The City of Bernard starts the year of 2017 with the following unrestricted amounts in its general fund: cash of $29,250 and investments of $72,000. In addition, it holds a small building bought on January 1, 2016, for general government purposes for $381,000 and related long-term debt of $304,800. The building is being depreciated on the straight-line method over 10 years. The interest rate is 10 percent. The general fund has four separate functions: general government, public safety, public works, and health and sanitation. Other information includes the following: $533,000 105,000 30,000 24,400 8,100 5,400 34,500 8,800 28,000 212,000 89,900 Receipts: Property taxes Sales taxes Dividend income Charges for general government services Charges for public safety services Charges for public works Charges for health and sanitation services Charges for landfill Grant to be used for salaries for health workers (no eligibility requirements) Issued long-term note payable Sold above investments Receivables at year-end: Property taxes ($12,100 is expected to be uncollectible) Payments: Salary: General government Public safety Public Works Health and sanitation call from grant) Utilities: General government Public safety Public works Health and sanitation Insurance General government Public safety Public works (all prepaid as of the end of the year) 177,000 100,500 98,000 85,000 23,800 10,800 19,25 16,200 4,800 32,100 15,600 8,100 Reg A1 Req A2 Req B1 Req B2 Prepare a statement of activities for governmental activities for December 31, 2017, and the year then ended. (Amounts to be deducted should be indicated by a minus sign.) CITY OF BERNARD Statement of Activities For Year Ended December 31, 2017 Program Revenues Charges Expenses for Grants and Services Contributions Net (Expense) Revenue and Changes in Net Position Governmental Activities Total Functions/Programs $ Governmental activities: General government Public safety Public works Health and sanitation Interest on debt 30 24,400 8,100 (191,500) $ (191,500) (166,950) (166,950) $ 215,900 $ 175,050 182,150 44 450 49,560 34,500 0 28,000 0 18,050 (49,560) 18,050 (49,560) $ 667,110 $ 67,000 $ 28,000 $ (389,960) $ (389,960) Total governmental activities General revenues Property taxes Sales taxes Dividend income Gain on sale of investments Gain on value of $ OOOO 697.900 105,000 30,000 00 697.900 105,000 30,000 For Year Ended December 31, 2017 Program Revenues Charges Grants and Expenses for Contributions Services Net (Expense) Revenue and Changes in Net Position Governmental Total Activities Functions/Programs $ 24,400 8,100 (191,500) (166,950) $ (191,500) (166,950) Governmental activities: General government Public safety Public works Health and sanitation Interest on debt $ 215,900 175,050 182,150 44,450 49,560 34,500 28,000 18,050 (49,560) 18,050 (49,560) 0 0 $ 667,110 $ 67,000 $ 28,000 $ (389,960) $ (389,960) S Total governmental activities General revenues Property taxes Sales taxes Dividend income Gain on sale of investments Gain on value of Investments 697,900 105,000 30,000 697,900 105,000 30,000 $ 832,900 s 832,900 Total general revenues Change in net position: Change during 2017 Net position-beginning Net position ending $ 442.940 $ 442,940 $ 442,940 $ 442.940 Reg A1 Reg A2 Req B1 Req B2 Prepare a statement of net position for governmental activities for December 31, 2017, and the year then ended. CITY OF BERNARD Statement of Net Position December 31, 2017 Governmental Activities Totals Assets: Current assets: Cash and cash equivalents Prepaid Insurance Investments Receivables (net) Supplies 000 8,100 121,700 164,900 8,130 8,100 121,700 + 164,900 8,130 $ 302,830 $ 302,830 Total current assets Capital assets Building general government (net of depreciation) Building public works (net of depreciation) Equipment (net of depreciation) Truck (capital lease) 000 68,000 370,830 S302,830 Total sets Liabilities 302,830 $ 302,830 Total current assets Capital assets: Building-general government (net of depreciation) Building-public works (net of depreciation) Equipment (net of depreciation) Truck (capital lease) 68,000 370,830 $ 302,830 Total assets Liabilities: Current liabilities: Salaries payable > Noncurrent liabilities: + Long-term notes payable $ 0 $ 0 Total liabilities Net position: Invested in capital assets, net of related debt Restricted for salaries (Grant) Unrestricted (deficit) Totul net position 0 0 Req A1 Req A2 Req B1 Req B2 Prepare a statement of revenues, expenditures, and other changes in fund balances for the Ge 2017, and the year then ended. Assume that the purchases method is being applied. CITY OF BERNARD Statement of Revenues, Expenditures, and Other Changes in Fund Balances - Governmental Funds For Year Ended December 31, 2017 General Fund Revenues: Property taxes Sales taxes Dividend income Charges for services Grant + Investments (realized gain) Investments (unrealized gain) Total 0 Expenditures: Current: General governmental Public safety Public works Health and sanitation >ISIS Current: General governmental Public safety Public works Health and sanitation Debt service: Principal payment on debt Interest on debt Capital outlay: Building Equipment Truck + $ 0 $ 0 Total expenditures Excess (deficiency) of revenues over expenses Other financing sources: Proceeds from long-term note Capitalized lease-truck $ 0 Total other financing sources Net changes in fund balance Fund balance-beginning Fund balance-ending 0 O Return to question Reg A1 Reg A2 Req B1 Reg B2 Prepare a balance sheet for the General Fund as of December 31, 2017, and the year then ended. Assume that the purchases method is being applied. CITY OF BERNARD Balance Sheet Governmental Funds December 31, 2017 General Fund Assets: Cash and cash equivalents Investments Receivables, net Supplies Prepaid insurance OOOO + 0 Total assets Liabilities and fund balances: Liabilities: Salaries payable Fund balances Nonspendable Restricted for salaries Committed for equipment and December 31, 2017 Goneral Fund Assets: Cash and cash equivalents Investments Receivables, net Supplies Prepaid insurance 0 Total assets Liabilities and fund balances: Liabilities: Salaries payable Fund balances: Nonspendable Restricted for salaries Committed for equipment and supplies Unassigned . 0 Total liabilities and fund balance $ $ 0 The City of Bernard starts the year of 2017 with the following unrestricted amounts in its general fund: cash of $29,250 and investments of $72,000. In addition, it holds a small building bought on January 1, 2016, for general government purposes for $381,000 and related long-term debt of $304,800. The building is being depreciated on the straight-line method over 10 years. The interest rate is 10 percent. The general fund has four separate functions: general government, public safety, public works, and health and sanitation. Other information includes the following: $533,000 105,000 30,000 24,400 8,100 5,400 34,500 8,800 28,000 212,000 89,900 Receipts: Property taxes Sales taxes Dividend income Charges for general government services Charges for public safety services Charges for public works Charges for health and sanitation services Charges for landfill Grant to be used for salaries for health workers (no eligibility requirements) Issued long-term note payable Sold above investments Receivables at year-end: Property taxes ($12,100 is expected to be uncollectible) Payments: Salary: General government Public safety Public Works Health and sanitation call from grant) Utilities: General government Public safety Public works Health and sanitation Insurance General government Public safety Public works (all prepaid as of the end of the year) 177,000 100,500 98,000 85,000 23,800 10,800 19,25 16,200 4,800 32,100 15,600 8,100 Reg A1 Req A2 Req B1 Req B2 Prepare a statement of activities for governmental activities for December 31, 2017, and the year then ended. (Amounts to be deducted should be indicated by a minus sign.) CITY OF BERNARD Statement of Activities For Year Ended December 31, 2017 Program Revenues Charges Expenses for Grants and Services Contributions Net (Expense) Revenue and Changes in Net Position Governmental Activities Total Functions/Programs $ Governmental activities: General government Public safety Public works Health and sanitation Interest on debt 30 24,400 8,100 (191,500) $ (191,500) (166,950) (166,950) $ 215,900 $ 175,050 182,150 44 450 49,560 34,500 0 28,000 0 18,050 (49,560) 18,050 (49,560) $ 667,110 $ 67,000 $ 28,000 $ (389,960) $ (389,960) Total governmental activities General revenues Property taxes Sales taxes Dividend income Gain on sale of investments Gain on value of $ OOOO 697.900 105,000 30,000 00 697.900 105,000 30,000 For Year Ended December 31, 2017 Program Revenues Charges Grants and Expenses for Contributions Services Net (Expense) Revenue and Changes in Net Position Governmental Total Activities Functions/Programs $ 24,400 8,100 (191,500) (166,950) $ (191,500) (166,950) Governmental activities: General government Public safety Public works Health and sanitation Interest on debt $ 215,900 175,050 182,150 44,450 49,560 34,500 28,000 18,050 (49,560) 18,050 (49,560) 0 0 $ 667,110 $ 67,000 $ 28,000 $ (389,960) $ (389,960) S Total governmental activities General revenues Property taxes Sales taxes Dividend income Gain on sale of investments Gain on value of Investments 697,900 105,000 30,000 697,900 105,000 30,000 $ 832,900 s 832,900 Total general revenues Change in net position: Change during 2017 Net position-beginning Net position ending $ 442.940 $ 442,940 $ 442,940 $ 442.940 Reg A1 Reg A2 Req B1 Req B2 Prepare a statement of net position for governmental activities for December 31, 2017, and the year then ended. CITY OF BERNARD Statement of Net Position December 31, 2017 Governmental Activities Totals Assets: Current assets: Cash and cash equivalents Prepaid Insurance Investments Receivables (net) Supplies 000 8,100 121,700 164,900 8,130 8,100 121,700 + 164,900 8,130 $ 302,830 $ 302,830 Total current assets Capital assets Building general government (net of depreciation) Building public works (net of depreciation) Equipment (net of depreciation) Truck (capital lease) 000 68,000 370,830 S302,830 Total sets Liabilities 302,830 $ 302,830 Total current assets Capital assets: Building-general government (net of depreciation) Building-public works (net of depreciation) Equipment (net of depreciation) Truck (capital lease) 68,000 370,830 $ 302,830 Total assets Liabilities: Current liabilities: Salaries payable > Noncurrent liabilities: + Long-term notes payable $ 0 $ 0 Total liabilities Net position: Invested in capital assets, net of related debt Restricted for salaries (Grant) Unrestricted (deficit) Totul net position 0 0 Req A1 Req A2 Req B1 Req B2 Prepare a statement of revenues, expenditures, and other changes in fund balances for the Ge 2017, and the year then ended. Assume that the purchases method is being applied. CITY OF BERNARD Statement of Revenues, Expenditures, and Other Changes in Fund Balances - Governmental Funds For Year Ended December 31, 2017 General Fund Revenues: Property taxes Sales taxes Dividend income Charges for services Grant + Investments (realized gain) Investments (unrealized gain) Total 0 Expenditures: Current: General governmental Public safety Public works Health and sanitation >ISIS Current: General governmental Public safety Public works Health and sanitation Debt service: Principal payment on debt Interest on debt Capital outlay: Building Equipment Truck + $ 0 $ 0 Total expenditures Excess (deficiency) of revenues over expenses Other financing sources: Proceeds from long-term note Capitalized lease-truck $ 0 Total other financing sources Net changes in fund balance Fund balance-beginning Fund balance-ending 0 O Return to question Reg A1 Reg A2 Req B1 Reg B2 Prepare a balance sheet for the General Fund as of December 31, 2017, and the year then ended. Assume that the purchases method is being applied. CITY OF BERNARD Balance Sheet Governmental Funds December 31, 2017 General Fund Assets: Cash and cash equivalents Investments Receivables, net Supplies Prepaid insurance OOOO + 0 Total assets Liabilities and fund balances: Liabilities: Salaries payable Fund balances Nonspendable Restricted for salaries Committed for equipment and December 31, 2017 Goneral Fund Assets: Cash and cash equivalents Investments Receivables, net Supplies Prepaid insurance 0 Total assets Liabilities and fund balances: Liabilities: Salaries payable Fund balances: Nonspendable Restricted for salaries Committed for equipment and supplies Unassigned . 0 Total liabilities and fund balance $ $ 0
