I need help with problem 13-8. using the template

12-4

templates

Why? Problem s. For Simonsen Village (see Problens 12-4 and 12-5 from Chapter 12), pre- pare a government-wide statement of net position and statement of activities, and a governmental funds balance sheet and statement of rev- enues, expenditures, and changes in fund balances. Any ending balance in the Debt Service Fund is legally restricted to debt service payments on the firetruck. Also prepare reconcilia- tions for the differences between the governmental and government-wide financial statements. (Hint: The rec- onciliations require you to determine what would differ under accrual accounting compared with modified accrual.) Review chapter content and explore online resources at study.sagepub.com/finklerse Problems See Exhibit 12-4 for opening account bal- ances. Record the following financial 12-4. ransactions for Simonsen Village for the fiscal year ending December 31, 2018. Show 462 PARTIV Reporting Results the impact of the transactions on the fun- damental equation of accounting (optional show journal entries-see Appendix 12-A) Assume that the modified accrual basis is used. 1. Simonsen Village has employees who earned $40o,000 for the year. At the end of the year, the salaries payable bal- ance was $10,000. Note that $200,000o of wages related to general govern- ment, $140,000 was for education, and $60,00o was for the public works 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 $6,000 of the inventory but no payment had been made. The purchases method is used. Each of the three departments had used $2,000o 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 previous year's ending balance in taxes receivable and $260,00o 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 4. Simonsen Village is entitled to receive unrestricted grants from the state. During the year, grants in the amount of $100,00o were made. The total col- 12 lections on grants were just $20,oo0. This $20,0oo consisted of $10,000 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 $60,00o to its debt service fund. A total of of cash was paid to the debt fund. In years when the fulice he fun- 12-). transfer is not made, the debt ser fund has a receivable (Due i eral Fund). If more than the asis is s who At the le bal- amount is paid, the debt servie ired 6. Simonsen Village acquired a new fire truck early in the year for $z00,000, The fire truck is expected to last 10 years and has no salvage value. It was financed by a long-term note for the full amount. Simonsen Village has a capital projects fund. 7. The interest and principal due on onsen Village's debt during the year and paid from the debt service fund were $8,00o and $30,000, respec- ear The the tively. The interest covers all long-ternm borrowing by Simonsen Village. The principal relates to the fire truck pur- chased during the year of tax tal he 12-5. Simonsen Village is a relatively new com munity. At the start of the year, the govern ment had no long-term assets or liabilities. In fact, all of the infrastructure (e.g., roads) in the village are owned by the county or state rather than the town. However, the village government has the primary respon r's d- to sibility for putting out fires in the village. Transactions 6 and 7 for Simonsen Village, described in Problem 12-4, both relate to ve the town's new fire truck. Exhibit 12-4 presents January 1, 2018, balances for Simonsen Village's accounts. These balances at the start of the year were the same on both the modified accrual and accrual bases. (Hint: 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 for each fund. AutoSave CH Week 7 Problem Template Com File Home Insert Page Layout Formulas Data Review View Help Tell me what G43 Simonsen Village Balance Sheet Governmental Funds 10 Debt Capital Total 13 General Service Projects Governmental Assets and deferred outflows of 16 17 18 19 Real estate tases receivable, net State grants receivable Due from other funds Total assets and deferred outflows 20 Liabilities, deferred inflows of esources, and fund balances 23 Accounts payable Salaries payable 25 26 Due to debt service fund Total liabilities and deferred inflows Fund Balances Unassigmed Total fund balances Total liabilities, deferred inflows of Bal. Sheet Rev. & Exp. O Type here to search esc G43 Total liabilities and deferred inflows $6,000 of resources 30 Fund Balances 31 32 Total fund balances 50 $6,000 Total habilities, deferred inflows of resources, and fund balances 34 35 36 Reconciliation Amounts reported for governmental activities in the statement of net position are different because: Taxes receivable that are not current financial resources are not included in fund balances above, but are included in net postion in the statement of net 37 8000 38 sition Inventory is treated on a purchases basis in the funds Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. 4,000 39 40 41 Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds. Net position of governmental activities 45 47 50 51 52 Bal. Sheet Rev. & Exp. Ready Type here to search AutoSave 3). File Home InsertPage Layout Formulas Data Review View Help P Te Week 7 Problem Templa C34 Simonsen Village Statement of Revenuen, Expenditures, and Changen in Fund Balances Governmental Funda for the Year Ended December 31, 2018 Debt Capital Total Ceneral Service Projeets Governmental 10Revenues Real estate taxes Intergovernmental prants 100,000 Total rovees 14 15E 16 Expendstures S0 Goneral zovernment Edocation Public Worka, Safety. & Sanitation 18 20 Dobt service Principal 8,000 8,000 Total Excess of revenues over expenditure 27 Other Financing Sources (Use 30 Tranafers out 32 otal other financing sources and uses 40,000 $2 $62,00 34 35 Fund balances-be 36Fund balances--endit et change in fund balances Bal. Sheet Rev. &Exp. Ready O Type here to search Why? Problem s. For Simonsen Village (see Problens 12-4 and 12-5 from Chapter 12), pre- pare a government-wide statement of net position and statement of activities, and a governmental funds balance sheet and statement of rev- enues, expenditures, and changes in fund balances. Any ending balance in the Debt Service Fund is legally restricted to debt service payments on the firetruck. Also prepare reconcilia- tions for the differences between the governmental and government-wide financial statements. (Hint: The rec- onciliations require you to determine what would differ under accrual accounting compared with modified accrual.) Review chapter content and explore online resources at study.sagepub.com/finklerse Problems See Exhibit 12-4 for opening account bal- ances. Record the following financial 12-4. ransactions for Simonsen Village for the fiscal year ending December 31, 2018. Show 462 PARTIV Reporting Results the impact of the transactions on the fun- damental equation of accounting (optional show journal entries-see Appendix 12-A) Assume that the modified accrual basis is used. 1. Simonsen Village has employees who earned $40o,000 for the year. At the end of the year, the salaries payable bal- ance was $10,000. Note that $200,000o of wages related to general govern- ment, $140,000 was for education, and $60,00o was for the public works 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 $6,000 of the inventory but no payment had been made. The purchases method is used. Each of the three departments had used $2,000o 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 previous year's ending balance in taxes receivable and $260,00o 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 4. Simonsen Village is entitled to receive unrestricted grants from the state. During the year, grants in the amount of $100,00o were made. The total col- 12 lections on grants were just $20,oo0. This $20,0oo consisted of $10,000 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 $60,00o to its debt service fund. A total of of cash was paid to the debt fund. In years when the fulice he fun- 12-). transfer is not made, the debt ser fund has a receivable (Due i eral Fund). If more than the asis is s who At the le bal- amount is paid, the debt servie ired 6. Simonsen Village acquired a new fire truck early in the year for $z00,000, The fire truck is expected to last 10 years and has no salvage value. It was financed by a long-term note for the full amount. Simonsen Village has a capital projects fund. 7. The interest and principal due on onsen Village's debt during the year and paid from the debt service fund were $8,00o and $30,000, respec- ear The the tively. The interest covers all long-ternm borrowing by Simonsen Village. The principal relates to the fire truck pur- chased during the year of tax tal he 12-5. Simonsen Village is a relatively new com munity. At the start of the year, the govern ment had no long-term assets or liabilities. In fact, all of the infrastructure (e.g., roads) in the village are owned by the county or state rather than the town. However, the village government has the primary respon r's d- to sibility for putting out fires in the village. Transactions 6 and 7 for Simonsen Village, described in Problem 12-4, both relate to ve the town's new fire truck. Exhibit 12-4 presents January 1, 2018, balances for Simonsen Village's accounts. These balances at the start of the year were the same on both the modified accrual and accrual bases. (Hint: 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 for each fund. AutoSave CH Week 7 Problem Template Com File Home Insert Page Layout Formulas Data Review View Help Tell me what G43 Simonsen Village Balance Sheet Governmental Funds 10 Debt Capital Total 13 General Service Projects Governmental Assets and deferred outflows of 16 17 18 19 Real estate tases receivable, net State grants receivable Due from other funds Total assets and deferred outflows 20 Liabilities, deferred inflows of esources, and fund balances 23 Accounts payable Salaries payable 25 26 Due to debt service fund Total liabilities and deferred inflows Fund Balances Unassigmed Total fund balances Total liabilities, deferred inflows of Bal. Sheet Rev. & Exp. O Type here to search esc G43 Total liabilities and deferred inflows $6,000 of resources 30 Fund Balances 31 32 Total fund balances 50 $6,000 Total habilities, deferred inflows of resources, and fund balances 34 35 36 Reconciliation Amounts reported for governmental activities in the statement of net position are different because: Taxes receivable that are not current financial resources are not included in fund balances above, but are included in net postion in the statement of net 37 8000 38 sition Inventory is treated on a purchases basis in the funds Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. 4,000 39 40 41 Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds. Net position of governmental activities 45 47 50 51 52 Bal. Sheet Rev. & Exp. Ready Type here to search AutoSave 3). File Home InsertPage Layout Formulas Data Review View Help P Te Week 7 Problem Templa C34 Simonsen Village Statement of Revenuen, Expenditures, and Changen in Fund Balances Governmental Funda for the Year Ended December 31, 2018 Debt Capital Total Ceneral Service Projeets Governmental 10Revenues Real estate taxes Intergovernmental prants 100,000 Total rovees 14 15E 16 Expendstures S0 Goneral zovernment Edocation Public Worka, Safety. & Sanitation 18 20 Dobt service Principal 8,000 8,000 Total Excess of revenues over expenditure 27 Other Financing Sources (Use 30 Tranafers out 32 otal other financing sources and uses 40,000 $2 $62,00 34 35 Fund balances-be 36Fund balances--endit et change in fund balances Bal. Sheet Rev. &Exp. Ready O Type here to search