P 14-5 (one worksheet conversion-government activities-appendix)

Tierney County

Total Governmental Funds

Pre-Closing Trial Balance

December 31, 2015

Debit Credit

Cash 1,348,200

Investments 7,355,600

Due From General Fund 3,500

Taxes Receivable 189,000

Allowance for Uncollected Taxes 38,500

Interest & Penalties Receivable 5,250

Allowance for uncollectable accounts 476

Accounts Receivable 45,500

Allowance for uncollectable act 1750

Accrued Interest Receivable 191,800

Inventory of Materials & Supplies 16,450

Vouchers Payable 1,016,400

Accrued Salaries & Wages Payable 17,500

Contracted Payables Retained Percentage 35,000

Interest Payable (Current Debt) 1050

Unearned Operating Grant Revenues 360,500

Unearned Capital Grant Revenues 525,000

Due to Enterprise Fund 11,550

Due to Special Revenue Fund 3,500

Deferred Tax Revenue 107,800

Fund Balance (pre-closing) 695,049

Revenues:

Taxes 3,395,000

Licenses & Permits 311,500

Fines & Forfeitures 133,000

Unrestricted Grants 367,500

Operating Grants 420,000

Capital Grants 7,231,000

Investment Income 600,000

Other Revenue 7,000

Current Operating Expenditures / Expenses:

General Government 274,400

Public Safety 1,417,500

Streets and Roads 861,700

Health and Sanitation 162,400

Park and Recreation 65,100

Debit Credit

Capital Outlay Expenditures:

For Construction 8,890,000

For Equipment 203,700

Debt Service Expenditures:

Bond Principal Retirement 700,000

Interest on Bonds 356,475

Fiscal Agent Fees 52,500

Bond Issue Costs 35,000

Other Financing Sources:

Bond 6,300,000

Bond premium 42,000

Proceeds from sale of General Capital Assets 175,000

Transfer from General fund 616,000

Transfer from Special Revenue fund 70,000

Transfer from Enterprise Fund 63,000

Other Financing Uses:

Transfer to Capital Projects Fund: 56,000

Transfer to Debt Service Fund 560,000

Transfer to General fund 70,000

Total 22,860,075 22,860,075

Beginning Trial Balance of General Capital Assets and General Long term liabilities account at January 1, 2015

Debit Credit

Land 465,500

Buildings 4,375,000

Accumulated Depreciation Buildings 2,730,000

Machinery and Equipment 1,400,000

Accumulated Depreciation M&E 525,000

Streets and Roads 7,000,000

Accumulated Depreciation Streets & Roads 4,200,000

Bond Payable 2,800,000

Premium on Bond Payable 70,000

Liability for Claim and Judgments Long-term 490,000

Compensated Absences Liability Long-term 350.000

Net Position 2,075,500

Total 13,240,500 13,240,500

2.The balance of the long term Claims and Judgments obligation ate 12/31/15 was 450,000. All Claims and judgments of the county were related to health and sanitation.

The balance of the long term Liabilities for compensated Absences at 12/31/15 was 425,000. General government, public safety, streets and roads, and health and sanitation functions generate compensated Absences Liabilities equally.

Bond issuance occurred at the end of the year. Equipment purchase occurred at the beginning of the year.

January 1, 2015 the balance of Accrues Salaries $ wages payable is 25,000.

The January 1, 2015 balance of deferred tax revenue is 84,000.

Operating grants revenues were associated with Public safety (100,000) and health and sanitation. Capital grants revenues were associated with Streets and roads.

The accrued interest associated with bonds at December 31, 2015 was 99,000. The January 1, 2015 balance was 87,500.

The remaining term of the bonds payable with premium (70,000) is 10 years. Use Straight-line amortization.

The county depreciates machinery & equipment over 5 years, buildings 20 years, and streets and roads over 30 years. Assume zero salvage value

Depreciation expense on buildings and machinery and equipment is associated with functions as follows: General Government 10%, Public safety 50%, Streets and roads 25%, Health and sanitation 10%, and parks and recreation 5 %

The capital asset sold was equipment. The cost of the assets was 500,00 and had accumulated deprecation at January 1, 2015 of 400.000

The countys only Internal Service Fund provides 75% of its services to Enterprise funds and sets its billing equal to its costs of providing services. The Internal service billings to general government departments during the year totaled 100,000. Billings of 25,000 were associated with each functional category of expenditures except parks and recreation.

Required:

The 12/31/15 total fund balance (post closing) was 6,271,274. Prepare a balance sheet conversion worksheet to derive government-wide governmental activities date for Tierney County.