Please help with pages 4 and 5. I worked the others.

Question 1 Partially correct Mark 20.64 out of 25.00 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. 5. 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.) 6 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. Refal a. Revenues-property taxes Net position Description Debit 300 Credit 0 b. 0 300 To adjust for beginning-of-year deferred revenues recognized as revenue in fund statements. Deferred property tax revenues Revenues-property taxes To record 2019 property tax revenues on the accrual basis of accounting. Other financing source-long-term debt issued Bonds payable 400 0 > > 0 400 C. 2,000 0 0 2,000 v d. To record bonds payable and reduce financing source Capital assets Expenditures-construction costs 0 3,000 0 3,000 e. 650 0 0 650 f. 1,300 0 0 1,300 > 0 8 14,000 0 6,400 7,600 0 To record capital assets and reduce expenditures Bonds payable Expenditures-bond principal To record reduction of bonds payable and reduce expenditures Transfers in Transfers-out To eliminate interfund transfers amoung governmental-type funds Capital assets Accumulated depreciation Net position To record beginning of-year balances (see item #1 described above). Depreciation expense - public safety Accumulated depreciation To record depreciation expense for 2019 (noted above in item #2). Net position Bonds payable To record beginning-of-year balance (see item #3 described above). Net position Accrued interest payable To record beginning of year balance (see item #4 described above). 700 0 h. 0 700 0 5,500 i. 0 5,500 > 120 0 j. 0 120 > 15 0 k 0 15 75 0 0 75 I. Interest expense Accrued interest payable To record increase in interest payable over beginning of year balance Net position Accrued vacation pay payable To record beginning of year balance (see item #5 described above). Expenses-public safety salaries Accrued vacation pay payable To record increase in vacation pay accrual over beginning of year balance 12 0 0 12 m. 2 Worksheet for government-wide statements (in thousands of dollars) Aggregated Balance Fund Statements Adjustments Debit Credit Debit Credit 1,115 Cash Adjusted Balance Debit Credit 1,115 0 930 0 930 700 Property taxes receivable-delinquent Personal income taxes receivable Allowance for uncollectible taxes-del. Salaries payable Income tax refunds payable Accrued vacation pay payable 700 0 30 0 30 700 300 0 700 0 300 10 75 1. 0 97 12 m. 400 0 0 0 400 b. 1,605 8,880 a. 5,000 2,300 300 400 b. 0 1,605 8,980 5,000 2,300 0 0 700 0 700 20 0 20 7,390 m. 12 0 Deferred propety tax revenues Fund balances Revenues - property taxes Revenues - personal income taxes Revenues - intergovernmental Revenues - recreation fees Revenues - miscellaneous Expenditures - public safety Expenditures - public works Expenditures - parks Expenditures - culture Expenditures - construction costs Expenditures - bond principal Expenditures - interest Tranfers out Transfers in Other financing source - long-term debt 0 7,402 4,950 2,300 390 4,950 2.300 390 3,000 0 0 3.000 d. 0 0 650 650 e. 0 0 520 k. 15 535 0 1,300 1,300 f. 0 0 1,300 f. 1,300 0 0 2,000 0 0 2,000 c. $23,245 $23,245 i. 5,500 0 2,205 Net position 300 a. 7,600 g j. 120 1. 75 650 0 e. 6,850 Bonds payable 2,000 c. 5,500 i. 17,000 0 d. Capital assets 3,000 14,000 & 0 7,100 Accumulated depreciation 6,400 g 700 h. 700 0 h. 700 0 135 Depreciation expense - public safety Accrued interest payable 120 j. 15 k. $ 36,022 $ 36,022 $ 28,072 28,072 $ Croton City Statment of Net Position December 31, 2019 (s in 000) Governmental Assets Pg4 Activites Current assets: $ 1,115 900 700 2,715 17.000 7,100 9,900 12,615 Cash Property taxes receivable - delinquent (net) Personal income taxes receivable Total current assets Noncurrent assets: Capital assets Less, accumulated depreciation 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 700 300 135 10 700 Assets Liabilities 8,082 1,845 12,615 6,150 87 Total noncurrent liabilities 6,237 Total liabilities 8,082 Net position Invested in capital assets, net of related debt 17,000 X Restricted for intergovernmental grants 0 x Unrestricted 0 x Total net position $ 0 x 4533 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) Program Revenues Revenues Charges Operating Capital Changes Functions: Expenses For Service Grants Net Position Grants Governmental Activities Public safety 0X $ $ 0$ OX 0X $ 0 x $ 0 Public works OX 0 0 0 x Parks 0 X 0 x 0 0 x 0 Culture 0X OX Ox 0 0 % Interest on long-term debt 0 0 0 OX 0X Total governmental activities 0 * $ $ 0 x $ 0X $ 0X $ General revenues: 0 X Property taxes 0 X Personal income taxes 0X Total revenues 0X Change in net position Net position - beginning of year 0X Net position - end of year $ 0x 453 widos $ Feconciliation of funds balance sheet to government-wide statement of net position is in 000) OX Total fund balance, fund balance sheet Amounts reported in statement of net position are different because: Capital assets used in govemmental activities are not financial resources and 0 X therefore are not reported in the funds Bonds payable are not due and payable in the current period and therefore are OX not reported in the funds A portion of the revenues is not available to pay for current period expenditures 0 x and therefore is deferred in the funds Certain expenses (interest, vacation pay) are not due and payable in the current period 0 x and therefore are not reported as fund liabilities OX Net position of governmental activities page 5 $ NOTE: Use a negative sign with your answer to indicate a reduction in the reconciliation process. Reconciliation of funds statement of government-wic Net change in fund balances Amounts reported in statement of activities are different becasues: Governmental funds report capital outlays as expenditures. In the statementof activities, the costs of capital assets are allocated over their useful lives as depreciation. Bond proceeds provide current financial resources and debt repayments areexpenditures in governmental funds. Issuing debt increases liabilities and repaying debt de 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 t Some expenses reported in the statement of activities do not require the use ofcurrent financial resources and therefore are not reported as expendituresin thegovernn Change in net posititon of governmental activities. Partially correct Marks for this submission: 20.64/25.00. pg 5 Question 1 Partially correct Mark 20.64 out of 25.00 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. 5. 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.) 6 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. Refal a. Revenues-property taxes Net position Description Debit 300 Credit 0 b. 0 300 To adjust for beginning-of-year deferred revenues recognized as revenue in fund statements. Deferred property tax revenues Revenues-property taxes To record 2019 property tax revenues on the accrual basis of accounting. Other financing source-long-term debt issued Bonds payable 400 0 > > 0 400 C. 2,000 0 0 2,000 v d. To record bonds payable and reduce financing source Capital assets Expenditures-construction costs 0 3,000 0 3,000 e. 650 0 0 650 f. 1,300 0 0 1,300 > 0 8 14,000 0 6,400 7,600 0 To record capital assets and reduce expenditures Bonds payable Expenditures-bond principal To record reduction of bonds payable and reduce expenditures Transfers in Transfers-out To eliminate interfund transfers amoung governmental-type funds Capital assets Accumulated depreciation Net position To record beginning of-year balances (see item #1 described above). Depreciation expense - public safety Accumulated depreciation To record depreciation expense for 2019 (noted above in item #2). Net position Bonds payable To record beginning-of-year balance (see item #3 described above). Net position Accrued interest payable To record beginning of year balance (see item #4 described above). 700 0 h. 0 700 0 5,500 i. 0 5,500 > 120 0 j. 0 120 > 15 0 k 0 15 75 0 0 75 I. Interest expense Accrued interest payable To record increase in interest payable over beginning of year balance Net position Accrued vacation pay payable To record beginning of year balance (see item #5 described above). Expenses-public safety salaries Accrued vacation pay payable To record increase in vacation pay accrual over beginning of year balance 12 0 0 12 m. 2 Worksheet for government-wide statements (in thousands of dollars) Aggregated Balance Fund Statements Adjustments Debit Credit Debit Credit 1,115 Cash Adjusted Balance Debit Credit 1,115 0 930 0 930 700 Property taxes receivable-delinquent Personal income taxes receivable Allowance for uncollectible taxes-del. Salaries payable Income tax refunds payable Accrued vacation pay payable 700 0 30 0 30 700 300 0 700 0 300 10 75 1. 0 97 12 m. 400 0 0 0 400 b. 1,605 8,880 a. 5,000 2,300 300 400 b. 0 1,605 8,980 5,000 2,300 0 0 700 0 700 20 0 20 7,390 m. 12 0 Deferred propety tax revenues Fund balances Revenues - property taxes Revenues - personal income taxes Revenues - intergovernmental Revenues - recreation fees Revenues - miscellaneous Expenditures - public safety Expenditures - public works Expenditures - parks Expenditures - culture Expenditures - construction costs Expenditures - bond principal Expenditures - interest Tranfers out Transfers in Other financing source - long-term debt 0 7,402 4,950 2,300 390 4,950 2.300 390 3,000 0 0 3.000 d. 0 0 650 650 e. 0 0 520 k. 15 535 0 1,300 1,300 f. 0 0 1,300 f. 1,300 0 0 2,000 0 0 2,000 c. $23,245 $23,245 i. 5,500 0 2,205 Net position 300 a. 7,600 g j. 120 1. 75 650 0 e. 6,850 Bonds payable 2,000 c. 5,500 i. 17,000 0 d. Capital assets 3,000 14,000 & 0 7,100 Accumulated depreciation 6,400 g 700 h. 700 0 h. 700 0 135 Depreciation expense - public safety Accrued interest payable 120 j. 15 k. $ 36,022 $ 36,022 $ 28,072 28,072 $ Croton City Statment of Net Position December 31, 2019 (s in 000) Governmental Assets Pg4 Activites Current assets: $ 1,115 900 700 2,715 17.000 7,100 9,900 12,615 Cash Property taxes receivable - delinquent (net) Personal income taxes receivable Total current assets Noncurrent assets: Capital assets Less, accumulated depreciation 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 700 300 135 10 700 Assets Liabilities 8,082 1,845 12,615 6,150 87 Total noncurrent liabilities 6,237 Total liabilities 8,082 Net position Invested in capital assets, net of related debt 17,000 X Restricted for intergovernmental grants 0 x Unrestricted 0 x Total net position $ 0 x 4533 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) Program Revenues Revenues Charges Operating Capital Changes Functions: Expenses For Service Grants Net Position Grants Governmental Activities Public safety 0X $ $ 0$ OX 0X $ 0 x $ 0 Public works OX 0 0 0 x Parks 0 X 0 x 0 0 x 0 Culture 0X OX Ox 0 0 % Interest on long-term debt 0 0 0 OX 0X Total governmental activities 0 * $ $ 0 x $ 0X $ 0X $ General revenues: 0 X Property taxes 0 X Personal income taxes 0X Total revenues 0X Change in net position Net position - beginning of year 0X Net position - end of year $ 0x 453 widos $ Feconciliation of funds balance sheet to government-wide statement of net position is in 000) OX Total fund balance, fund balance sheet Amounts reported in statement of net position are different because: Capital assets used in govemmental activities are not financial resources and 0 X therefore are not reported in the funds Bonds payable are not due and payable in the current period and therefore are OX not reported in the funds A portion of the revenues is not available to pay for current period expenditures 0 x and therefore is deferred in the funds Certain expenses (interest, vacation pay) are not due and payable in the current period 0 x and therefore are not reported as fund liabilities OX Net position of governmental activities page 5 $ NOTE: Use a negative sign with your answer to indicate a reduction in the reconciliation process. Reconciliation of funds statement of government-wic Net change in fund balances Amounts reported in statement of activities are different becasues: Governmental funds report capital outlays as expenditures. In the statementof activities, the costs of capital assets are allocated over their useful lives as depreciation. Bond proceeds provide current financial resources and debt repayments areexpenditures in governmental funds. Issuing debt increases liabilities and repaying debt de 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 t Some expenses reported in the statement of activities do not require the use ofcurrent financial resources and therefore are not reported as expendituresin thegovernn Change in net posititon of governmental activities. Partially correct Marks for this submission: 20.64/25.00. pg 5