Provided Excel Template:

The fund-basis financial statements of the City of Cottonwood have been completed for the year 2017 and appear in the first tab of the Excel spreadsheet provided with this exercise. In addition, the government-wide Statement of Net Position from the previous fiscal year is provided and should be used to determine beginning balances for accounts not appearing in the fund-basis statements. The following information is also available: a. Capital Assets Capital assets purchased by governmental funds are charged to capital expenditure and do not appear as assets in the fund-basis balance sheet. However, the balance is reflected in the Statement of Net Position in the government-wide financial statements. Depreciation on capital assets used in governmental-type activities amounted to $3,100,000 for the year 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 . Proceeds from bonds issued by governmental funds are reflected in other financing sources and do not appear as liabilities in the fund-basis balance sheet. Payments of principal are recognized as expenditures when due. The balance of outstanding bonds balance is reflected in the Statement of Net Position in the government-wide financial statements. The fund-basis financial statements of the City of Cottonwood have been completed for the year 2017 and appear in the first tab of the Excel spreadsheet provided with this exercise. In addition, the government-wide Statement of Net Position from the previous fiscal year is provided and should be used to determine beginning balances for accounts not appearing in the fund-basis statements. The following information is also available: a. Capital Assets Capital assets purchased by governmental funds are charged to capital expenditure and do not appear as assets in the fund-basis balance sheet. However, the balance is reflected in the Statement of Net Position in the government-wide financial statements. Depreciation on capital assets used in governmental-type activities amounted to $3,100,000 for the year 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 . Proceeds from bonds issued by governmental funds are reflected in other financing sources and do not appear as liabilities in the fund-basis balance sheet. Payments of principal are recognized as expenditures when due. The balance of outstanding bonds balance is reflected in the Statement of Net Position in the government-wide financial statements