Question
Please help me with the following problem. I'm not even sure what exactly the requirement is asking me to do? I don't know what format
Please help me with the following problem. I'm not even sure what exactly the requirement is asking me to do? I don't know what format I am supposed to prepare this reconciliation? Am I supposed to be doing journal entries, getting balances and putting them into a statement? Am i supposed to be just coming up with the answer to Net Position and how do I show how I cam up with it? Totally lost. Please help. Thanks!!!!!
The Town of Pumpkin Patch, a general purpose government, reported a net position in the amount of $14,150,000 in the governmental funds balance sheet dated December 31, 2019. In addition, the following information is relevant:
A. General government capital assets amounted to $43,450,000. Accumulated depreciation of those capital assets amounted to $21,220,000. Enterprise fund capital assets amounted to $5,670,000 with accumulated depreciation of $2,200,000.
B. Internal service fund's net position amounted to $545,000. These were reported in the proprietary funds fund basis statements but serve departments in the Governmental Funds.
C. Deferred revenue for property taxes recorded in the funds at December 31, 2019 amounted to $420,000.
D. Long-term liabilities of the general government amounted to (1) general obligation bonds of $4,550,000 and (2) compensated absences payable of $275,000. Revenue Bonds Payable in the enterprise fund totaled $1,625,000.
Required: Prepare a reconciliation at December 31, 2019 to reconcile the fund balances in the governmental funds balance sheet to the net position recognized in the governmental activities in the government-wide statement of net position.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started