Jefferson County Governmental Funds Balance Sheet as of 12-31-2017 General Fund Projects Fund Fund CapitalDebt Service Permanent Total Governmental Fund Funds Assets 4 Cash 5 Investments 6 Taxes Reveivable (net) 7 Due from other governments 8 Accrued interest receivable 9 Supplies Inventory $128.148 8100022.800 8.400 502.400 340.348 502.400 51325 280,000 1,700 1700 Total Assets 179.823461.00022.800 512,500$ 1,176,123 12 Liabilities, Deferred Inflows and Fund Balance 13 Liabilities 14 Accounts Payable 5 Wages Payable 4,100 2000 6.100 850 25,000 1.950 6 Contracts payable 25,000 Total Liabilities 25,000 4,100 18 Deferred Inflows 19 Deferred Inflows - Property Taxes 20 21 Fund Balances 22 Nonspendable 23 Inventories 24 Permanent fund principal 25 Restricted 26 Assigned 27 Unassigned 28 22.600 22600 350 500,000 500,000 436.000 32.000 153 223 1121,573 436,000 800 22.800 8,400 153.223 Total Fund Equity 436,000 22.800 508,400 30 Total Liabilities, Deferred Inflows and Fund B: s 179,823 461000$22.800 s 512500 s 1.176,123 Jefferson County Statement of Revenues Expenditures and Changes in Fund Balance for the year ended 12-31-2017 GeneralCapital Debt Service Permanent Total Governmental Fund Projects Fund Fund Fund Funds Revenues Property Taxes Intergovernmental revenues Investment income: 262 075s 262,075 280,000 21,100 563,175 280,000 21.100 21.100 Total Revenues 262,075 280,000 0 Expenditures 1 Current 2 General Government Operations 31 Library 14 Capital Outlay 15 Debt Service 6 Principal 47 Interest 48 49 50 Excess (Deficiency) of Revenues Over Expeno 51 52 Other financing sources (uses) 53 Proceeds of bonds 54 Premum on bonds 55 Transfers in 56 Transfers out 57 total other financing sources (uses) 58 59 Net Change in Fund Balance 181,560 181560 12,700 651.900 12,700 39.900 612.000 22,000 21000 889.160 22,000 21000 22146061200043,000 Total Expenditures 12,700 40615 (332.000] (43.000) 8.400 700,000 700,000 22,800 65,800 65,800 43,000) 122800) 43000)700,000 65 722.800 65,800 8.400 368.000 68.000 436.000 396,815 724.758 1,121,573 (2.385) 156,758 754.373 $ 22,800 60 Fund Balance, January 1 22.800 508.400 61 Fund Balance, December 31 Fund Basis Statements : Journal Entries | Financial Statements Jefferson County Statement of Net Position As of 12-31-2017 Jefferson County tement of Revenses, Expenses, and Changes in fand Net Position For the year ended 12-31-2017 Internal Service Fand Enterprise Funds Eaterprise Internal Fands Service Fund Assets Cash Due from other fands Supplies Inventory S 22,000 S 22,850 15,750 3,500 42,100 S 805,000 $ 96,250 Charges for Services 18,000 40,000 17,000 805,000 96,250 Total Revenues otal current assets Advance to Internal Service fand Operating Expenses Cost of services 255,00021,600 S 312,000 $ 63,700 Capital Assets (net) 703,000 60,000 83,690 Total Assets 7Total Operaing Expenses 763,000 90,590 4,350 490 16,750 850 payable 42,000 9 Operating Income (loss) 5,660 Wages payable Interest payable Due to Other funds 1 Nonoperating income (expenses) 2 Interest Expense 3 Total nonoperating revense 15,750 5,000)(C (5,000) total current liabilities 33,350 5,440 200,000 0,000 17,000 32.440 Change in Net Position 37,0005,060 41,650 note payable 6 Net Position- Beginning of Year 26,200 Advance from Enterprise fand Net Position- End of Year Total Liabiliies 233.350 Net position Net investment in capital assets Unrestricted Net Position 55,000 23,650 78,650 S 31,260 4,600 26,660 0 Fund Basis Statements Journal Entries Financial Statements (%) Excel-Based Problems been com- pleted for the year 2017 and appear in the first tab of theExcel spec provided with this exercise. The following information is also av 8-13. The fund-basis financial statements of Jefferson County have a. Capital Assets assets purchased in previous years through governm type funds totaled $7,890,000 (net of accumulated depreciation) as of January 1. Depreciation on capital assets used in governmental-type activities amounted to $316,000. No capital assets were sold or disposed of, and all purchases are p erly reflected in the fund-basis statements as capital expenditures. rop- . b. Long-Term Debt There was no outstanding long-term debt associated with governmental- type funds as of January 1 . .April 1, 6 percent bonds with a face value of $700,000 were issuedat a premium. Bond payments are made on October 1 and April 1 of each year. Interest is based on an annual rate of 6 percent, and principal pay- ments are $22.000 each. The first payment (interest and principal) was made on October 1. Amortization of the bond premium for the current year is $1.800 c. Deferred Inflows of Resources . Deferred inflows (comprised solely of property taxes) are expected to be collected more than 60 days after year-end. The balance o deferred taxes at the end of 2016 was $19,500. Government-wide Stoternents, Capitol Assets, Long-Term Debt 257 d. Transfers were between governmental-type funds. e Internal Service Fund or pool) internal service fund's revenue is predominantly departments classified as governmental-type activities. were no amounts due to the internal service fund from the General Fund. The outstanding balance of Due to Other Funds was i . The (motor ved from . There with the enterprise fund and is not capital related. . The enterprise fund provided a long-term advance to the internal service IIse the Excel template provided to complete the following requirements pare the journal entries necessary to convert the governmental fund (not capital related). Required a separate tab is provided in Excel for each of these steps. fund financial statements to the accrual basis of accounting 2. Post the journal entries to the conversion worksheet provided 3. Prepare a government-wide Statement of Activities and Statement of Net Position for the year 2017. All of the governmental fund revenues are "general revenues." This is an involved problem, requiring many steps. Here are some hints. a. Tab 1 is information to be used in the problem. You do not enter any- thing here. b. After you make the journal entries (Tab 2). post these to the work- sheet to convert to the accrual basis. This worksheet is set up so that you enter debits as positive numbers and credits as negative. After you post your entries, look at the numbers below the total credit col- umn to see that debits equal credits. If not, you probably entered a credit as a positive number ances for government-wide statements) principal is added to restricted fund balances. c. Make sure that total debits equal total credits in the last column (bal- d. Whe en calculating Restricted Net Position, recall that permanent fund Jefferson County Governmental Funds Balance Sheet as of 12-31-2017 General Fund Projects Fund Fund CapitalDebt Service Permanent Total Governmental Fund Funds Assets 4 Cash 5 Investments 6 Taxes Reveivable (net) 7 Due from other governments 8 Accrued interest receivable 9 Supplies Inventory $128.148 8100022.800 8.400 502.400 340.348 502.400 51325 280,000 1,700 1700 Total Assets 179.823461.00022.800 512,500$ 1,176,123 12 Liabilities, Deferred Inflows and Fund Balance 13 Liabilities 14 Accounts Payable 5 Wages Payable 4,100 2000 6.100 850 25,000 1.950 6 Contracts payable 25,000 Total Liabilities 25,000 4,100 18 Deferred Inflows 19 Deferred Inflows - Property Taxes 20 21 Fund Balances 22 Nonspendable 23 Inventories 24 Permanent fund principal 25 Restricted 26 Assigned 27 Unassigned 28 22.600 22600 350 500,000 500,000 436.000 32.000 153 223 1121,573 436,000 800 22.800 8,400 153.223 Total Fund Equity 436,000 22.800 508,400 30 Total Liabilities, Deferred Inflows and Fund B: s 179,823 461000$22.800 s 512500 s 1.176,123 Jefferson County Statement of Revenues Expenditures and Changes in Fund Balance for the year ended 12-31-2017 GeneralCapital Debt Service Permanent Total Governmental Fund Projects Fund Fund Fund Funds Revenues Property Taxes Intergovernmental revenues Investment income: 262 075s 262,075 280,000 21,100 563,175 280,000 21.100 21.100 Total Revenues 262,075 280,000 0 Expenditures 1 Current 2 General Government Operations 31 Library 14 Capital Outlay 15 Debt Service 6 Principal 47 Interest 48 49 50 Excess (Deficiency) of Revenues Over Expeno 51 52 Other financing sources (uses) 53 Proceeds of bonds 54 Premum on bonds 55 Transfers in 56 Transfers out 57 total other financing sources (uses) 58 59 Net Change in Fund Balance 181,560 181560 12,700 651.900 12,700 39.900 612.000 22,000 21000 889.160 22,000 21000 22146061200043,000 Total Expenditures 12,700 40615 (332.000] (43.000) 8.400 700,000 700,000 22,800 65,800 65,800 43,000) 122800) 43000)700,000 65 722.800 65,800 8.400 368.000 68.000 436.000 396,815 724.758 1,121,573 (2.385) 156,758 754.373 $ 22,800 60 Fund Balance, January 1 22.800 508.400 61 Fund Balance, December 31 Fund Basis Statements : Journal Entries | Financial Statements Jefferson County Statement of Net Position As of 12-31-2017 Jefferson County tement of Revenses, Expenses, and Changes in fand Net Position For the year ended 12-31-2017 Internal Service Fand Enterprise Funds Eaterprise Internal Fands Service Fund Assets Cash Due from other fands Supplies Inventory S 22,000 S 22,850 15,750 3,500 42,100 S 805,000 $ 96,250 Charges for Services 18,000 40,000 17,000 805,000 96,250 Total Revenues otal current assets Advance to Internal Service fand Operating Expenses Cost of services 255,00021,600 S 312,000 $ 63,700 Capital Assets (net) 703,000 60,000 83,690 Total Assets 7Total Operaing Expenses 763,000 90,590 4,350 490 16,750 850 payable 42,000 9 Operating Income (loss) 5,660 Wages payable Interest payable Due to Other funds 1 Nonoperating income (expenses) 2 Interest Expense 3 Total nonoperating revense 15,750 5,000)(C (5,000) total current liabilities 33,350 5,440 200,000 0,000 17,000 32.440 Change in Net Position 37,0005,060 41,650 note payable 6 Net Position- Beginning of Year 26,200 Advance from Enterprise fand Net Position- End of Year Total Liabiliies 233.350 Net position Net investment in capital assets Unrestricted Net Position 55,000 23,650 78,650 S 31,260 4,600 26,660 0 Fund Basis Statements Journal Entries Financial Statements (%) Excel-Based Problems been com- pleted for the year 2017 and appear in the first tab of theExcel spec provided with this exercise. The following information is also av 8-13. The fund-basis financial statements of Jefferson County have a. Capital Assets assets purchased in previous years through governm type funds totaled $7,890,000 (net of accumulated depreciation) as of January 1. Depreciation on capital assets used in governmental-type activities amounted to $316,000. No capital assets were sold or disposed of, and all purchases are p erly reflected in the fund-basis statements as capital expenditures. rop- . b. Long-Term Debt There was no outstanding long-term debt associated with governmental- type funds as of January 1 . .April 1, 6 percent bonds with a face value of $700,000 were issuedat a premium. Bond payments are made on October 1 and April 1 of each year. Interest is based on an annual rate of 6 percent, and principal pay- ments are $22.000 each. The first payment (interest and principal) was made on October 1. Amortization of the bond premium for the current year is $1.800 c. Deferred Inflows of Resources . Deferred inflows (comprised solely of property taxes) are expected to be collected more than 60 days after year-end. The balance o deferred taxes at the end of 2016 was $19,500. Government-wide Stoternents, Capitol Assets, Long-Term Debt 257 d. Transfers were between governmental-type funds. e Internal Service Fund or pool) internal service fund's revenue is predominantly departments classified as governmental-type activities. were no amounts due to the internal service fund from the General Fund. The outstanding balance of Due to Other Funds was i . The (motor ved from . There with the enterprise fund and is not capital related. . The enterprise fund provided a long-term advance to the internal service IIse the Excel template provided to complete the following requirements pare the journal entries necessary to convert the governmental fund (not capital related). Required a separate tab is provided in Excel for each of these steps. fund financial statements to the accrual basis of accounting 2. Post the journal entries to the conversion worksheet provided 3. Prepare a government-wide Statement of Activities and Statement of Net Position for the year 2017. All of the governmental fund revenues are "general revenues." This is an involved problem, requiring many steps. Here are some hints. a. Tab 1 is information to be used in the problem. You do not enter any- thing here. b. After you make the journal entries (Tab 2). post these to the work- sheet to convert to the accrual basis. This worksheet is set up so that you enter debits as positive numbers and credits as negative. After you post your entries, look at the numbers below the total credit col- umn to see that debits equal credits. If not, you probably entered a credit as a positive number ances for government-wide statements) principal is added to restricted fund balances. c. Make sure that total debits equal total credits in the last column (bal- d. Whe en calculating Restricted Net Position, recall that permanent fund