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Preparation of journal entries for government-wide financial statements and preparation of government-wide financial statements The following additional information is furnished to complete this part of the problem. 1. Croton has no activities other than governmental activities. The city's government-wide statement of net position for the year ended December 31, 2018, showed general capital assets of $14,000 and related accumulated depreciation of $6,400 2. Depreciation expense on Croton's general capital assets for 2019 (including assets acquired in 2019) was $700, all of which was applicable to public safety 3. The city's government-wide statement of net position for the year ended December 31, 2018, showed bonds payable of $5,500. All the debt had been issued to finance capital assets. Analysis of Croton's debt service requirements showed that $700 of the total bonds payable as of December 31, 2019, should be reported as current because it is due to be paid during 2020. 4. The city's government-wide statement of net position for the year ended December 31, 2018, showed accrued interest payable of $120 on its outstanding long-term debt. Analysis of the city's debt service requirements showed accrued interest payable of $135 on all outstanding long-term debt as of December 31, 2019, including the debt sold by the city during 2019 Croton's government-wide statement of net position for the year ended December 31, 2018, showed accrued vacation pay of $75. Vacation leave records showed that, as of December 31, 2019, accumulated vacation leave had increased to $87, exclusive of the $10 due to be paid to retired police officers early in 2020. (Assume vacation leave applies only to the public safety function.) 5. Use the preceding information to do the following: a. Prepare journal entries needed to convert the governmental funds financial statements to the governmental activities columns of the government-wide financial statements. Review and make adjustments for journal entries made in Chapter 5 and Chapter 6 portions of this problem for revenues-property taxes; deferred property tax revenue; other financing sources -long-term debt issued: expenditures-capital outlay; expenditures-bond principal; and transfers in and out. Then, record journal entries for 1 through 5 above. Post the journal entries to a six-column worksheet similar to that shown in Table 10-8. NOTE: The reference (Ref.) letters next to each journal entry are only provided to help you complete the worksheet that immediately follows Ref. Description Debit Credit Ref. Description Debit Credit Revenues property taxes 300 Net position 300 To adjust for beginning-of-year deferred revenues recognized as revenue in fund statements b. Deferred property tax revenues 400 Revenues-property taxes To record 2019 property tax revenues on the accrual basis of accounting. c. Other financing source-long-term debt issued 2,000 Bonds payable 2,000 To record bonds payable and reduce financing source d. Capital assets 3,000 0 Expenditures-construction costs 3,000 To record capital assets and reduce expenditures e. Bonds payable 650 Expenditures-bond principal 650 To record reduction of bonds payable and reduce expenditures Transfers in 1,300 Transfers-out 1,300 To eliminate interfund transfers amoung governmental-type funds Net position To record beginning of-year balances (see item #1 described above). h. To record depreciation expense for 2019 (noted above in item #2). To record beginning-of-year balance (see item #3 described above). Net position 120 Accrued interest payable 120 To record beginning of year balance (see item #4 described above). 15 15 To record increase in interest payable over beginning of year balance Accrued vacation pay payable To record beginning of year balance (see item #5 described above). Accrued vacation pay payable To record increase in vacation pay accrual over beginning of year balance Worksheet for government-wide statements in thousands of dollars) Aggregated Adjusted Balance Statements Debit Credit Credit 1,115 1,115 Property taxes receivable- 930 930 Personal income taxes receivable 700 700 Allowance for uncollectible taxes- 30 30 Salaries payable 700 700 Income tax refunds 300 300 Accrued vacation pay 10 0 m. Deferred propety tax 400 b. Fund balances 1,605 Revenues property 8,880 a 0 b. Revenues personal income taxes Revenues- intergovernmental Revenues recreation fees Revenues miscellaneous Expenditures public 7,390 safety Expenditures-public 950 2,300 2,300 700 700 20 20 7.390 4,950 Expenditures-parks 2,300 Expenditures- 390 390 culture Expenditures- construction costs 3,000 0 d Expenditures-bond 650 principal Expenditures- nterest 520 Tranfers out 1,300 Transfers in ,300f Other financing source long-term 2,000 C $23,245 $23,245 Net position Bonds payable Capital assets enu 0 h. expense public Accrued interest 0 k b. Prepare Croton City's government-wide financial statements-a statement of net position and a statement of activities. NOTE: Do n ot use negative signs with any of your answers below. Croton City Statment of Net Position December 31, 2019 (S in 000) Assets Current assets: Cash Property taxes receivable- delinquent (net) Personal income taxes receivable Total current assets Noncurrent assets Capital assets Less, accumulated deprec mybusinesscourse ul Total noncurrent assets Total assets Liabilities Current Liabilities: Salaries payable Income tax refunds payable interest payable Vacation pay payable Current portion of bonds payable Total current liabilities Noncurrent liabilities: Noncurrent portion of bonds payable Accrued vacation pay Total noncurrent liabilities Total liabilities Net position Invested in capital assets, net of related debt Restricted for intergovernmental grants Unrestricted Total net position NOTE: Use a negative sign with your answers to indicate a "net expense" in the last column. Croton City Statement of Activites Year Ended December 31, 2019 Net (Expense) Revenues Program Revenues Charges For Service Operating Grants Capital Grants Functions: Expenses Net Position Public safety Public works Parks Culture 0 0 Interest on long-term debt 0 0 Total governmental activities General revenues: Property taxes Personal income taxes Total revenues Change in net position Net position beginning of year Net position- end of year C. Prepare Croton's financial statement reconciliations-the funds balance sheet to the government-wide statement of net position and the funds statement of revenues, expenditures, and changes in fund balances to the government-wide statement of activities. NOTE: Use a negative sign with your answer to indicate a reduction in the reconciliation process. Reconciliation of funds balance sheet to government-wide statement of net position ($ in 000) Total fund balance, fund balance sheet Amounts reported in statement of net position are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds Bonds payable are not due and payable in the current period and therefore are not reported in the funds A portion of the revenues is not available to pay for current period expenditures and therefore is deferred in the funds Certain expenses (interest, vacation pay) are not due and payable in the current period and therefore are not reported as fund liabilities Net position of governmental activities NOTE: Use a negative sign with your answer to indicate a reduction in the reconciliation process Reconciliation of funds statement of revenues, expenditures, and changes in fund balances to government-wide statement of activites ($ in 000) Net change in fund balances Amounts reported in statement of activities are different becasues: Governmental funds report capital outlays as expenditures. In the statement of activities, the costs of capital assets are allocated over their useful lives as depreciation. The amount by which capital outlays in the current period exceeded depreciation is Bond proceeds provide current financial resources and debt repayments are expenditures in governmental funds. Issuing debt increases liabilities and repaying debt decreases them in the statement of net position. The amount by which bond proceeds exceeded repayments is Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds. This is the amount by which property tax revenues reported in the government-wide statement exceeds the amount reported in the fund statement 0 Some expenses reported in the statement of activities do not require the use of current financial resources and therefore are not reported as expenditures in the governmental funds This is the amount by which interest expense and vacation pay reported in the government-wide statement exceeds the amount reported in the funds statement. Change in net posititon of governmental activities. Preparation of journal entries for government-wide financial statements and preparation of government-wide financial statements The following additional information is furnished to complete this part of the problem. 1. Croton has no activities other than governmental activities. The city's government-wide statement of net position for the year ended December 31, 2018, showed general capital assets of $14,000 and related accumulated depreciation of $6,400 2. Depreciation expense on Croton's general capital assets for 2019 (including assets acquired in 2019) was $700, all of which was applicable to public safety 3. The city's government-wide statement of net position for the year ended December 31, 2018, showed bonds payable of $5,500. All the debt had been issued to finance capital assets. Analysis of Croton's debt service requirements showed that $700 of the total bonds payable as of December 31, 2019, should be reported as current because it is due to be paid during 2020. 4. The city's government-wide statement of net position for the year ended December 31, 2018, showed accrued interest payable of $120 on its outstanding long-term debt. Analysis of the city's debt service requirements showed accrued interest payable of $135 on all outstanding long-term debt as of December 31, 2019, including the debt sold by the city during 2019 Croton's government-wide statement of net position for the year ended December 31, 2018, showed accrued vacation pay of $75. Vacation leave records showed that, as of December 31, 2019, accumulated vacation leave had increased to $87, exclusive of the $10 due to be paid to retired police officers early in 2020. (Assume vacation leave applies only to the public safety function.) 5. Use the preceding information to do the following: a. Prepare journal entries needed to convert the governmental funds financial statements to the governmental activities columns of the government-wide financial statements. Review and make adjustments for journal entries made in Chapter 5 and Chapter 6 portions of this problem for revenues-property taxes; deferred property tax revenue; other financing sources -long-term debt issued: expenditures-capital outlay; expenditures-bond principal; and transfers in and out. Then, record journal entries for 1 through 5 above. Post the journal entries to a six-column worksheet similar to that shown in Table 10-8. NOTE: The reference (Ref.) letters next to each journal entry are only provided to help you complete the worksheet that immediately follows Ref. Description Debit Credit Ref. Description Debit Credit Revenues property taxes 300 Net position 300 To adjust for beginning-of-year deferred revenues recognized as revenue in fund statements b. Deferred property tax revenues 400 Revenues-property taxes To record 2019 property tax revenues on the accrual basis of accounting. c. Other financing source-long-term debt issued 2,000 Bonds payable 2,000 To record bonds payable and reduce financing source d. Capital assets 3,000 0 Expenditures-construction costs 3,000 To record capital assets and reduce expenditures e. Bonds payable 650 Expenditures-bond principal 650 To record reduction of bonds payable and reduce expenditures Transfers in 1,300 Transfers-out 1,300 To eliminate interfund transfers amoung governmental-type funds Net position To record beginning of-year balances (see item #1 described above). h. To record depreciation expense for 2019 (noted above in item #2). To record beginning-of-year balance (see item #3 described above). Net position 120 Accrued interest payable 120 To record beginning of year balance (see item #4 described above). 15 15 To record increase in interest payable over beginning of year balance Accrued vacation pay payable To record beginning of year balance (see item #5 described above). Accrued vacation pay payable To record increase in vacation pay accrual over beginning of year balance Worksheet for government-wide statements in thousands of dollars) Aggregated Adjusted Balance Statements Debit Credit Credit 1,115 1,115 Property taxes receivable- 930 930 Personal income taxes receivable 700 700 Allowance for uncollectible taxes- 30 30 Salaries payable 700 700 Income tax refunds 300 300 Accrued vacation pay 10 0 m. Deferred propety tax 400 b. Fund balances 1,605 Revenues property 8,880 a 0 b. Revenues personal income taxes Revenues- intergovernmental Revenues recreation fees Revenues miscellaneous Expenditures public 7,390 safety Expenditures-public 950 2,300 2,300 700 700 20 20 7.390 4,950 Expenditures-parks 2,300 Expenditures- 390 390 culture Expenditures- construction costs 3,000 0 d Expenditures-bond 650 principal Expenditures- nterest 520 Tranfers out 1,300 Transfers in ,300f Other financing source long-term 2,000 C $23,245 $23,245 Net position Bonds payable Capital assets enu 0 h. expense public Accrued interest 0 k b. Prepare Croton City's government-wide financial statements-a statement of net position and a statement of activities. NOTE: Do n ot use negative signs with any of your answers below. Croton City Statment of Net Position December 31, 2019 (S in 000) Assets Current assets: Cash Property taxes receivable- delinquent (net) Personal income taxes receivable Total current assets Noncurrent assets Capital assets Less, accumulated deprec mybusinesscourse ul Total noncurrent assets Total assets Liabilities Current Liabilities: Salaries payable Income tax refunds payable interest payable Vacation pay payable Current portion of bonds payable Total current liabilities Noncurrent liabilities: Noncurrent portion of bonds payable Accrued vacation pay Total noncurrent liabilities Total liabilities Net position Invested in capital assets, net of related debt Restricted for intergovernmental grants Unrestricted Total net position NOTE: Use a negative sign with your answers to indicate a "net expense" in the last column. Croton City Statement of Activites Year Ended December 31, 2019 Net (Expense) Revenues Program Revenues Charges For Service Operating Grants Capital Grants Functions: Expenses Net Position Public safety Public works Parks Culture 0 0 Interest on long-term debt 0 0 Total governmental activities General revenues: Property taxes Personal income taxes Total revenues Change in net position Net position beginning of year Net position- end of year C. Prepare Croton's financial statement reconciliations-the funds balance sheet to the government-wide statement of net position and the funds statement of revenues, expenditures, and changes in fund balances to the government-wide statement of activities. NOTE: Use a negative sign with your answer to indicate a reduction in the reconciliation process. Reconciliation of funds balance sheet to government-wide statement of net position ($ in 000) Total fund balance, fund balance sheet Amounts reported in statement of net position are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds Bonds payable are not due and payable in the current period and therefore are not reported in the funds A portion of the revenues is not available to pay for current period expenditures and therefore is deferred in the funds Certain expenses (interest, vacation pay) are not due and payable in the current period and therefore are not reported as fund liabilities Net position of governmental activities NOTE: Use a negative sign with your answer to indicate a reduction in the reconciliation process Reconciliation of funds statement of revenues, expenditures, and changes in fund balances to government-wide statement of activites ($ in 000) Net change in fund balances Amounts reported in statement of activities are different becasues: Governmental funds report capital outlays as expenditures. In the statement of activities, the costs of capital assets are allocated over their useful lives as depreciation. The amount by which capital outlays in the current period exceeded depreciation is Bond proceeds provide current financial resources and debt repayments are expenditures in governmental funds. Issuing debt increases liabilities and repaying debt decreases them in the statement of net position. The amount by which bond proceeds exceeded repayments is Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds. This is the amount by which property tax revenues reported in the government-wide statement exceeds the amount reported in the fund statement 0 Some expenses reported in the statement of activities do not require the use of current financial resources and therefore are not reported as expenditures in the governmental funds This is the amount by which interest expense and vacation pay reported in the government-wide statement exceeds the amount reported in the funds statement. Change in net posititon of governmental activities