I need help with problem 12-5 .

12-4

templates

12- 5 is the question. 12-4 is attached.

g inventory tion 12-5. Simonsen Village is a relativel new com- the govern- munity. At the start of the year ment had no long-term assets or t overm In fact, all of the infrastructure ( in the village are owned byods) source of Total tax ooo. Total from the e in taxes his years utstand- ected to cal year. receive the county or state rather than the town. However village government has the primary sibility for putting out fires in the vil Transactions 6 and 7 for Simonsen Vill described in Problem 12-4, both rela ag e, to te the town's new fire truck. state. mount al col- ,000. 0,000 ious ear's bal thin Exhibit 12-4 presents January 1, 2018, balances for Simonsen Village's accounts These balances at the start of the year w the same on both the modified accrual and accrual bases. (Hi nt: That may not be the case at the end of the year.) Show the begin- ning balances from Exhibit 12-4 and the transactions from Problem 12-4 in a work- sheet format similar to Exhibit 12-3. Show ending balances. Make a separate section was to for each fund. Aecounting for Stateand LoealGovernmenta-Pars The CHAPTER12 Un January 1, 2018, Balances ,000 rvice ired Cash Real estate taxes receivable state grants receivable $300,000 20,000 10,000 $4,000 en- ed from general fund Salaries payable Due to debt service fund Fund balance/unrestricted net assets 16,000 90,000 16,000 224,000 20,000 Please use the following choices to fill in the elopment Fund (a governm Problems 12-4. See Exhibit 12-4 for opening account bal- ances. Record the following financial transactions for Simonsen Village for the fiscal year ending December 31,2018. Show 462 PART IV Reporting Reaulth the impact of the transactions on the fun- nmental equation of accounting (optional: show journal entries-see Appendix 12-A). Assume that the modified acerual basis is used. 1. Simonsen Village has employees who earned $400,000 for the year. At the end of the year, the salaries payable bal- ance was $10,000. Note that $200,00o of wages related to general govern- ment, $140,000 was for education, and $60,00o was for the public works 6. safety, and sanitation department. 2. Inventory was ordered by Simonsen Village. The entire order was received The bill for the inventory purchase was $10,000. By the end of the fiscal year, it had used s6,000 of the inventory, but no payment had been made. The purchases method is used. Each of the three departments had used $2,000 of inventory. The remaining inventory was all earmarked for education 3. Simonsen Village's major source of funds is real estate taxes. Total tax bills issued were for $300,000. Total collections were the $20,000 from the 12-5 previous year's ending balance in taxes receivable and $260,ooo of this year's taxes. Eighty percent of the outstand- ing balance at year-end is expected to be collected early in the next fiscal year Simonsen Village is entitled to receive 4. unrestricted grants from the state. During the year, grants in the amount of $100,000 were made. The total col- lections on grants were just $20,000. This $20,00o consisted of $10,00o that the state owed for the previous year and $10,ooo for the current year's grant. The state will be paying the bal- ance owed to Simonsen Village within 30 days after the year ends. 5. During the year, Simonsen Village was legally required to transfer $60,000 to its debt service fund. A total of s of cash iears when e debt service debt service was paid to the fund. In years when the full r transfer is not made, the de fund has a receivable (Due eral Fund). If more than the amount is paid, the debt servicered receivable declines. n. 6. Simonsen Village acquired a truck early in the year for $200,000 The fire truck is expected to last 10 years and has no salvage value. It financed by a long-term note fo full amount. Simonsen Village has capital projects fund. 7. The interes t and principal due on Simonsen Village's debt during the year and paid from the debt service fund were $8,000 and $30,000, respec- tively. The interest covers all long-term borrowing by Simonsen Village. The principal relates to the fire truck pur- chased during the year Simnsen Village is a relatively new com- - D E F 5 (Fund Transactions Worksheets)" 7General Fund Modified Accrual Transactions Analysis Worksheet Liabilities and Fund Balance 10 Assets Real Estate State Taxes CrantsAccounts Service TSalries Fund Liabilitiea Fund Balance and Changes in Fund Balance Due to Debt Deferred 12 13 Cash Receivable Receivable Payable udReveaue Payable Balance 14 15 Bepinning 16 Balanee 17 Transaction # 1 18 19 20-ransaction 2 21 S0 Education Expendatures Public Worlka, Safety & Sanitation Expenditures General Government Expenditures Education Expenditures Public Works, Safety & Sanitation Expenditures al Estate Tax Revenues 23 Transaction # 3a 24 Transaction #3b 25 Transaction # 42 26 Transaction #4b 27 Transaction #5 28 Transaction # 62 29 Transaction # 6b 30 Transaction #7 31 Ending Balane 32 tate Grant Reveras Transfes to Debt Service Fund General Fund Debt Service Fund Capital Projects Fund File Home I insert Page Layout Formulas Data Review View Help Tell me what 116 IFI GH 1|A| B 1 Debt Service Fund Liabilities and Fund Balance Assets LiabilitiesFund Balance and Changes in Fund Balance Due from General Fund Balance Cash CdshFund Beginning Balance Transaction# 1 Transaction # 2 Transaction # 3 Transaction # 4 Transaction # 5 Transaction # 6 Transaction # 7 10 12 13 14 15 116 Transfer from General fund Interest Expenditure Debt Service Principal Expenditu Endine Balance 18 19 20 23 25 AutoSave Off Week 7 Case Study Template(2) - Compatibili File Home Insert Page Layout Formulas Data Review View Help Tell me what you war 116 A B C 1 Capital Projects Fund 2 Capital Projects Fund E F Liabilities and Fund Balance Fund Balance and Changes in Fund Balance Assets -Liabilities Due from General Fund Fund Balance Cash 1BeginntngBalance Transaction # 1 Transaction # 2 Transaction # 3 Transaction # 4 Transaction # 5 Transaction # 6a Transaction # 6b Transaction 7 10 12 13 14 15 Other Sources of Financing-Note Payable Capital Outlay Expenditure 19 20 Ending Balance 23 24 g inventory tion 12-5. Simonsen Village is a relativel new com- the govern- munity. At the start of the year ment had no long-term assets or t overm In fact, all of the infrastructure ( in the village are owned byods) source of Total tax ooo. Total from the e in taxes his years utstand- ected to cal year. receive the county or state rather than the town. However village government has the primary sibility for putting out fires in the vil Transactions 6 and 7 for Simonsen Vill described in Problem 12-4, both rela ag e, to te the town's new fire truck. state. mount al col- ,000. 0,000 ious ear's bal thin Exhibit 12-4 presents January 1, 2018, balances for Simonsen Village's accounts These balances at the start of the year w the same on both the modified accrual and accrual bases. (Hi nt: That may not be the case at the end of the year.) Show the begin- ning balances from Exhibit 12-4 and the transactions from Problem 12-4 in a work- sheet format similar to Exhibit 12-3. Show ending balances. Make a separate section was to for each fund. Aecounting for Stateand LoealGovernmenta-Pars The CHAPTER12 Un January 1, 2018, Balances ,000 rvice ired Cash Real estate taxes receivable state grants receivable $300,000 20,000 10,000 $4,000 en- ed from general fund Salaries payable Due to debt service fund Fund balance/unrestricted net assets 16,000 90,000 16,000 224,000 20,000 Please use the following choices to fill in the elopment Fund (a governm Problems 12-4. See Exhibit 12-4 for opening account bal- ances. Record the following financial transactions for Simonsen Village for the fiscal year ending December 31,2018. Show 462 PART IV Reporting Reaulth the impact of the transactions on the fun- nmental equation of accounting (optional: show journal entries-see Appendix 12-A). Assume that the modified acerual basis is used. 1. Simonsen Village has employees who earned $400,000 for the year. At the end of the year, the salaries payable bal- ance was $10,000. Note that $200,00o of wages related to general govern- ment, $140,000 was for education, and $60,00o was for the public works 6. safety, and sanitation department. 2. Inventory was ordered by Simonsen Village. The entire order was received The bill for the inventory purchase was $10,000. By the end of the fiscal year, it had used s6,000 of the inventory, but no payment had been made. The purchases method is used. Each of the three departments had used $2,000 of inventory. The remaining inventory was all earmarked for education 3. Simonsen Village's major source of funds is real estate taxes. Total tax bills issued were for $300,000. Total collections were the $20,000 from the 12-5 previous year's ending balance in taxes receivable and $260,ooo of this year's taxes. Eighty percent of the outstand- ing balance at year-end is expected to be collected early in the next fiscal year Simonsen Village is entitled to receive 4. unrestricted grants from the state. During the year, grants in the amount of $100,000 were made. The total col- lections on grants were just $20,000. This $20,00o consisted of $10,00o that the state owed for the previous year and $10,ooo for the current year's grant. The state will be paying the bal- ance owed to Simonsen Village within 30 days after the year ends. 5. During the year, Simonsen Village was legally required to transfer $60,000 to its debt service fund. A total of s of cash iears when e debt service debt service was paid to the fund. In years when the full r transfer is not made, the de fund has a receivable (Due eral Fund). If more than the amount is paid, the debt servicered receivable declines. n. 6. Simonsen Village acquired a truck early in the year for $200,000 The fire truck is expected to last 10 years and has no salvage value. It financed by a long-term note fo full amount. Simonsen Village has capital projects fund. 7. The interes t and principal due on Simonsen Village's debt during the year and paid from the debt service fund were $8,000 and $30,000, respec- tively. The interest covers all long-term borrowing by Simonsen Village. The principal relates to the fire truck pur- chased during the year Simnsen Village is a relatively new com- - D E F 5 (Fund Transactions Worksheets)" 7General Fund Modified Accrual Transactions Analysis Worksheet Liabilities and Fund Balance 10 Assets Real Estate State Taxes CrantsAccounts Service TSalries Fund Liabilitiea Fund Balance and Changes in Fund Balance Due to Debt Deferred 12 13 Cash Receivable Receivable Payable udReveaue Payable Balance 14 15 Bepinning 16 Balanee 17 Transaction # 1 18 19 20-ransaction 2 21 S0 Education Expendatures Public Worlka, Safety & Sanitation Expenditures General Government Expenditures Education Expenditures Public Works, Safety & Sanitation Expenditures al Estate Tax Revenues 23 Transaction # 3a 24 Transaction #3b 25 Transaction # 42 26 Transaction #4b 27 Transaction #5 28 Transaction # 62 29 Transaction # 6b 30 Transaction #7 31 Ending Balane 32 tate Grant Reveras Transfes to Debt Service Fund General Fund Debt Service Fund Capital Projects Fund File Home I insert Page Layout Formulas Data Review View Help Tell me what 116 IFI GH 1|A| B 1 Debt Service Fund Liabilities and Fund Balance Assets LiabilitiesFund Balance and Changes in Fund Balance Due from General Fund Balance Cash CdshFund Beginning Balance Transaction# 1 Transaction # 2 Transaction # 3 Transaction # 4 Transaction # 5 Transaction # 6 Transaction # 7 10 12 13 14 15 116 Transfer from General fund Interest Expenditure Debt Service Principal Expenditu Endine Balance 18 19 20 23 25 AutoSave Off Week 7 Case Study Template(2) - Compatibili File Home Insert Page Layout Formulas Data Review View Help Tell me what you war 116 A B C 1 Capital Projects Fund 2 Capital Projects Fund E F Liabilities and Fund Balance Fund Balance and Changes in Fund Balance Assets -Liabilities Due from General Fund Fund Balance Cash 1BeginntngBalance Transaction # 1 Transaction # 2 Transaction # 3 Transaction # 4 Transaction # 5 Transaction # 6a Transaction # 6b Transaction 7 10 12 13 14 15 Other Sources of Financing-Note Payable Capital Outlay Expenditure 19 20 Ending Balance 23 24