Proprietary Funds 179 Using the Excel template provided (a separate tab is provided for each of the requirements): a. Prepare journal entries and post entries to the T-accounts. b. Prepare closing entries C. Prepare a Statement of Revenues. Expenses. and Changes n Fu d Net Position d. Prepare a Statement of Net Position. e. Prepare a Statement of Cash Flows for the year 6-14. Rural County is an agricultural community located hundreds of miles any metropolitan center. The County established a Television Reception Improvement Fund to serve the public interest by constructing and operat nities that cannot receive the signals of free over-the-air TV stations because they are too far away from a broadcasting TV station. Because of the large ing television translator stations. TV translator stations serve commu distances between not inclined to serve rural communities. The fund charges TV owne customers, commercial cable TV providers are also rs a monthly fee of $15. The fund was established on December 20. 2016, with a transfer of cash from the General Fund of $125,000. On December 31 2016, the fund acquired land for its translator stations in the amount of S40,000. The remaining cash and the land are the only resources held by the fund at the beginning of 2017 1. Other than beginning account balances, no entries have been made in the general ledger. 2. The county prepared a budget for 2017 with estimated customer fees of $32,000, operating costs of $28,000, capital costs of $66.000, and estimated loan proceeds of $55,000 3. The following information was taken from the checkbook for the year ended December 31, 2017. Cash Basis 12 months Cash Receipts Fees from customers Borrowing from bank $33.250 52,000 85,250 Total deposits Cash Disbursements: Supplies Labor Utilities Equipment Interest on bank note 9,900 7.500 2.080 90,780 85.000 $79.470 Total checks Beginning Cash Balance Ending Cash Balance s0 Chapter 6 4. The loan from the bank is dated April I and is for a Interest (8 percent annual rate) is paid on Octoher d Prepare a Statement of Reve each year, beginning October I. 2017. The Cou Position interest o from the Television Reception Improvement Fund,n h 5. The machinery was purchased on April I with the proceet to establish a debt service fund but will pay the e. Prepare a Statement of Net l to capital asset acquisitions The Excel template contains ournal entries and T-account (3) special revenue fund fina nal entries and T-accounts, c enterprise fund financial stat statements contain accounts y accrual or accrual bases Simil events, depending on the hasi by the bank loan and has an estimated usefu lfe f line basis). 6. In January 2018, customers remitted fees totalin Decem 7. Supplies of $800 were received on December 29 and 2018. 8. Unused supplies on hand amounted to $760 at December 31.2 9. Utilities are paid in the following month. The utility bill for Decen 2017 was received on January 4, 2018 in the amount of S620, (Ui bills are recorded through accounts payable.) 10. On December 21, the company placed an order for a new compa ized control switch in the amount of S1.500 to be delivered andp in January 2018 Required You have been asked to provide financial statements for the upcom County Board meeting for the Television Reception Improvement Fun Part 1: Assume the County chooses to report the Television Receptin Improvement Fund as a special revenue fund following modified ax basis statements. Using the Excel template provided, a. Prepare journal entries recording the events above for the year December 31, 2017 b. Post the journal entries to T-accounts. c. Prepare closing entries. d. Prepare a Statement of Revenues, Expenditures, and Changes in f Balance. e. Prepare a Balance Sheet, assuming there are no restricted or com ted fund net resources. Part 2: Assume the County chooses to report the Television Recermu Improvement Fund as an enterprise fund following accr ments. Using the Excel template provided, basis sa a. Prepare journal entries recording the events above for the e December 31,2017 b. Post the journal entries to T-accounts. c. Prepare closing entries Proprietary Funds 179 Using the Excel template provided (a separate tab is provided for each of the requirements): a. Prepare journal entries and post entries to the T-accounts. b. Prepare closing entries C. Prepare a Statement of Revenues. Expenses. and Changes n Fu d Net Position d. Prepare a Statement of Net Position. e. Prepare a Statement of Cash Flows for the year 6-14. Rural County is an agricultural community located hundreds of miles any metropolitan center. The County established a Television Reception Improvement Fund to serve the public interest by constructing and operat nities that cannot receive the signals of free over-the-air TV stations because they are too far away from a broadcasting TV station. Because of the large ing television translator stations. TV translator stations serve commu distances between not inclined to serve rural communities. The fund charges TV owne customers, commercial cable TV providers are also rs a monthly fee of $15. The fund was established on December 20. 2016, with a transfer of cash from the General Fund of $125,000. On December 31 2016, the fund acquired land for its translator stations in the amount of S40,000. The remaining cash and the land are the only resources held by the fund at the beginning of 2017 1. Other than beginning account balances, no entries have been made in the general ledger. 2. The county prepared a budget for 2017 with estimated customer fees of $32,000, operating costs of $28,000, capital costs of $66.000, and estimated loan proceeds of $55,000 3. The following information was taken from the checkbook for the year ended December 31, 2017. Cash Basis 12 months Cash Receipts Fees from customers Borrowing from bank $33.250 52,000 85,250 Total deposits Cash Disbursements: Supplies Labor Utilities Equipment Interest on bank note 9,900 7.500 2.080 90,780 85.000 $79.470 Total checks Beginning Cash Balance Ending Cash Balance s0 Chapter 6 4. The loan from the bank is dated April I and is for a Interest (8 percent annual rate) is paid on Octoher d Prepare a Statement of Reve each year, beginning October I. 2017. The Cou Position interest o from the Television Reception Improvement Fund,n h 5. The machinery was purchased on April I with the proceet to establish a debt service fund but will pay the e. Prepare a Statement of Net l to capital asset acquisitions The Excel template contains ournal entries and T-account (3) special revenue fund fina nal entries and T-accounts, c enterprise fund financial stat statements contain accounts y accrual or accrual bases Simil events, depending on the hasi by the bank loan and has an estimated usefu lfe f line basis). 6. In January 2018, customers remitted fees totalin Decem 7. Supplies of $800 were received on December 29 and 2018. 8. Unused supplies on hand amounted to $760 at December 31.2 9. Utilities are paid in the following month. The utility bill for Decen 2017 was received on January 4, 2018 in the amount of S620, (Ui bills are recorded through accounts payable.) 10. On December 21, the company placed an order for a new compa ized control switch in the amount of S1.500 to be delivered andp in January 2018 Required You have been asked to provide financial statements for the upcom County Board meeting for the Television Reception Improvement Fun Part 1: Assume the County chooses to report the Television Receptin Improvement Fund as a special revenue fund following modified ax basis statements. Using the Excel template provided, a. Prepare journal entries recording the events above for the year December 31, 2017 b. Post the journal entries to T-accounts. c. Prepare closing entries. d. Prepare a Statement of Revenues, Expenditures, and Changes in f Balance. e. Prepare a Balance Sheet, assuming there are no restricted or com ted fund net resources. Part 2: Assume the County chooses to report the Television Recermu Improvement Fund as an enterprise fund following accr ments. Using the Excel template provided, basis sa a. Prepare journal entries recording the events above for the e December 31,2017 b. Post the journal entries to T-accounts. c. Prepare closing entries