Please review word document Prob 8-13 and assist with excel spreadsheet.

Jefferson County Governmental Funds Balance Sheet as of 12-31-2015 Capital Projects Fund General Fund Total Governmental Funds Debt Service Permanent Fund Fund Assets Cash Investments Taxes Reveivable (net) Due from other governments Accrued interest receivable Supplies Inventory Total Assets $ 128,148 $ 181,000 $ 22,800 $ 8,400 $ 340,348 502,400 502,400 51,325 51,325 280,000 280,000 1,700 1,700 350 $ 350 179,823 $ 461,000 $ Liabilities, Deferred Inflows and Fund Balance Liabilities Accounts Payable 2,000 Wages Payable 850 Contracts payable Total Liabilities 2,850 Deferred Inflows Deferred Inflows - Property Taxes 22,600 22,800 $ 512,500 $ 1,176,123 4,100 6,100 850 25,000 25,000 25,000 - 4,100 31,950 21,000 43,600 Fund Balances Nonspendable Inventories Permanent fund principal Restricted Assigned Unassigned Total Fund Equity 154,373 436,000 22,800 508,400 Total Liabilities, Deferred Inflows and Fund B $ 179,823 $ 461,000 $ 22,800 $ 512,500 350 350 500,000 500,000 436,000 436,000 800 22,800 8,400 32,000 153,223 153,223 1,121,573 $ 1,197,123 Jefferson County Statement of Revenues Expenditures and Changes in Fund Balance the year ended 12-31-2015 Capital Projects Fund General Fund Revenues Property Taxes Intergovernmental revenues Investment income: Total Revenues $ 262,075 $ Total Governmental Funds Debt Service Permanent Fund Fund - 262,075 280,000 280,000 21,100 262,075 Expenditures Current: General Government Operations Library Capital Outlay Debt Service Principal Interest Total Expenditures 21,100 - 563,175 181,560 12,700 39,900 612,000 12,700 - 651,900 - 22,000 22,000 21,000 21,000 221,460 612,000 43,000 12,700 889,160 40,615 Other financing sources (uses) Proceeds of bonds Premum on bonds Transfers in Transfers out total other financing sources (uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 280,000 21,100 181,560 Excess (Deficiency) of Revenues Over Expend (332,000) (43,000) 8,400 (325,985) 700,000 700,000 22,800 22,800 65,800 65,800 (43,000) (43,000) 700,000 65,800 - 722,800 (2,385) 368,000 22,800 8,400 396,815 156,758 $ (22,800) 68,000 - 500,000 724,758 154,373 $ 436,000 $ (65,800) 22,800 $ 508,400 Jefferson County $ 1,121,573 Jefferson County Statement of Revenues, Expenses, and Changes in fund Net Position Statement of Net Position For the year ended 12-31-2015 As of 12-31-2015 Enterprise Funds Internal Service Fund Revenues Charges for Services for Internal Service Fund Enterprise Funds Assets $ 805,000 $ 96,250 Cash Due from other funds $ 22,000 $ 22,850 15,750 Total Revenues 805,000 96,250 Supplies Inventory 18,000 40,000 total current assets Operating Expenses Advance to Internal Service fund Cost of services 703,000 60,000 Total Operaing Expenses 6,900 763,000 Depreciation 83,690 90,590 255,000 $ 42,000 5,660 (5,000) (600) Total nonoperating revenue (5,000) 37,000 5,060 Net Position- Beginning of Year 41,650 26,200 78,650 $ 31,260 4,350 490 - 600 15,750 (600) Change in Net Position 63,700 850 Wages payable Due to Other funds Interest Expense $ 16,750 Interest payable Nonoperating income (expenses) 312,000 21,600 Liabilities Accounts payable Operating Income (loss) 42,100 17,000 Capital Assets (net) Total Assets 3,500 total current liabilities 33,350 Bond payable Net Position - End of Year $ 5,440 200,000 Bank note payable 10,000 Advance from Enterprise fund 17,000 Total Liabilities 233,350 32,440 Net investment in capital assets 55,000 4,600 Unrestricted 23,650 26,660 Net position Net Position $ 78,650 $ 31,260 Gov'tal Fund Balances Worksheet Journal Entries to Convert debits $ credits $ No entry required Depreciation Accummulated Depreciation 305,000 305,000 No entry required b Internal Service Funds Debits Credits DEBITS: to the Accrual basis of Accounting a. Adjustments & Eliminations Debits Credits Balances for Gov't-wide Stmts Cash Investment in corporate bonds Taxes Receivable Due from other governments Accrued interest receivable Supplies Inventory 340,348 502,400 51,325 280,000 1,700 350 700,000 43,000 997,348 502,400 51,325 280,000 1,700 350 - Due from Other Funds Capital Assets - net of accumulated depreciation (two rows) No entry required Cash Bonds Payable 700,000 Bonds Payable Interest Expense Cash 22,000 21,000 700,000 43,000 Expenditures (expenses) Current General Govt. Library Other Expenditures (expenses) - Debt Service Principal - Interest expense/expenditure - Capital Outlay - Depreciation Other Fin. Uses - Transfers Out Total Debits - 181,560 12,700 22,000 21,000 651,900 181,560 12,700 22,000 42,000 651,900 305,000 65,800 3,114,083 21,000 305,000 65,800 2,131,083 CREDITS: Accounts Payable Wages Payable Deferred Inflows - Property taxes Contracts Payable Accumulated Depreciation Accrued Interest Payable Bank Note Payable 6,100 850 43,600 25,000 Other Financing Sources Proceeds of Bonds Proceeds of Bond premium Transfers In Net Position at beginning of year (two rows) Total Credits 21,000 305,000 Bonds Payable (two rows) Premium on Bonds Advance from Water Utility Fund Revenues Property Taxes Intergovernmental Revenues Investment income 6,100 850 22,600 25,000 305,000 - 22,000 700,000 22,800 65,800 678,000 262,075 280,000 42,100 700,000 22,800 65,800 724,758 2,152,083 724,758 3,135,083 262,075 280,000 21,100 totals Journal entries 700,000 21,000 1,069,000 1,069,000 - - (21,000) Jefferson County Statement of Activities for the year ended 12-31-2015 Program Revenues Operational Capital Charges Grants and Grants and Governmental Business-Type for Services Contributions Contributions Activities Activities Expenses Functions/Programs Governmental Activities: General Government Library Depreciation Interest Total Governmental Activities Business Type Activities Water and Sewer Total Government $ - $ Net (Expense) Revenue and Change in Net Position - $ - - - $ - $ General Revenues Taxes: Property Taxes Intergovernmental revenues Investment Income Total General Revenues Change in Net Position Net Position, Beginning Net Position, Ending - $ - - - $ - $ BusinessType Activities - Liabilities Accounts Payable Wages Payable Accrued Interest Payable Contract Payable Bank Note Payable Bonds Payable Premium on Bonds Sold Total Liabilities $ - $ - - - - - - Net Position Net investment in capital assets Restricted Unrestricted Total Net Position $ - $ $ - - Total $ - - - $ $ - - Assets Cash Investments Taxes Receivable (Net) Interest Receivable Internal Balances Current Due from Other Governments Inventories Internal Balances Long-Term Capital Assets, Net of Accumulated Depreciation Total Assets $ $ - Jefferson County Statement of Net Position as of 12-31-2015 Governmental Activities Total $ - The fund-basis financial statements of Jefferson County have been completed for the year 2015 and appear in the first tab of the Excel spreadsheet provided with this exercise. The following information is also available: a. Capital Assets Capital assets purchased in previous years through governmental type funds totaled $7,752,000 (net of accumulated depreciation) as of January 1. Depreciation on capital assets used in governmental-type activities amounted to $305,000. No capital assets were sold or disposed of and all purchases are properly reflected in the fund-basis statements as capital expenditures. b. Long-term Debt There is no outstanding long-term debt associated with governmental-type funds as of January 1. April 1, six percent bonds with a face value of $700,000 were issued at a premium. Bond payments are made on October 1 and April 1 of each year. Interest is based on an annual rate of six percent and principal payments 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 $1,500. 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 of deferred taxes at the end of 2014 was $21,000. d. Transfers Transfers were between governmental-type funds. e. Internal Service Fund The (motor pool) internal service fund's revenue is predominantly derived from departments classified as governmental-type activities. There were no amount due to the internal service fund from the General Fund. The outstanding balance of \"due to other funds\" was with the Enterprise Fund and is not capital related. The enterprise fund provided a long-term advance to the internal service fund (not capital related). Required: Use the Excel template provided to complete the following requirements; a separate tab is provided for each step. 1. Prepare the journal entries necessary to convert the governmental 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 2015. All of the governmental fund revenues are \"general revenues\". Tab 1 is information to be used; do not enter anything here. After you make journal entries, post these to the worksheet to convert to the accrual basis. When calculating Restricted Net Position, recall that permanent fund principal is added to restricted fund balances