Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help with a final project, the attached Case Study lists the problems, and the workbook is where the work should be completed. The
I need help with a final project, the attached Case Study lists the problems, and the workbook is where the work should be completed. The GF WS, AP OS, and AP BS have already been completed. I need help starting with the Parks and Recreation Capital Projects Fund.
ACC 322 Final Project One Case Study Use of the Workbook For Final Project One, you will use the Final Project One Student Workbook Excel spreadsheet provided for you. If you would like a refresher course on using various features of Excel, sign in to Atomic Learning and type \"Excel\" in the search box. This will provide you with options to select the specific level of training that you need (i.e., intro, intermediate, or advanced) and the specific version of Excel that you have (i.e., 2011, 2013, etc.). The trainings are broken down into small, meaningful chunks. Therefore, you should be able to find specific topics at each level that will meet your needs. IMPORTANT: For the transaction worksheets for each fund, in column A, the part shaded in yellow, code the account 1 for balance sheet accounts and 2 for operating statement accounts. For example, on sheet GF WS, cash is a balance sheet account so in cell A1 you will put 1. These codes will allow the worksheet to automatically populate the operating statement and balance sheet columns on the worksheets. These will automatically populate the corresponding financial statements. For some funds, you will be required to prepare entries for transactions. Statements will automatically be created (if you properly code column A). You can check your work by ensuring debits equal credits and that the corresponding statements balance. For other funds, you will be given the completed worksheet for the funds' transactions and you will be required to prepare the appropriate statements (statements will not automatically be populated from the completed worksheet). Sheets you are required to complete will have white tabs. Sheets that automatically populate or that have given information will have green tabs. SAVE YOUR WORK OFTEN! General Fund As one of the accountants for the City of Springfield, you will record the following transactions into the accompanying workbooksheet GF WS. Note that some transactions have already been recorded in the workbook. The city has other accountants who also record transactions. 1. The city levied its general property taxes for the year of $1,580,000. The city estimates that $30,000 of the taxes will prove uncollectible. Record the taxes assuming the city will collect the remaining balance later during the fiscal year. 2. The city collected $1,300,000 of property taxes before the due date for taxes. The remainder of the taxes receivable became delinquent. 3. The city received and vouchered the materials and supplies that were on order from the previous year. The actual cost equaled the estimated cost of these materials and supplies, $19,000. The city records expenditures for materials and supplies when they are consumed. A perpetual inventory system is used. 4. The city incurred and paid salary expenditures as follows: Accrued salaries payable, January 1. . . . . . . . . . . . . . . . . . . . General government. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Public safety. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Highways and streets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Health and sanitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Parks and recreation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000 180,000 580,000 175,000 150,000 220,000 $1,355,000 5. Billings were received from the Central Communications Network Internal Service Fund for communications services used by general government agencies and departments as follows: General government. . . . . . . . . . . . . . . . . Public safety. . . . . . . . . . . . . . . . . . . . . . . . Highways and streets . . . . . . . . . . . . . . . . Health and sanitation . . . . . . . . . . . . . . . . Parks and recreation. . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 18,000 15,000 3,500 6,630 13,940 $ 57,070 6. $61,000 was paid on the amounts owed to the Central Communications Network Internal Service Fund. 7. Other unencumbered expenditures incurred during the year were vouchered as follows: General government. . . . . . . . . . . . . . . . . Public safety. . . . . . . . . . . . . . . . . . . . . . . . $ 11,420 41,280 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 52,700 8. $500,000 was loaned from the General Fund to the Addiction Prevention Special Revenue Fund to provide working capital for that fund. The loan is to be repaid within a year. 9. The General Fund transferred resources to other funds as follows: Addiction Prevention Special Revenue Fund . . . . . . . . . Parks and Recreation Capital Projects Fund. . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 60,000 200,000 $260,000 10. The General Fund received a transfer of $100,000 from the Water and Sewer Enterprise Fund. 11. The city levied interest and penalties of $35,000 on the overdue taxes receivable. Interest and penalties of $5,600 are expected to prove uncollectible. 12. The city wrote off uncollectible taxes receivable of $23,000. 13. General government equipment with an original cost of $300,000 and accumulated depreciation of $187,000 was sold for $72,000, which was deposited in the General Fund. 14. Materials and supplies were used by General Fund departments during the year as follows: General government . . . . . . . . . . . . . . . . . . . . . . . . . . . . Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Highways and streets . . . . . . . . . . . . . . . . . . . . . . . . . . . . Health and sanitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . Parks and recreation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,000 35,000 75,300 39,400 30,000 $190,700 15. The city entered into a capital lease for parks and recreation equipment on December 31. The capitalizable cost of the equipment was $90,000, including a down payment of $10,000. 16. The city contributed $60,200 to the city Police and Fire Pension Trust Fund. 17. The General Fund received $250,000 from the Addiction Prevention Special Revenue Fund in partial repayment of the interfund loan. 18. The city paid vouchers payable of $235,800. Special Revenue Fund The Addiction Prevention Special Revenue Fund was established in 20X4 to account for federal grants intended to help communities prevent and battle drug and alcohol addictions. Because this is the first year for this fund, there is no beginning trial balance for the Addiction Prevention Special Revenue Fund. You are given the completed transaction worksheet (tab APSFR). From the worksheet: A. Prepare the 20X4 Statement of Revenues, Expenditures, and Changes in Fund Balance for the Addiction Prevention Special Revenue Fund (tab AP OP). B. Prepare the 20X4 balance sheet for the Addiction Prevention Special Revenue Fund (tab AP BS). Parks and Recreation Capital Projects Fund Record the following transactions to tab P&R CPF 1. The city approved a major capital improvement project to construct a recreational facility. The project will be financed by a bond issue of $1,500,000, transfers from the General Fund of $500,000, and a contribution from the county of $300,000. Record the budget assuming these amounts, along with an equal appropriation for the project, were adopted for 20X4. 2. The city received the county's contribution of $300,000. These resources are required to be used for the construction project. The grant is expenditure-driven. The city's policies indicate that resources restricted for a given purpose are considered expended prior to any unrestricted resources available for that purpose. 3. The city transferred $200,000 from the General Fund to the Parks and Recreation Capital Projects Fund. 4. The city issued bonds with a face (par) value of $1,500,000 at a premium of $50,000 on January 1. Bond issue costs of $15,000 were incurred. Interest of 8% per year and $100,000 of principal are due each December 31. 5. The city signed a $2,190,000 contract for construction of the new recreational facility. The process to establish the contract qualifies as a commitment under the city's commitments policy. 6. The city purchased land as the site for the facility at a cost of $110,000. Payment was made for the land. 7. The contractor billed the city $1,200,000. The city paid all but a 5% retainage. 8. The outstanding encumbrances were closed (use the transactions columns for this entry). 9. The budgetary accounts were closed at year end. Appropriations do not lapse at year end. Close the budgetary accounts in the transactions columns. General Debt Service Fund You are given the completed transaction worksheet (tab GEN DSF). From the worksheet, A. Prepare the 20X4 Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Debt Service Fund (tab GEN DSF OS). B. Prepare the 20X4 balance sheet for the General Debt Service Fund (tab GEN DSF BS). General Capital Assets You are given the completed transaction worksheet CGA WS; prepare the General Capital Asset Note Disclosure (tab CGA Note). General Long-Term Liabilities You are given the completed transaction worksheet GLTL; prepare the General Longterm Liabilities Note Disclosure (tab GLTL Note). Water and Sewer Enterprise Fund You are given the completed transaction worksheet (tab W&S EF). From the worksheet, A. Prepare the 20X4 Statement of Revenues, Expenditures, and Changes in Net Position (tab W&S OS). B. Prepare the 20X4 Statement of Net Position (tab W&S SNP). Central Communications Network Internal Service Fund Record the following transactions to tab CCN ISF: 1. Billings to departments for communications network services during 20X4 were as follows: General Fund departments . . . . . . . . . . . . . . . . . . . . . . Water and Sewer Department . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $57,070 33,000 $90,070 2. The department collected $61,000 from the General Fund and $30,000 from the Enterprise Fund. 3. Payroll of $60,000 was paid, and $3,000 was contributed to the statewide retirement system. 4. The department purchased materials and supplies costing $14,000 and a voucher was approved. 5. Materials and supplies costing $17,700 were used by the Central Communications Network during 20X4. 6. Vouchers payable of $15,000 were paid. 7. Depreciation for the year was $8,370. 8. Salaries and wages of $1,000 were accrued at the end of the year. Police and Fire Pension Trust Fund You are given the completed transaction worksheet (tab PTF WS). From the worksheet, A. Prepare the 20X4 Statement of Changes in Net Position (tab PTF OS). B. Prepare the 20X4 Statement of Net Position (tab PTF SNP). Fund and Government-Wide Financial Statements The tabs colored purple are the fund and government-wide statements. If all of your previous work is correct, your statements will be complete and will balance. Review the purple tabs to ensure all of your statements are complete and correct. Once they are correct, you are done with the assignment and may submit the entire workbook to your instructor. \fACC 322 Final Project Two Case Study Use of the Workbook For Final Project Two, you will use the Final Project Two Student Workbook Excel spreadsheet provided for you. If you would like a refresher course on using various features of Excel, sign in to Atomic Learning and type \"Excel\" in the search box. This will provide you with options to select the specific level of training that you need (i.e., intro, intermediate, or advanced) and the specific version of Excel that you have (i.e., 2011, 2013, etc.). The trainings are broken down into small, meaningful chunks. Therefore, you should be able to find specific topics at each level that will meet your needs. SPARK Organization SPARK was incorporated as a nonprofit voluntary health and welfare organization on January 1, 2015. During the fiscal year ended December 31, 2015, the following transactions occurred: 1. A business donated rent-free office space to the organization that would normally rent for $16,000 a year. 2. A fund drive raised $120,000 in cash. A state government grant of $50,000 was received for program operating costs. 3. An administrator was hired to administer the program services and support services of the organization. The administrator was paid $92,000 for the year, which included fringe benefits. Part-time clerical help was paid $26,000 for the year. At year-end, $18,000 of the salaries and wages remained unpaid. 4. Pledges of $100,000 were received for construction of a new building. The pledges are payable over the following five fiscal years. The discounted value of the $80,000 in pledges expected to be received in years 2016-2019 is $73,400. 5. Office equipment was purchased for $5,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $7,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are considered unrestricted net assets by SOLVE. 6. Telephone expense for the year was $5,600, printing and postage expense was $10,000 for the year, and supplies expense was $2,100 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $3,800. 7. Volunteers contributed $15,000 of time to help with answering the phones, mailing materials, and various other clerical activities. 8. It is estimated that all of the pledges made for the 2015 year will be collected. Depreciation expense is recorded for the full year on the assets recorded in item 5. 9. Expenses were allocated in the following percentages: public health education, 35%; community service, 25%; management and general, 20%; and fundraising, 20%. 10. Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for program purposes. 11. All nominal accounts were closed to the appropriate net asset accounts. Required A. Make all necessary journal entries to record these transactions. Expense transactions should be initially recorded by object classification; in entry 10, expenses will be allocated to functions. B. Prepare a statement of activities for the year ended December 31, 2014. C. Prepare a statement of financial position for the year ended December 31, 2014. D. Prepare a statement of cash flows for the year ended December 31, 2014. E. Prepare a statement of functional expenses for the year ended December 31, 2014. This case study is adapted from Problem 13-8 in Reck, J., Lowensohn, S., & Wilson, E. (2013). Accounting for governmental and nonprofit entities (16th ed.). New York, NY: McGraw-Hill/Irwin. SPARK General Journal Entries Jul-05 Date Accounts Debit Credit ALLOCATION OF NATURAL EXPENSES TO FUNCTIONS Public Health Community Education Service Salary & Wages Expense Rent Expense Telephone Expense Printing & Postage Expense Supplies Expense Depreciation Expense Total Management & General Fund-raising Total SPARK STATEMENT OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 2015 UNRESTRICTED REVENUE & OTHER SUPPORT: CONTRIBUTIONS NET ASSETS RELEASED FROM RESTRICTION SATISFACTION OF PURPOSE TOTAL REVENUE & OTHER SUPPORT EXPENSES: PUBLIC HEALTH EDUCATION COMMUNITY SERVICES MANAGEMENT & GENERAL FUND-RAISING TOTAL EXPENSES INCREASE IN NET ASSETS BEGINNING NET ASSETS ENDING NET ASSETS SPARK ENT OF ACTIVITIES ED DECEMBER 31, 2015 TEMPORARILY RESTRICTED TOTAL SPARK STATEMENT OF FINANCIAL POSITION 31-Dec-15 ASSETS: CASH CONTRIBUTIONS RECEIVABLE (less discount on contributions receivable) EQUIPMENT & FURNITURE (less allowance for accumulated depreciation ) TOTAL ASSETS LIABILITIES: ACCOUNTS PAYABLE SALARIES PAYABLE TOTAL LIABILITIES NET ASSETS: UNRESTRICTED TEMPORARILY RESTRICTED TOTAL NET ASSETS TOTAL LIABILITIES AND NET ASSETS SPARK STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015 CASH FLOWS FROM OPERATING ACTIVITIES: CASH RECEIVED FROM CONTRIBUTIONS CASH PAID TO EMPLOYEES CASH PAID TO SUPPLIERS NET CASH PROVIDED BY OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES: PURCHASE OF EQUIPMENT NET INCREASE IN CASH BEGINNING CASH ENDING CASH RECONCILIATION OF CHANGES IN NET ASSETS TO NET CASH PROVIDED BY OPERATING ACTIVITIES: CHANGE IN NET ASSETS ADJUSTMENTS TO RECONCILE CHANGES IN NET ASSETS TO NET CASH PROVIDED BY OPERATING ACTIVITIES: DEPRECIATION INCREASE IN NET CONTRIBUTIONS RECEIVABLE INCREASE IN ACCOUNTS PAYABLE INCREASE IN SALARIES & WAGES PAYABLE GIFT OF FURNITURE CASH PROVIDED BY OPERATING ACTIVITIES WS R 31, 2015 SPARK STATEMENT OF FUNCTIONAL EXPENSES FOR THE YEAR ENDED DECEMBER 31, 2015 PROGRAM SERVICES Public Health Education SALARY & WAGES EXPENSE RENT EXPENSE TELEPHONE EXPENSE PRINTING & POSTAGE EXPENSE SUPPLIES EXPENSE DEPRECIATION EXPENSE TOTAL Community Service SUPPORT SERVICES Management & General NSES 1, 2015 UPPORT SERVICES Fundraising TOTALStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started