*** The following is the beginning of a string of problems I will post based off of the City of Bingham program in an Governmental Accounting course ***
{Part 2} Need help with the Statement of Net Position, Statement of Activities, Balance Sheet - Governmental Funds (with reconciliation of this statement to the government-wide statement of activities).
Chapter 9 Adjusting and Closing Entries for Governmental Activities, Government-Wide Level; Preparation of Government-Wide and Major Fund Financial Statements Before the 2020 basic financial statements, both government-wide and fund, can be prepared for the City of Bingham, you must first record and post adjusting and closing entries for governmental activities as described below. a. (Para. 9a] Record depreciation expense for the year 2020 in the governmental activities general journal at the government-wide level using the following information. Verify accuracy of the adjusting entries and post to the general ledger by clicking (Post Entries). Depreciation Expense Applied to Functions: General Government $ 705,000 Public Safety 1,409,000 Public Works 528,000 Health and Welfare 351,000 Culture and Recreation 351,000 Total depreciation expense $3,344,000 Depreciation Applicable to Asset Categories (Increases in accumulated depreciation): Improvements Other Than Buildings $ 197,000 Infrastructure 639,000 (Note: The City of Bingham is a primary government and has no other organizations for which it is accountable as component units. Also, the FY 2021 financial information for the Investment Pool Fund is not included in any of the basic financial statements you are preparing, as the statements you are preparing pertain only to FY 2020.) Government-wide Financial Statements 1. Statement of net position 2. Statement of activities Fund Financial Statements 1. Balance sheet-governmental funds (with reconciliation of this statement to the government-wide statement of activities) 2. Statement of revenues, expenditures, and changes in fund balances-governmental funds (with reconciliation of this statement to the government-wide statement of activities) 3. Statement of net position-proprietary funds 4 Statement of revenues, expenses, and changes in fund net position-proprietary funds 5. Statement of cash flows-proprietary funds Before closing the City of Bingham it is recommended that you save a backup copy of your work to another location by clicking on [File) and (Save As) for Windows and Mac. Click on "Export my Project" if you are using the Chromebook version. Chapter 9 Adjusting and Closing Entries for Governmental Activities, Government-Wide Level; Preparation of Government-Wide and Major Fund Financial Statements Before the 2020 basic financial statements, both government-wide and fund, can be prepared for the City of Bingham, you must first record and post adjusting and closing entries for governmental activities as described below. a. (Para. 9a] Record depreciation expense for the year 2020 in the governmental activities general journal at the government-wide level using the following information. Verify accuracy of the adjusting entries and post to the general ledger by clicking (Post Entries). Depreciation Expense Applied to Functions: General Government $ 705,000 Public Safety 1,409,000 Public Works 528,000 Health and Welfare 351,000 Culture and Recreation 351,000 Total depreciation expense $3,344,000 Depreciation Applicable to Asset Categories (Increases in accumulated depreciation): Improvements Other Than Buildings $ 197,000 Infrastructure 639,000 (Note: The City of Bingham is a primary government and has no other organizations for which it is accountable as component units. Also, the FY 2021 financial information for the Investment Pool Fund is not included in any of the basic financial statements you are preparing, as the statements you are preparing pertain only to FY 2020.) Government-wide Financial Statements 1. Statement of net position 2. Statement of activities Fund Financial Statements 1. Balance sheet-governmental funds (with reconciliation of this statement to the government-wide statement of activities) 2. Statement of revenues, expenditures, and changes in fund balances-governmental funds (with reconciliation of this statement to the government-wide statement of activities) 3. Statement of net position-proprietary funds 4 Statement of revenues, expenses, and changes in fund net position-proprietary funds 5. Statement of cash flows-proprietary funds Before closing the City of Bingham it is recommended that you save a backup copy of your work to another location by clicking on [File) and (Save As) for Windows and Mac. Click on "Export my Project" if you are using the Chromebook version
