bonds Payalbe

both rows

Premium on Bonds

Compensated Absence Payable

Advance from Water Utility Fund

Deferred Inflows: Property Taxes 17,500

Accumulated Depreciation

both rows

Revenues

Property Taxes 6,846,000

Sales Taxes 2,938,000

Interest 18,000

Licenses & Permits 800,000

Miscellaneous 350,000

State Grant for Highway Street Expenses 1,067,500

Capital Grant- Gen Gov't 332,000

Capital Grant- Public Safety 1,335,000

Other Financing Sources

Proceeds of Bonds 4,000,000

Premium on Bonds 200,000

Transfers In 1,868,700

Net Position at beginning of year

three rows

1,328,250

Total Credits 21,404,950

column totals:debits = credits ?? -

BC. 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 5113; (3) the proprietary funds Statement of Net position and Statement of Revenues, Expenses, and Changes in Fund Net position from Section 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 [mm the governmental funds financial statements prepared for Section 5-C. When doing this, follow the following guidelines: I Net position: Use a single account for net position (which will include the beginning balance of all fund balance accounts). I Intergovernmental Revenues: When setting up the worksheet, set up separate lines for the intergovernmental revenues as follows: State Grant for Highway and Street Maintenance $ 1,065,000 Operational GrantGeneral Government 332,000 Capital GrantPublic Safety 1,340,000 total $2,232,000 I 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}. I Conrm 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, 201? balances of general fixed assets and related accumulated depreciation accounts. The City of Monroe had the following balances (excluding Internal Service Funds): Accumulated Cost Dgpreciatiou Totals $ 64,200,000 23,200,000 b. Eliminate the capital expenditures shown in the governmental funds Statement of Revenues, Expendinnes, and Changes in Fund Balances. c. Depreciation expense (governmental activities) for the year totaled $ 4,900,000