Problem #1: Governmental Reconciliations

The following information was extracted from the fund financial statements of Paige City for the fiscal year ended June 30, 2022:

	Fund Balance/ Net Position @ June 30, 2022	Net Change in Fund Balance/Net Position for Fiscal Year ended June 30, 2022
Capital Projects Funds	$80,000	$20,000
Debt Service Funds	40,000	(27,000)
Discretely Presented Component Units	53,000	11,000
Enterprise Funds	345,000	248,000
Fiduciary Funds	222,000	19,000
General Fund	457,000	(13,000)
Internal Service Fund	12,000	35,000
Permanent Funds	143,000	15,000
Special Revenue Funds	92,000	36,000

1. Compute the following amounts as they would have been reported by Paige City in its governmental fund financial statements at June 30, 2022:

	Amount
Total Governmental Fund Balance @ June 30, 2022 (6 points)

Supporting Computation Required:

	Amount
Total Net Change in the Governmental Fund Balance for the fiscal year ended June 30, 2022 (6 points)

Supporting Computation Required:

While preparing its government-wide financial statements for Paige City, the citys accounting staff uncovered the following items relating to the fiscal year ended on June 30, 2022:

• Capital Projects Fund increased its fund balance by $200,000 from the proceeds of long-term debt issued recognized as Other Financing Sources
• Capital Projects Fund recognized capital outlay expenditures totaling $180,000 during the fiscal year
• Debt service fund expenditures of $150,000 for re-payment of long-term debt principal and $95,000 for the payment of interest
• General Fund recognized capital outlay expenditures of $60,000 for capital assets used in governmental activities
• Capital assets used in governmental activities have a carrying value of $500,000, after recognizing $85,000 of depreciation
• Principal balance of $750,000 due on long-term debt for capital projects and general obligations
• Accrued interest from April 1 through June 30 of $22,500 on long-term debts for capital projects and general obligations to be paid as part of the semi-annual payment due on September 30, 2022
• Enterprise Fund reported capital assets with a net carrying value of $198,000 after acquiring capital assets that cost $45,000 during the fiscal year and recognizing depreciation expense of $68,000
• Enterprise Fund reported long-term debts with principal balances of $156,000 after making principal payments of $35,000 during the fiscal year
• Paige City has a receivable from the state from $25,000 for its share of sales tax from fiscal year 2022 that the city will not receive until September 15, 2022
• Internal Service Funds provided services exclusively for the city

2.) Reconcile the Total Governmental Fund Balance from the Governmental Fund Balance Sheet to the Total Net Position from Governmental Activities on Government-wide Statement of Net Position for Paige City at June 30, 2022.

3.) Reconcile the Net Change in Fund Balances of Governmental Funds in Fund Financials to Change in Net Position from Governmental Activities on Government-wide Statement of Activities for Paige City for the fiscal year ended on June 30, 2022.

No additional information is provided within the problem as this is the whole problem.