I need help completing these attached excel documents, disregard chapter 7.

service fund. d. Both b and c are correct. 9. Centerville enters into a capital lease for new copiers in all its city hall offices. In the General Fund, it should report: a. Equipment balances equal to the lease payments made during the year. b. Capital expenditures equal to the lease payments made during the year. c. Equipment balances equal to the capitaIizable cost of the fixed assets regardless of the amount of lease payments made during the year. d. Capital expenditures equal to the capitalizable cost of the fixed asset regardless of the amount of lease payments made during the year. 10. The following balances are included in the subsidiary records of Carrollwood: . $500,000 Town pool (supported by user fees) . Police cars Equipment Office supplies . . . 100,000 20,000 7,500 1,000 Town hall building What is the total amount of general capital assets held by the town? a. $527,500. b. $528,500. c. $627,500. d. $628,500. (~ Capital Assets. Make all necessary entries in the appropriate governmental fund general journal and the government-wide governmental activities general journal for each of the following transactions entered into by the City of Loveland. 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had a fair value of $5,200,000 and was recorded on the donor's books at a historical cost of $4,500,000. 2. The Public Works Department sold machinery with a historical cost of $35,100 and accumulated depreciation of $28,700 for $6,400. The machinery had originally been purchased with special revenue funds. 3. A car was leased for the mayor's use. Since the term of the lease exceeded 75 percent of the useful life of the car, the lease was capitalized. The first payment was $550 and the present value of the remaining lease payments was $30,000. 4. During the current year, a capital projects fund completed a new public safety building that was started in the prior year. The total cost of the project was $9,720,000. Financing for the project came from a $9,000,000 bond issue that was sold in the prior year, and from a $720,000 federal capital grant received in the current year. Current year expenditures for the project totaled $1,176,000. The full cost is attributed to the building since it was constructed on city-owned property. 5. Due to technological developments, the city determined that the service capacity of some of the technology equipment used by general government bad been impaired. The calculated impairment loss due to technology obsolescence was $],156,000. ~Jleral - - a. Should the estimated impairment loss be reported as an extraordinary item? As a special item? Explain. b. Record the estimated impairment loss in the journal for governmental activities at the government-wide level. c. How should the insurance recovery be reported in the following fiscal year? (You need not provide the journal entry or entries here.) ~7 Recording Capital Projects Fund Transaetlens, In Erikus County, the Parks and Recreation Department constructed a library in one of the county's high growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the 2014 fiscal year. 1. The county issued $6,000,000, 4 percent bonds, with interest payable semiannually on June 30 and December 31. The bonds sold for 101 on July 30, 2013. Proceeds from the bonds were to be used for construction of the library, with all interest and premiums received to be used to service the debt issue. 2. A $650,000 federal grant was received to help finance construction of the library. 3. The Library Special Revenue Fund transferred $250,000 for use in construction of the library. 4. A construction contract was awarded in the amount of $6,800,000. 5. The library was completed on June 1,2014, four months ahead of schedule. Total construction expenditures for the library amounted to $6,890,000. When the project was completed, the cost of the library was allocated as follows: $200,000 to land, $6,295,000 to building, and the remainder to equipment. 6. The capital projects fund temporary accounts were closed to Fund BalanceRestricted. The resources are restricted because they were obtained from bonded debt issued exclusively for library construction. The capital projects fund was closed by transferring remaining funds to the debt service fund for use in library construction debt repayment. llequlred Make all necessary entries in the capital projeots fund general journal and the governmental activities general journal at the government-wide level. S-8 Statement of Revenues, Expenditures, and Cbanges in Fund Balanees. The pre-closing trial balance for the Annette County Public Works Capital Projects Fund is provided below. Debits Credits - -- -. -- ...._ .... _- .... _------ Cash Grant Receivable Investments Contract Payable Contract Payable-Retained Percentage Encumbrances Outstanding Revenues Encumbrances Construction Expenditures Other Financing Sources-Proceeds of Bonds $ 701,000 500,000 800,000 s 835,000 24,000 1,500,000 680,000 1,500,000 3,338,000 $6,839,000 -----.-- ._- 3,800,000 $6,839,000 ------- .> __.,,_ 6-5 Capital Lease. The City of Jamestown bas agreed to acquire a new city maintenance building under a capital lease agreement. At the inception of the lease, a payment of $100,000 is to be made; nine annual lease payments, each in the amount of $100,000, are to be made at the end of each year after the inception of the lease. The total amount to be paid under this lease, therefore, is $1,000,000. The town could borrow this amount for nine years at the annual rate of 8 percent; therefore, the present value of the lease at inception, including the initial payment, is $724,689. Assume that the fair value of the building at the inception of the lease is $750,000. a. Show the entry that should be made in a capital projects fund at the inception of the lease after the initial payment has been made. b. Show the entry that should be made at the inception of the lease in the government activities journal. c. Show the entry that should be made in the debt service fund and governmental activities journal to record the second lease payment. 6-6 Legal Debt Margin and Direct and Overlapping Debt. In preparation for a pro- posed bond sale, the city manager of the City of Appleton requested that you prepare a statement of legal debt margin and a schedule of direct and overlapping debt for the city as of December 31, 2013. You ascertain that the following bond issues are outstanding on that date: Convention center bonds Electric utility bonds General obligation serial bonds Tax increment bonds Water utility bonds Transit authority bonds $3,600,000 2,700,000 3,100,000 2,500,000 1,900,000 2,000,000 You obtain other information that includes the following items: 1. Assessed valuation of real and taxable personal property in the city totaled $240,000,000. 2. The rate of debt limitation applicable to the City of Appleton was 6 percent of total real and taxable personal property valuation. 3. Electric utility, water utility, and transit authority bonds were all serviced by enterprise revenues. By law, such self-supporting debt is not subject to debt limitation. 4. The convention center bonds and tax increment bonds are subject to debt limitation. S. The amount of assets segregated for debt retirement at December 31,2013, is $1,800,000. 6. The city's residents are also taxed by Clyde County for 25 percent of school district and health services debt. The school district has $15,000,000 in outstanding bonds, while health services has $8,000,000 in debt. Finally, onethird of the $2,400,000 of regional library outstanding debt is paid by taxes assessed on Appleton residents. (...7 Debt Service Fund 1i1a1 Balance. Following is Klaus County's debt service fund pre-closing trial balance for the fiscal year ended June 30, 2014. KLAUS COUNTY Debt Service Fund Pre-closing Trial Balance June 30. 2014 Debits $ Cash 107,000 25,000 Investments Fund Balance-Restricted $ 125,200 7 Budgetary Fund Balance Estimated Other Financing Sources Estimated Revenue 5,825,000 1,006,500 1,001,400 Revenue-Sales Taxes ReveF'lue-lnvestment Earnings Other Financing Sources-Interfund Credits 5,400 825,000 Transfers In Other Financing Sources-Proceeds of Refunding 5,000,000 Bonds 5,000,000 Estimated Other Financing Uses Appropriations Expenditures-Bond Expenditures-Bond 1,825,000 Interest Principal Other Financing Uses-Payment to Escrow Agent 825,000 1,000,000 5,000,000 Required Using information provided by the trial balance, answer the following. a. Assuming the budget was not amended, what was the budgetary journal entry recorded at the beginning of the fiscal year? h. What is the budgetary fund balance? c. Did the debt service fund pay debt obligations related to capital leases? Explain. d. Did the debt service fund perform a debt refunding? Explain. e. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended June 30, 2014. 6-8 Serial Bond Debt Service Fund Journal Entries and Financial Statements. As of December 31,2013, Sandy Beach had $9,500,000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund's only asset as of December 31, 2013, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments. Required a. Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transactions for FY 2014. (1) The operating budget for FY 2014 consists of estimated revenues of $1,020,000 and estimated other financing sources equal to the amount of interest to be paid in FY 2014. Appropriations must be provided for interest payments and bond redemptions on January 1 and July 1. lind governmental funds? 7-5. What is the purpose of the Restricted Assets section of an enterprise fund statement of f.tJ:nd net position? Provide examples of items that might be reported in the Restricted Assets section. 7-6. What are the, three components of net position provided by GASB? Describe how a government assigns amounts to the classifications. 'J-'J. How does the statement of cash flows under GASB standards differ from the statement of cash flows under FASB standards? 7-8. Explain the difference between operating revenues/expenses and nonoperating revenues/expenses. Why dses the GASB require that operating revenues/ expenses be reported separately on proprietary statements of revenues, expenses, and changes in fund net position? 7-9. What are regulatory accounting principles and how do they relate to enterprise fund accounting? 7-10. What is meant by "segment information for enterprise funds"? When is the disclosure of segment information required? Cases - (,_7-1 Building Maintenance Fund. The balance sheet and statement of revenues, - - expenditures, and changes in fund balance for the Building Maintenance Fund, an internal service fund of Coastal City, are reproduced here. No further information about the nature or purposes of this fund is given in the annual report. COASTAL CITY BUILDING MAINTENANCE FUND Balance Sheet As of December 31. 2014 Assets Assets: Cash and investments $152,,879 2,116 Accounts receivable 779,000 laventory Prepaid expenses t9,854 Total assets $953,849 Liabilities and Fund Equity Liabilities: Accounts payable Other accued liabilities Accrued annual leave Total liabilities Fund equity: 227,369 372,143 581,70(5 Fund balance T0talliabilities $ 35.675 109,099 and fund equity $953,849 COASTAL CITY BUILDING MAINTENANCE FUND Statement of Revenues. Expenditures. and Changes In Fund Balance Year Ended December 31. 2014 Revenues: $10,774,781 Billings to departments 161,396 Miscellaneous 10,936,177 Total billings Expenditures: Salaries and employee benefits 3,353,413 Supplies Capital leases Operating services and charges Maintenance and repairs Bad debts 3,409,096 59,302 495,143 3,536,443 1,750 10,855,147 Total expenditures 81,030 Excessof revenues over expenditures Fund balance-January Fund balance-December 500,676 1. 2014 31. 2014 $ 581,706 Required a. Assuming that the Building Maintenance Fund is an internal service fund, discuss whether the financial information is presented in accordance with GASB standards. b. If you were the manager of a city department that uses the services of the Building Maintenance Fund, what would you want to know in addition to the information disclosed in the financial statements? 7-2 Intemal Service Fund. Jaffry County operates a Risk Management Pool as an internal service fund. The Risk Management Pool provides the insurance function for the county departments through the purchase of insurance policies and the investing of resources to cover uninsured losses and deductibles. The Risk Management Pool assesses the other funds of the county for the service it provides. In turn, the funds submit claims for any losses incurred to the Risk Management Pool. Recently, the Jaffry County office building suffered fire damage that required extensive repairs. The county upgraded the materials used when repairing the building, thus extending the life of the building. The General Fund submitted all repair claims (invoices) to the Risk Management Pool, and all but $100,000 of the claims were covered by insurance. The Risk Management Pool covered the $100,000 in uninsured claims. Rather than reimbursing the General Fund for the claims, the Risk Management Pool paid the invoices. As a result, the Risk Management Pool not only recorded debits related to the expenses for the building repairs, but it also recorded debits to a Building account for those costs that added to the office building's useful life. Never before has the Risk Management Pool recognized capital assets in its fmancial statements, since it is not an objective of the Risk Management Pool to hold capital assets. *The authors are indebted to Leanne Emm and Kathleen Askelson for providing the information which this case was adapted. from ACG4501 Term: Name: 5-3. 1 CITY OF Loveland General Fund: Governmental Activities: 2 General Fund: 3 General Fund: Governmental Activities: 4 Capital Projects Fund: Governmental Activities: 5 General Fund: Governmental Activities: ACG4501 Term: Name: Chapter 5 5-7. ERIKUS COUNTY Debits 1 Capital Projects Fund: Governmental Activities: 2 Capital Projects Fund: Governmental Activities: 3 Capital Projects Fund: Governmental Activities: 4 Capital Projects Fund: Governmental Activities: 5 Capital Projects Fund: Governmental Activities: 6. Capital Projects Fund: To close nominal accounts: To close the fund: Governmental Activities: Credits ACG4501 Term: Name: Chapter 6 6-5. CITY OF JAMESTOWN a. Capital Projects Fund: EXPENDITURES OTHER FINANCING SOURCES CAPITAL LEASE AGREEMENTS Show work here: (1).The present value of an ordinary annuity of $1 for 9 years at 8 percent per year is ?. (2). PV of 9 annual payments is?. (3). the PV of the capital lease obligation is answer to no 2 plus the annual payments Calculations: b. Calculations: c. Debits Credits Governmental Activities: EQUIPMENT CAPITAL LEASE OBLIGATIONS PAYABLE CASH Show work here: Debt Service Fund: EXPENDITURESINTEREST EXPENDITURESPRINCIPAL CASH Governmental Activities: EXPENSESINTEREST ON CAPITAL LEASES CASH Calculation: Payment 1 2 Amt of payment Interest on unpaid Payment on bal at 8% principal Unpaid lease obligation ACG4501 Term: Name: Chapter 6 6-7. Klaus COUNTY a. Debt Service Fund: ESTIMATED OTHER FINANCING SOURCES ESTIMATED REVENUES ESTIMATED OTHER FINANCING USES APPROPRIATIONS BUDGETARY FUND BALANCE b. Budgetary Fund Balance Debit Credit c. Explanation: d. Explanation: e KLAUS COUNTY DEBT SERVICE FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE YEAR ENEDED JUNE 30, 2014 REVENUES: SALES TAXES INVESTMENT EARNINGS TOTAL REVENUES EXPENDITURES: BOND INTEREST BOND PRINCIPAL TOTAL EXPENDITURES EXCESS OF REVENUES UNDER EXPENDITURES OTHER FINANCING SOURCES (USES): INTERFUND TRANSFERS IN PROCEEDS OF REFUNDING BONDS PAYMENT TO ESCROW AGENT TOTAL OTHER FINANCING SOURCES (USES): INCREASE IN FUND BALANCE FUND BALANCE, JULY 1, 2013 FUND BALANCE, JUNE 30, 2014 $