Homework Assignment: Answers must be accurate before posting!

• Chapter8:CompleteExcel-BasedProblem8-13fromyourtext(seetextquestionattached)usingthetemplateprovidedinthisweek'smodule(seeattached).
• Chapter9:CompleteExcel-BasedProblem9-9fromyourtext(seeattached)usingthetemplateprovidedinthisweek'smodule(seeattached).

CHAPTER 8 QUESTION: CHAPTER 9 QUESTION: Jefferson County - Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balance For the year ended 12-31-2014 Jefferson County Governmental Funds Balance Sheet as of 12-31-2015 Capital Projects Fund General Fund Debt Service Fund Permanent Total Governmental Fund Funds Assets Cash $ 128,148 $ 181,000 $ 22,800 $ Investments 8,400 $ 502,400 Taxes Reveivable (net) 340,348 502,400 51,325 51,325 Due from other governments 280,000 280,000 Accrued interest receivable 1,700 Supplies Inventory 1,700 350 Total Assets $ 350 179,823 $ 461,000 $ 22,800 $ 512,500 $ 1,176,123 Liabilities, Deferred Inflows and Fund Balance Liabilities Accounts Payable 2,000 Wages Payable 4,100 6,100 850 850 Contracts payable 25,000 Total Liabilities 2,850 25,000 25,000 - 4,100 31,950 Deferred Inflows Deferred Inflows - Property Taxes 22,600 22,600 Fund Balances Nonspendable Inventories 350 350 Permanent fund principal 500,000 Restricted 436,000 Assigned 436,000 800 Unassigned 22,800 8,400 153,223 Total Fund Equity Total Liabilities, Deferred Inflows and Fund Bala $ 500,000 32,000 153,223 154,373 436,000 22,800 508,400 1,121,573 179,823 $ 461,000 $ 22,800 $ 512,500 $ 1,176,123 Jefferson County Statement of Revenues Expenditures and Changes in Fund Balance year ended 12-31-2015 Capital Projects Fund General Fund Debt Service Fund for the Permanent Total Governmental Fund Funds Revenues Property Taxes $ 262,075 $ Intergovernmental revenues - 262,075 280,000 280,000 Investment income: Total Revenues 262,075 21,100 21,100 21,100 563,175 280,000 - 612,000 - 651,900 22,000 22,000 Expenditures Current: General Government Operations 181,560 181,560 Library 12,700 Capital Outlay 39,900 12,700 Debt Service - Principal Interest 21,000 Total Expenditures Excess (Deficiency) of Revenues Over Expenditu 21,000 221,460 612,000 43,000 12,700 889,160 40,615 (332,000) (43,000) 8,400 (325,985) Other financing sources (uses) Proceeds of bonds 700,000 Premum on bonds 22,800 Transfers in 700,000 22,800 65,800 Transfers out total other financing sources (uses) Net Change in Fund Balance Fund Balance, January 1 (22,800) (43,000) 700,000 65,800 - (2,385) 368,000 22,800 8,400 - 500,000 156,758 Fund Balance, December 31 $ 65,800 (43,000) 68,000 154,373 $ 436,000 $ (65,800) 22,800 $ 508,400 $ Jefferson County 396,815 724,758 1,121,573 Jefferson County Statement of Revenues, Expenses, and Changes in fund Net Position Statement of Net Position For the year ended 12-31-2015 As of 12-31-2015 Enterprise Funds Revenues Charges for Services 722,800 $ Internal Service Fund 805,000 $ 96,250 805,000 96,250 Enterprise Funds Assets Cash $ Internal Service Fund 22,000 $ Due from other funds Total Revenues Operating Expenses Cost of services 703,000 83,690 60,000 6,900 Total Operaing Expenses 763,000 90,590 Operating Income (loss) 42,000 5,660 Depreciation 15,750 18,000 3,500 total current assets Advance to Internal Service fund 40,000 17,000 42,100 255,000 21,600 312,000 $ 63,700 Capital Assets (net) Total Assets $ Liabilities Accounts payable Wages payable Interest payable Nonoperating income (expenses) (5,000) (600) Total nonoperating revenue (5,000) (600) Change in Net Position 37,000 5,060 Net Position- Beginning of Year 41,650 26,200 78,650 $ 31,260 Net Position - End of Year $ 4,350 850 490 total current liabilities 33,350 Bond payable Bank note payable 5,440 200,000 10,000 Advance from Enterprise fund 17,000 Total Liabilities Net Position 600 15,750 Net position Net investment in capital assets Unrestricted 1 16,750 - Due to Other funds Interest Expense 22,850 Supplies Inventory $ 233,350 32,440 55,000 23,650 4,600 26,660 78,650 $ 31,260 Jefferson County Note: Enter all amouts as positive numbers. The worksheet is formatted to add debits to assets and expenses and add credits to liabilities, equities and revenues Gov'tal Fund Balances Adjustments & Eliminations Worksheet Journal Entries to Convert Debits Credits Internal Service Funds Debits Balances for Gov't-wide Stmts Credits DEBITS: to the Accrual basis of Accounting debits $ credits $ Cash 340,348 340,348 Investment in corporate bonds 502,400 502,400 Taxes Receivable Due from other governments Accrued interest receivable Supplies Inventory 51,325 51,325 280,000 280,000 1,700 1,700 350 350 Due from Other Funds - Capital Assets - net of accumulated depreciation (two rows) - Expenditures (expenses) Current General Govt. Library 181,560 181,560 12,700 12,700 - Other Expenditures (expenses) - Debt Service Principal 22,000 - Interest expense/expenditure 21,000 21,000 651,900 651,900 65,800 65,800 2,131,083 2,131,083 6,100 6,100 - Capital Outlay 22,000 - Depreciation Other Fin. Uses - Transfers Out - Total Debits CREDITS: Accounts Payable Wages Payable 850 850 Deferred Inflows - Property taxes 22,600 22,600 Contracts Payable 25,000 25,000 - Accrued Interest Payable - Bank Note Payable - Bonds Payable (two rows) - Premium on Bonds - Advance from Water Utility Fund - Revenues - Property Taxes 262,075 262,075 Intergovernmental Revenues 280,000 280,000 21,100 21,100 Investment income Other Financing Sources Proceeds of Bonds 700,000 700,000 Proceeds of Bond premium 22,800 22,800 Transfers In 65,800 65,800 Net Position at beginning of year (two rows) Total Credits 724,758 724,758 2,131,083 2,131,083 totals Journal entries 2 - - - - - Jefferson County Statement of Activities for the year ended 12-31-2015 Program Revenues Net (Expense) Revenue and Change in Net Position Operational Capital Grants Charges for Grants and and Services Contributions Contributions Expenses Governmental Business-Type Activities Activities Total Functions/Programs Governmental Activities: General Government $ Library - $ - - $ - - - Depreciation - - Interest - - - - Total Governmental Activities - - - - - $ - $ - $ - Business Type Activities Water and Sewer Total Government $ $ - $ - - - - General Revenues Taxes: Property Taxes - Intergovernmental revenues - Investment Income - Total General Revenues Change in Net Position - - - - - - - $ - $ - Net Position, Beginning Net Position, Ending $ Jefferson County Statement of Net Position as of 12-31-2015 Governmental Activities Business-Type Activities Total Assets Cash $ - Investments - Taxes Receivable (Net) - Interest Receivable - Internal Balances Current - Due from Other Governments - Inventories - Internal Balances Long-Term - Capital Assets, Net of Accumulated Depreciation Total Assets $ - $ - $ - Liabilities Accounts Payable - Wages Payable - Accrued Interest Payable - Contract Payable - Bank Note Payable - Bonds Payable - Premium on Bonds Sold - Total Liabilities - - - Net Position - Net investment in capital assets Restricted Unrestricted Total Net Position 3 $ - $ - $ - Exercise 9--9 Cherokee Library District Type journal entries to convert to the accrual basis in the space below and post them to the financial statements on the next two tabs. debits a 1 credits Cherokee Library District - Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balance / Statement of Activities For the year ended 12-31-2015 Capital General Fund Projects Fund Total Governmental Funds Adjustments to Government-wide Statement of Activities Revenues Property Taxes $ Intergovernmental revenues 20,205,519 2,269,751 145,801 20,205,519 20,205,519 2,415,552 2,415,552 461,684 Investment income: Interest income 461,684 461,684 Net increase in fair value of investments 161,691 161,691 Total Revenues 23,098,645 145,801 161,691 23,244,446 - 23,244,446 Expenditures / Expenses Current: Public services Library Materials 14,032,711 14,032,711 14,032,711 5,474,632 5,472,514 5,472,514 7,994,632 7,994,632 Depreciation - Capital Outlay 453,033 7,539,481 Debt Service Principal 1,340,000 Interest 830,904 Total Expenditures - - 1,340,000 1,340,000 830,904 830,904 22,131,280 7,539,481 29,670,761 - 29,670,761 967,365 (7,393,680) (6,426,315) - (6,426,315) Proceeds of debt 6,370,000 6,370,000 Transfers in 2,500,000 2,500,000 2,500,000 (2,500,000) (2,500,000) Excess (Deficiency) of Revenues Over Expenditures Other financing sources (uses) Transfers out (2,500,000) total other financing sources (uses) 6,370,000 (2,500,000) 8,870,000 Net Change in Fund Balance/Net Position (1,532,635) 1,476,320 (56,315) (56,315) Fund Balance/Net Position, January 1 12,609,441 2,764,880 15,374,321 15,374,321 11,076,806 $ 4,241,200 $ 15,318,006 Fund Balance/Net Position, December 31 $ 6,370,000 - 6,370,000 $ 15,318,006 Proof for Beginning Net Position Beginning Fund Balances 15,374,321 entry: a entry: b entry: c 15,374,321 2 Cherokee Library District- Governmental Funds Balance Sheet / Statement of Net Position as of 12/31/2015 General Fund Capital Projects Fund Total Governmental Funds Adjustments to Statement of Net Government-wide Position Assets Cash $ 11,034,232 $ 4,825,591 $ 15,859,823 $ 15,859,823 Investments 683,722 683,722 683,722 Taxes Receivable - Gross 131,534 131,534 131,534 Interest Receivable 2,487 2,487 2,487 596,901 596,901 596,901 Capital Assets - - Accumulated Depreciation - Prepaid Items Total Assets $ 12,448,876 $ 4,825,591 $ Accounts Payable 877,468 324,609 Accrued Liabilities 400,602 17,274,467 $ - $ 17,274,467 Liabilities, Deferred Inflows and Fund Balances Liabilities Contracts payable - Retained % 259,782 Long-term Notes Payable Total Liabilities 1,202,077 1,202,077 400,602 400,602 259,782 259,782 1,278,070 584,391 1,862,461 - 1,862,461 Deferred Inflows Deferred Inflows - Property Taxes 94,000 94,000 596,901 596,901 585,220 585,220 94,000 Fund Balances Nonspendable Prepaid Items Assigned - Library purchases Capital projects Unassigned Total Fund Balances 4,241,200 4,241,200 4,241,200 15,318,006 9,894,685 11,076,806 9,894,685 Net Position Net investment in capital assets Unrestricted $ 3