Instructions on first tab

Need workpaper entries for all twelve situations on second tab.

Must fill out Journal entry workseets on tabs three and four

WEEK 6-CHAPTER 8 HOMEWORK ASSIGNMENT SUBMIT FOR GRADE- 20 POINTS The Excel homework file is located in the Study Aids section of Moodle (labeled Week 6 Chapter 8 Homework Assignment- submit for grade) Chapter 8 Overview: Converting the Governmental Funds to an "Accrual" Basis The author demonstrates 16 entries in the textbook. It is easier for students to rememb if they are divided into small groups of related items. To illustrate this topic, it is easier t of the conversion and eliminating worksheet entries as logically falling into 5 groups as 1. Entries necessary to incorporate fixed asset transactions, such as Property, Plant a depreciation expense, and sales/disposals of assets into the government-wide repor 2. Entries necessary to incorporate long-term debt transactions and related interest e government-wide reporting. 3. Entries to adjust revenues and expenditures from a modified accrual basis, as rep governmental fund types (GF, SRF, DSF, CPF, PERM), to revenues and expenses as reported on the government-wide financial statements. (Items such as accrual of deferred because of 60 day rule. 4. Entries to incorporate the internal service funds into the government-wide reporting. 5. Entries to eliminate interfund activity between the now combined 5 governmental fun (Operating Transfers In/Out and Due to/froms) The goal of the first 3 groups of entries is to convert the governmental funds from modified accrual basis. Once the governmental funds are on the accrual basis, then the ISF, which i on the accrual basis, is added in. Finally, all the interfund transfers, loans and interfund rec payables (Due to's/ Due from's) are eliminated. Any interfund activity with an Enterprise eliminated, as these funds are reported in a separate column on the government-wid statements. Instructions: 1 When you open the Chapter 8 homework file print the entire workbook. 2 Use the data on the worksheet labeled "CA and LTD data" to create your conversio entries. Use the worksheets labeled"Journal Entries" to " HAND WRITE" your entr Page 1 of 19 3 Post the entries you created to the sheet labeled "Worksheet." 4 Calculate and enter the revised balances for the final 2 columns on the worksheet. final 2 columns represent the accrual amounts that are reported on the government-wide statements for governmental activities. 5 Make sure both your adjustment entries and the final amount columns have debits= 6 Use the government-wide worksheet balances to create a Statement of Net Positio (Balance Sheet) and a revised Statement of Activities(for comparison purposes, us Statement of Revenues, Expenses, and Changes in Net Position format.) Enter this data on the worksheet labeled " Government Wide Statements." This assignment should be done in Excel, with the exception of the handwritt entries; all homework protocol rules apply. Include a coverpage with your name, date, class name, and Ch8 Homework A Page 2 of 19 IGNMENT TS Accrual" Basis students to remember these entries his topic, it is easier to think ling into 5 groups as follows: h as Property, Plant and Equipment, vernment-wide reporting. and related interest expense into the accrual basis, as reported in the 5 nues and expenses on an accrual basis, s such as accrual of interest & revenue ment-wide reporting. d 5 governmental funds and the ISF. unds from modified accrual to the then the ISF, which is already reported ans and interfund receivables and y with an Enterprise fund is not he government-wide orkbook. eate your conversion ND WRITE" your entries. Page 3 of 19 s on the worksheet. The d on the olumns have debits=credits ement of Net Position parison purposes, use the on format.) tatements." on of the handwritten journal d Ch8 Homework Assignment. Page 4 of 19 The following data has been acquired from the accounting records of the City of Boulder for fiscal year ended 12/31/2016: Requirement: Prepare, in journal entry form, the worksheet entries for each of the following situations. Information on Capital Assets: 1. General Fixed Assets (Capital Assets) from prior years were as follows: Land Building Equipment Accumulated Depreciation, Capital Assets 15,000 26,000 6,500 11,200 2. During the year, expenditures for capital outlays for equipment amounted to $5,750. The government calculated depreciation for the year in the amount of $3,100. 3. In the governmental funds Statement of Revenues, Expenditures and Changes in Fund Balance provide reported proceeds from the sale of land of $10,425. The land originally costed $8,500 Information related to Long Term Debt: 4. At the beginning of the year, bonds (general obligation bonds) were outstanding in the amount of $50,000. The unamortized bond premium at the beginning of the year was $150. 5. Additional general obligation bonds were issued during the year in the amount of $4,200, at par. 6. During the year, debt service expenditures for the year amounted to: interest, $1,500; principal, $1,000 of the government-wide statements, $15 of the bond premium should be amortized. 7. The balance of capital leases from prior years amounted to $3,600 and current year lease principal payments amounted to $360. 8. The city calculated a total liability for compensated absences of $5,500. Of this amount, $5,000 relates Additional Information: 9. At 12/31/15, interest incurred but not due was $160 and interest incurred and not due at the end of the y 10. Deferred Inflows -Property taxes at the beginning of the year were $125. At the end of the year they we 11. The City has an internal service fund (ISF) included in their proprietary fund statements. Prepare the n Page 5 of 19 adjustments in order to incorporate the internal service fund in the government-wide statements as governmental activities. The Internal Service Fund statements are provided below: Internal Service Fund FYE 12/31/2016 Cash Capital Assets(net) Total Assets $ Accounts Payable Mortgage Payable Net Position Operating Revenues Operating Expenses Operating Profit Interest Expense Change in Net Position Beginning Net Position Ending Net Position 250 350 600 175 200 $ 225 $ $ 805 (720) 85 (35) 50 175 225 12. When eliminating interfund transfers in/out and Due to/Due from, eliminate the lesser of the two amoun Enterprise fund, which is not eliminated. Page 6 of 19 City of Boulder e following situations. s in Fund Balance provided, the City g in the amount of of $4,200, at par. $1,500; principal, $1,000. For purposes t year lease principal s amount, $5,000 relates to prior years. not due at the end of the year, 12/31/16 was $80. he end of the year they were $100. statements. Prepare the necessary Page 7 of 19 nment-wide statements as part of the ded below: e lesser of the two amounts; assume the difference is for an Page 8 of 19 JE# WORKSHEET JOURNAL ENTRIES Account Titles Debits Page 9 of 19 Credits Page 10 of 19 JE# WORKSHEET JOURNAL ENTRIES CONTINUED Account Titles Debits Credits Page 11 of 19 Trial Balance for the Governmental Funds 12/31/2016 Governmental Worksheet Fund(Modified Accrual) Adjustment Entries Debits Credits 8 HW Adjustments Cash $ 16,580 Property Taxes Receivable-delinquent (net) 800 Investments 1,300 Due from other funds 300 Supplies Inventory Capital Assets Accumulated Depreciation Accounts Payable 900 Interest Payable Deferred Inflows-Taxes 100 Due to other funds 175 Bonds Payable Premium on BP Capital Lease Payable Compensated Absences Payable Mortgage Payable Fund Balance at 1/1 100 Net Position @1/1 Revenues-Taxes Expenditures-Current Operating Expenditures- Debt Service Principal Expenditures- Debt Service Interest Expenditures-Capital Outlay Expenses-Depreciation Expenses-Compensated Absences 16,890 5,000 1,360 1,550 5,750 Expenses-Interest Bond Proceeds Transfers In Transfers Out 4,200 350 500 Special Item-Proceeds of land sale 10,425 Page 12 of 19 Special Item-Gain on land sale Total Debits/Credits $ Page 13 of 19 33,140 $ 33,140 s Worksheet Adjustment Entries 8 HW Adjustments Government-wide (Accrual) Revised Amounts Page 14 of 19 Page 15 of 19 Consider the following data for the governmental funds of the City of Boulder for Y/E 12/31/2016: Balance Sheet Cash Property Taxes Receivable-del(net) Investments Due from other funds Total Assets Accounts Payable Due to other funds Total Liabilities $ $ 16,580 800 1,300 300 18,980 $ 900 175 1,075 Deferred Inflows Tax Revenue Unassigned Fund Balance Total liabilities and Fund Balance 100 $ 17,805 18,980 $ 16,890 Statement of Revenues, Expenditures and Changes in Fund Balance Revenues-taxes Expenditures-Current Operating Expenditures- Debt Service Expenditures-Capital Outlay Total Expenditures 5,000 2,910 5,750 13,660 Excess(deficiency) of Page 16 of 19 Revenues over Expenditures 3,230 Other Financing Sources and Uses: Bond Proceeds Transfers In Transfers Out Total OFS/OFU 4,200 350 (500) 4,050 Special Item-Land sale 10,425 Change in Fund Balance Beginning Fund Balance Ending Fund Balance 17,705 100 17,805 $ Page 17 of 19 City of Boulder for Y/E 12/31/2016: Revised Balance Sheet Cash Property Taxes Receivable-del(net) Investments Due from other funds Capital Assets(net) Total Assets Accounts Payable Interest Payable Deferred Inflows-Taxes Due to other funds Bonds payable Premium on BP Capital Lease Payable Compensated Absence Payable Mortgage Payable Total liabilities Net Position at 12/31/2016 Total Liabilities and Net Position Revised: Statement of Activities( For comparison used Statement of Revenues, Expenses and Changes in Net Position Format) Revenues-taxes Expenses-Current Operating Expenses-Depreciation Expenses- Interest Expenses Compensated Absences Total Expenses Excess(deficiency) of Revenues over Expenses Page 18 of 19 Other Financing Sources and Uses: Transfers In Transfers Out Total OFS/OFU Special Item-Gain on Land sale Change in Net Position Beginning Net Position Ending Net Position Page 19 of 19