HELP I'M HAVING TROUBLE
IF SOMEONE COULD DO A COUPLE EXAMPLES AT THE LEAST THAT WOULD BE AWESOME!
THANK YOU IN ADVANCE!!!
Continuing Problem Additional parts of this problem are at the end of Chapters 5 (covering General and Special Revenue Funds). Chapter 6 (covering Capital Projects and Debt Service Funds), Chapter 9 (covering preparation of fund finan cial statements), and Chapter 10 (covering the governmental activities part of the government-wide financial statements). Part 1 Chapter 3 Scenario and General Fund budgetary journal entries The scenario: Creion City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars), Credits Debits $1,800 800 Cash............ Property taxes receivable... Salaries payable.... Deferred property tax revenues. Unassigned fund balance. ... Totals $ 700 300 1 600 $2,600 $2.600 Croton has adopted the following budgetary and accounting policies: Encumbrance accounting is used only for the acquisition of supplies and for the award of contracts for Construction and construction-relateri activities, Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget. Because final income tax returns are not required to be filed until April 15 of the year following the end of a calendar year, available for income taxes is defined as taxes expected to be collected within 120 days after the end of the calendar year. Croton allows its employees to accumulate unused vacation days and to receive cash for up to 30 days of un- used vacation leave al retirement. Such payments are charged to the department's appropriation for salaries. Continuing Problem Part B (1) Chapter 5 Joumal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T accounts.) Note: The Crolon City continuing problem is introduced in Chapter 3 on page 3-32. You should review the scenario in Chapter 3 before preparing the journal entries for the General Fund in this chapter. 1. Of the 5800 in properly laxes receivable al January 1, $780) was collected in cash. The remaining S20 was written off as uncollectible. Deferred property taxes at the beginning of the year were recognized as revenue (S300). 2. Accruedi salaries from the previous year ($700) were paid. 3. Properiy taxes in the amount of $9.01) were levied in order to provide revenues of S9,0XX). Tax bills were sent to the property owners. An allowance for uncollectible taxes was established 4. During the year, property taxes of $8,100 were collected in cash. 5. The state collects personal income taxes on behalf of the city. During the year, Croton received personal income taxes of S4,600 from the state. 6. The Parks Department collected $700 in recreation fees during the year. 7. Croton paid salaries of $13.600, charging the salary appropriations as follows: Public safety S6,700 Public works 4.700 Parks 2,200 Continuing Problem Part C (1) Chapter 6Journal entries for Capital Projects Fund transactions At the start of 2019. Croton's Capital Projects Fund had no assets or liabilities. Prepare appropriate joumalen- tries to record these transactions in the Capital Projects Fund. (We suggest you post the journal entries to general ledger T-accounts.) 1. Croton undertook construction of a new police station, designed to house both the Croton police and the county Sheriff and to serve as a detention center. To finance construction, Croton received a cash unint of $1.000 from the county as an advance pending incurrence of expenditures. It also sold S2,000 of 20-year general obligation bonds. The bands, sold April 1, 2019, were to be redeemed in equal semiannual install- ments of principal, with interest on the unpaid balance at the rate of 5 percent per annum, starting October 1. 2019, 2. Croton awarded two contracts, one for architectural and construction supervision services (S200) and one for construction ($2.800). 3. The construction contract was completed in a timely manner and the contractor submitted an invoice for $2.800. The invoice was paid, except that percent was withheld, pending completion of inspection 4. All construction and construction supervision work was completed. The construction architect/supervisor was paid in full, and the contractor was paid the balance due. PM Part C (2) Chapter 6Journal entries for Debt Service Fund transactions At the start of 2019. Croton's Debt Service Fund had no assets or liabilities. Prepare appropriate journal entries to record these transactions in the Debt Service Fund and where appropriate, in the General Fund. (We suggest you post opening balances and the journal entries to general ledger T-accounts.) 1. The General Fund transferred S1,20) cash to the Debt Service Fund. 2. The first installment of principal and interest on the bonds sold in Part C (1) came due for payment. 3. The principal and interest due for payment were paid. 4. Debt service on bonds sold by Crofon in previous years came due and was paid. Principal and interest pay ments on those bonds were 5600 and $470. respectively. PM i Chrome File Edit View History Bookmarks People Window Help * 47%[] Sat Sep 28 3:40:21 PM Q E Continuing Problem Part D Chapter 9 Preparation of funct financial statements and schedules Prepare preclosing trial balances for all funds. Prepare a governmental funds balance sheet: a governmental funds statement of revenues, expenditures, and changes in fund balances, and a General Fund budgetary comparison schedule. Consider all funds as major funds for this exercise, and classify the fund halance for the Debt Service Fund as Assigned fund balance. In addition, make calculations to determine which of the funds would be consid- ered as nonmajor if Croton had not considered all of them to be major. Continuing Problem ler MBC FODBP boe@ Part E-Chapter 10-Preparation of journal entries for government-wide financial statements and preparation of government-wide financial statements The following additional information is furnished to complete this part of the problem. 1. Croton has no activities other than governmental activities. The city's government-wide statement of net position for the year ended December 31. 2018, showed general capital assets of $14,000 and related ac- cumulated depreciation of $6.400. 2. Depreciation expense on Croton's general capital assets for 2019 (including assets acquired in 2019) was $700, all of which was applicable to public safety 3. The city's government-wide statement of net position for the year ended December 31, 2018. showed bonds payable of $5,500. All the debt had been issued to finance capital assets. Analysis of Croton's debt service requirements showed that $700 of the total bonds payable as of December 31, 2019, should be reported as current because it is due to be paid during 2020. 4. The city's government-wide statement of nel position for the year ended December 31, 2018, showed ac crued interest payable of $120 on its outstanding long-term debt. Analysis of the city's debt service require- ments showed accrued interest payable of $135 on all outstanding long-term debt as of December 31, 2019, including the debt sold by the city during 2019 5. Croton's government-wide statement of net position for the year ended December 31, 2018, showedi accruedi vacation pay of $75, Vacation leave records showed that, as of December 31, 2019, accumulated vacation leave had increased to $87. exclusive of the $10 due to be paid to retired police officers early in 2020. (As- sume vacation leave applies only to the public safety function.) Use the preceding information to do the following: 0. Prepare journal entries needed to convert the govemmental funiks financial statements to the governmental activities columns of the government-wide financial statements, Review and make adjustments for oximal entries made in Chapter 5 and Chapter 6 portions of this problem for revenues-property taxes, deferred property tax revenueother linancing Murces long-ter delt issued: expenditures capital outlay: expenditureshond principal: and trinsfers in and out. Then, record journal entries for 1 through 5 above, Post the journal entries to a six-column worksheet similar to that shown in Table 10-8. h. Prepare Croton City's government-wide financial statements a statement of nel position and a statement of activities. C. Prepare Croton's financial statement reconciliationsthe funds balance sheet to the government-wide statement of net position and the funds statement of revenues, expenditures, and changes in fund balances to the government wile statement of activities, PM D Continuing Problem Additional parts of this problem are at the end of Chapters 5 (covering General and Special Revenue Funds). Chapter 6 (covering Capital Projects and Debt Service Funds), Chapter 9 (covering preparation of fund finan cial statements), and Chapter 10 (covering the governmental activities part of the government-wide financial statements). Part 1 Chapter 3 Scenario and General Fund budgetary journal entries The scenario: Creion City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars), Credits Debits $1,800 800 Cash............ Property taxes receivable... Salaries payable.... Deferred property tax revenues. Unassigned fund balance. ... Totals $ 700 300 1 600 $2,600 $2.600 Croton has adopted the following budgetary and accounting policies: Encumbrance accounting is used only for the acquisition of supplies and for the award of contracts for Construction and construction-relateri activities, Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget. Because final income tax returns are not required to be filed until April 15 of the year following the end of a calendar year, available for income taxes is defined as taxes expected to be collected within 120 days after the end of the calendar year. Croton allows its employees to accumulate unused vacation days and to receive cash for up to 30 days of un- used vacation leave al retirement. Such payments are charged to the department's appropriation for salaries. Continuing Problem Part B (1) Chapter 5 Joumal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T accounts.) Note: The Crolon City continuing problem is introduced in Chapter 3 on page 3-32. You should review the scenario in Chapter 3 before preparing the journal entries for the General Fund in this chapter. 1. Of the 5800 in properly laxes receivable al January 1, $780) was collected in cash. The remaining S20 was written off as uncollectible. Deferred property taxes at the beginning of the year were recognized as revenue (S300). 2. Accruedi salaries from the previous year ($700) were paid. 3. Properiy taxes in the amount of $9.01) were levied in order to provide revenues of S9,0XX). Tax bills were sent to the property owners. An allowance for uncollectible taxes was established 4. During the year, property taxes of $8,100 were collected in cash. 5. The state collects personal income taxes on behalf of the city. During the year, Croton received personal income taxes of S4,600 from the state. 6. The Parks Department collected $700 in recreation fees during the year. 7. Croton paid salaries of $13.600, charging the salary appropriations as follows: Public safety S6,700 Public works 4.700 Parks 2,200 Continuing Problem Part C (1) Chapter 6Journal entries for Capital Projects Fund transactions At the start of 2019. Croton's Capital Projects Fund had no assets or liabilities. Prepare appropriate joumalen- tries to record these transactions in the Capital Projects Fund. (We suggest you post the journal entries to general ledger T-accounts.) 1. Croton undertook construction of a new police station, designed to house both the Croton police and the county Sheriff and to serve as a detention center. To finance construction, Croton received a cash unint of $1.000 from the county as an advance pending incurrence of expenditures. It also sold S2,000 of 20-year general obligation bonds. The bands, sold April 1, 2019, were to be redeemed in equal semiannual install- ments of principal, with interest on the unpaid balance at the rate of 5 percent per annum, starting October 1. 2019, 2. Croton awarded two contracts, one for architectural and construction supervision services (S200) and one for construction ($2.800). 3. The construction contract was completed in a timely manner and the contractor submitted an invoice for $2.800. The invoice was paid, except that percent was withheld, pending completion of inspection 4. All construction and construction supervision work was completed. The construction architect/supervisor was paid in full, and the contractor was paid the balance due. PM Part C (2) Chapter 6Journal entries for Debt Service Fund transactions At the start of 2019. Croton's Debt Service Fund had no assets or liabilities. Prepare appropriate journal entries to record these transactions in the Debt Service Fund and where appropriate, in the General Fund. (We suggest you post opening balances and the journal entries to general ledger T-accounts.) 1. The General Fund transferred S1,20) cash to the Debt Service Fund. 2. The first installment of principal and interest on the bonds sold in Part C (1) came due for payment. 3. The principal and interest due for payment were paid. 4. Debt service on bonds sold by Crofon in previous years came due and was paid. Principal and interest pay ments on those bonds were 5600 and $470. respectively. PM i Chrome File Edit View History Bookmarks People Window Help * 47%[] Sat Sep 28 3:40:21 PM Q E Continuing Problem Part D Chapter 9 Preparation of funct financial statements and schedules Prepare preclosing trial balances for all funds. Prepare a governmental funds balance sheet: a governmental funds statement of revenues, expenditures, and changes in fund balances, and a General Fund budgetary comparison schedule. Consider all funds as major funds for this exercise, and classify the fund halance for the Debt Service Fund as Assigned fund balance. In addition, make calculations to determine which of the funds would be consid- ered as nonmajor if Croton had not considered all of them to be major. Continuing Problem ler MBC FODBP boe@ Part E-Chapter 10-Preparation of journal entries for government-wide financial statements and preparation of government-wide financial statements The following additional information is furnished to complete this part of the problem. 1. Croton has no activities other than governmental activities. The city's government-wide statement of net position for the year ended December 31. 2018, showed general capital assets of $14,000 and related ac- cumulated depreciation of $6.400. 2. Depreciation expense on Croton's general capital assets for 2019 (including assets acquired in 2019) was $700, all of which was applicable to public safety 3. The city's government-wide statement of net position for the year ended December 31, 2018. showed bonds payable of $5,500. All the debt had been issued to finance capital assets. Analysis of Croton's debt service requirements showed that $700 of the total bonds payable as of December 31, 2019, should be reported as current because it is due to be paid during 2020. 4. The city's government-wide statement of nel position for the year ended December 31, 2018, showed ac crued interest payable of $120 on its outstanding long-term debt. Analysis of the city's debt service require- ments showed accrued interest payable of $135 on all outstanding long-term debt as of December 31, 2019, including the debt sold by the city during 2019 5. Croton's government-wide statement of net position for the year ended December 31, 2018, showedi accruedi vacation pay of $75, Vacation leave records showed that, as of December 31, 2019, accumulated vacation leave had increased to $87. exclusive of the $10 due to be paid to retired police officers early in 2020. (As- sume vacation leave applies only to the public safety function.) Use the preceding information to do the following: 0. Prepare journal entries needed to convert the govemmental funiks financial statements to the governmental activities columns of the government-wide financial statements, Review and make adjustments for oximal entries made in Chapter 5 and Chapter 6 portions of this problem for revenues-property taxes, deferred property tax revenueother linancing Murces long-ter delt issued: expenditures capital outlay: expenditureshond principal: and trinsfers in and out. Then, record journal entries for 1 through 5 above, Post the journal entries to a six-column worksheet similar to that shown in Table 10-8. h. Prepare Croton City's government-wide financial statements a statement of nel position and a statement of activities. C. Prepare Croton's financial statement reconciliationsthe funds balance sheet to the government-wide statement of net position and the funds statement of revenues, expenditures, and changes in fund balances to the government wile statement of activities, PM D
