---- The amount reported for due from other funds on the statement of net position for the water
utility enterprise fund is for services provided to the governmental and internal service funds of
Pine Hill.
-----On the governmental funds balance sheet at December 31, 2021, fund balance is restricted for the
following:
o Debt service, $50,000;
o Capital projects, $36,000.
A. Prepare the government-wide statement of net position for the Village of Pine Hill at December 31,
2021.
Problem 2: Government-wide statement of net position The following financial information is for the Village of Pine Hill for the year ended December 31, 2021. The Village has only one enterprise fund. Village of Pine Hill Statement of Net Position Water Utility Enterprise Fund At December 31, 2021 Assets Current assets Cash $ 27,000 Accounts receivable (net) 97,500 Due from other funds 8,000 Materials and supplies 50.000 Total current assets S 182.500 Noncurrent assets Restricted assets $ 30,000 Capital assets, net of accumulated depreciation 1,020,000 Total noncurrent assets $ 1,050,000 Total assets $1.232.500 Liabilities Current liabilities Accounts payable Interest payable Current portion of revenue bond Total current liabilities Noncurrent liabilities: Revenue bonds Total liabilities $ 70,000 10,000 100,000 $ 180,000 500,000 $680,000 Net Position Invested in capital assets, net of related debt Restricted for debt service Unrestricted Total net position 420,000 30,000 102.500 $ 552.500 Worksheet used to determine governmental activities for the Village of Pine Hill at 12/31/21 Governmental funds Internal service funds Adjustments Debits Credits Govermental activities $ 57,500 $233,500 34,000 17,000 (3) 2,000 2,000 9,500 4,000 20,500 7,000 Cash $176,000 Taxes receivable-property(net) 34,000 Taxes receivable-sales 17,000 Due from general fund Due from other governments 11,000 Supplies 3,000 Advance to ISF 80,000 Land Buildings Equipment Accumulated depreciation Total assets $321,000 (1) 80,000 16,000 77,000 18,000 (22,000) $162,000 (4) 5,000 (4)245,000 (4)300,000 21,000 322,000 318,000 ( 92,000) $881,000 (4) (70,000) 152,000 550,000 35,000 6,000 2,000 7,000 2,000 $ 42,000 8,000 Vouchers payable Due to enterprise fund Due to ISF fund Interest payable General obligation bonds Net pension liability Advance from general fund Total liabilities (3) 2,000 (7) 3,000 (5)150,000 (6)250,000 (1) 80,000 82,000 403,000 3,000 150,000 255,000 5,000 80,000 $94,000 $43,000 $458,000 Deferred inflows of resources Property taxes $34,000 (2) 34,000 -0- Fund balance $244,000 -0- (5)150,000 (2) 34,000 (6)250,000 (4) 480,000 (7) 3,000 (8)355,000 (8) 355,000 $68,000 423,000 Net position Total fund balance et position $244,000 $68,000 758,000 869,000 $423,000 Village of Pine Hill Statement of Net Position At December 31, 2021 Problem 2 Part A: Governmental Activities Business-type Activities Totals Assets: Current Assets: Cash and Investments Taxes Receivable-Property(net) Taxes Receivable-Sales Due from General Fund Due from Other Governments Liabilities: Current Liabilities: Vouchers Payable Interest Payable Net position: Problem 2: Government-wide statement of net position The following financial information is for the Village of Pine Hill for the year ended December 31, 2021. The Village has only one enterprise fund. Village of Pine Hill Statement of Net Position Water Utility Enterprise Fund At December 31, 2021 Assets Current assets Cash $ 27,000 Accounts receivable (net) 97,500 Due from other funds 8,000 Materials and supplies 50.000 Total current assets S 182.500 Noncurrent assets Restricted assets $ 30,000 Capital assets, net of accumulated depreciation 1,020,000 Total noncurrent assets $ 1,050,000 Total assets $1.232.500 Liabilities Current liabilities Accounts payable Interest payable Current portion of revenue bond Total current liabilities Noncurrent liabilities: Revenue bonds Total liabilities $ 70,000 10,000 100,000 $ 180,000 500,000 $680,000 Net Position Invested in capital assets, net of related debt Restricted for debt service Unrestricted Total net position 420,000 30,000 102.500 $ 552.500 Worksheet used to determine governmental activities for the Village of Pine Hill at 12/31/21 Governmental funds Internal service funds Adjustments Debits Credits Govermental activities $ 57,500 $233,500 34,000 17,000 (3) 2,000 2,000 9,500 4,000 20,500 7,000 Cash $176,000 Taxes receivable-property(net) 34,000 Taxes receivable-sales 17,000 Due from general fund Due from other governments 11,000 Supplies 3,000 Advance to ISF 80,000 Land Buildings Equipment Accumulated depreciation Total assets $321,000 (1) 80,000 16,000 77,000 18,000 (22,000) $162,000 (4) 5,000 (4)245,000 (4)300,000 21,000 322,000 318,000 ( 92,000) $881,000 (4) (70,000) 152,000 550,000 35,000 6,000 2,000 7,000 2,000 $ 42,000 8,000 Vouchers payable Due to enterprise fund Due to ISF fund Interest payable General obligation bonds Net pension liability Advance from general fund Total liabilities (3) 2,000 (7) 3,000 (5)150,000 (6)250,000 (1) 80,000 82,000 403,000 3,000 150,000 255,000 5,000 80,000 $94,000 $43,000 $458,000 Deferred inflows of resources Property taxes $34,000 (2) 34,000 -0- Fund balance $244,000 -0- (5)150,000 (2) 34,000 (6)250,000 (4) 480,000 (7) 3,000 (8)355,000 (8) 355,000 $68,000 423,000 Net position Total fund balance et position $244,000 $68,000 758,000 869,000 $423,000 Village of Pine Hill Statement of Net Position At December 31, 2021 Problem 2 Part A: Governmental Activities Business-type Activities Totals Assets: Current Assets: Cash and Investments Taxes Receivable-Property(net) Taxes Receivable-Sales Due from General Fund Due from Other Governments Liabilities: Current Liabilities: Vouchers Payable Interest Payable Net position
