The following statements are the ones to make the entries:

After the entries I would need:

- Statements of Activities

-Statement of Net Position

-Reconciliations

I would really appreciate your help, I need a good grade in this assignment. HAPPY THANKSGIVING

Chapter 8 - Government-wide Statements 8-C. Assemble the following from previous continuous problems: (1) the governmental funds Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balances from Section 5-C; (3) the proprietary funds Statement of Net position and Statement of Revenues, Expenses, and Changes in Fund Net position from Section 6 C. 1. Start a worksheet for adjustments, using the trial balance format illustrated in the text (i.e., list accounts with debit balances first, then accounts with credit balances). Enter the balances from the governmental funds financial statements prepared for Section 5-C. When doing this, follow the following guidelines: Net position: Use a single account for net position (which will include the beginning balance of all fund balance accounts). Intergovernmental Revenues: When setting up the worksheet, set up separate lines for the intergovernmental revenues as follows: State Grant for Highway and Street Maintenance Operational Grant General Government Capital Grant Public Safety Total $ 1,067,500 332,000 1,335,000 $2,734,500 Capital Assets: It is not necessary to set up separate lines for different classes of capital (fixed) assets or accumulated depreciation (simply use one row for Capital Assets and another for Accumulated Depreciation). Confirm that the total debits and credits equal. 2. Prepare worksheet entries and post to the worksheet for the following items. Identify each adjustment by the letter used in the problem: a. Record the January 1, 2020 balances of general fixed asset and related accumulated depreciation accounts. The City of Monroe had the following balances (excluding Internal Service Funds): Accumulated Cost Depreciation Totals $67,900,000 32,000,000 b. Eliminate the capital expenditures shown in the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances. c. Depreciation expense (governmental activities) for the year totaled $5,130,000. d. Eliminate the other financing sources from the sale of bonds by recording a liability for bonds payable and the related premium. e. As of January 1, 2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding. f. Eliminate the expenditures for bond principal. g. Accrue interest in the amount of $328,000. (Two bond issues were outstanding; interest payments for both were last made on July 1, 2020. The computation is as follows: ($11,200,000 .03 6/12)+($4,000,000 X.08 6/12) = $328,000). h. Adjust for the interest accrued in the prior year government-wide statements, but recorded as an expenditure in the 2020 fund basis statements, ($12,000,000 .03 x 6/12) = $180,000 i. Amortize bond premium in the amount of $ 10,000. j. Make adjustments for additional revenue accrual. The only adjustment is for property taxes to eliminate the current year deferral of property taxes. k Adjust for the $21,000 of property taxes that was deferred in 2019 and recognized as revenue in the 2020 fund-basis statements. 1. Assume the City adopted a policy in 2020 of allowing employees to accumulate compensated absences. Make an adjustment accruing the expense of $42,000 Charge compensated absences expense. m. Bring in the balances of the internal service fund balance sheet accounts. Again, use a single account for all capital assets and a second account for all accumulated depreciation balances (use a separate column of the worksheet to enter Internal Service Fund entries). n. No revenues from internal service funds were with external parties. Assume $3,200 of the $11,200 Due from Other Funds in the internal service accounts represents a receivable from the General Fund and the remaining $8,000 is due from the enterprise fund. Eliminate the $3,200 interfund receivables. 0. Reduce governmental fund expenses by the net operating profit of internal service funds. As the amount is small, reduce general government expenses for the entire p. Eliminate transfers that are between departments reported within governmental activities. 3. Prepare, in good form, a Statement of Activities for the City of Monroe for the Year Ended December 31, 2020. For purposes of this statement, assume: $332,000 in the General Fund is a state grant specifically to support general government programs. $1,067,500 in the Street and Highway Fund is an operating grant specifically for highway and street maintenance expenses. $1,335,000 in the City Jail Construction Fund is a capital grant that applies to public safety. Use the balances computed from the worksheet completed in part 2 for the governmental activities portion of the statement. Use the solution to P6-C (Enterprise fund) to prepare the business activities portion (net any short-term interfund payables/receivables). amount. . 4. Prepare, in good form, a Statement of Net position for the City of Monroe as of December 31, 2020. Group all capital assets, net of depreciation. Include a breakdown in the Net position section for (a) capital assets, net of related debt, (b) restricted, and (c) unrestricted. For purposes of classifying net position for the governmental activities, assume: For the governmental activities net position invested in capital assets, net of related debt, the related debt includes the bonds payable, the premium on bonds payable, and the advance from the water utility fund. The special revenue fund resources are restricted by the granting agency for street and highway maintenance. Assume $204,500 are the only restricted resources in the governmental activities. 5. Prepare the reconciliation necessary to convert from the fund balance reported in the governmental funds Balance Sheet to the net position in the government-wide Statement of Net position. 6. Prepare the reconciliation necessary to convert from the change in fund balances in the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the change in net position in the government-wide Statement of Activities. Govtal Fund Balances Governmental Punde Aduated Balances for Govt-wide Stmts Adjustments & Eliminations Debits Credits Internal Service Funds Debits Credits 54.100 T! DEBITS: Cash Cash with Fiscal Agent Investments Taxes Receivable.net Interest Receivable.net Inventores Due from State Govt Due from Other Funds Capital Assets boths 541.400 760.000 253 000 457500 16.850 541400 760 000 263 000 457.500 16.850 557.500 557 500 5.821.100 5.130.000 1160 691,100 SO 1.649.000 3.066 90 2481.900 591,400 724,100 374 300 917300 140 12100 36 SH 1.649.000 3.066.900 2481.900 591,400 724 100 374 300 917 300 Expenditures (expenses) Current General Govt. Public Safety Highway and Streets Sanitation Health Welfare Culture and Recreation Compensated Absences Exp Other Expenditures (expenses) Debt Service Principal Interest expenditur/exponse) boths Capital Outlay Depreciation Other Fin. Uses - Transfers Out BOBO 800.000 514.000 800.000 514.000 5.821.100 5,821,100 5.130.000 1.868,700 5130.000 TOO 5.130.000 1.868.700 21.404.950 21.404.900 253.800 40.200 263.800 40.200 102 4 000 000 12.000.000 200.000 16.000.000 200.000 1740 17.500 Total Debits CREDITS Accounts Payable Due to Other Funds Accruedas Peable Bonds Payalbe both rows Premium on Bonds Compensated Absence Payable Advance from Water Wulity Fund Deferred Infows: Property Taxes Accumulated Depreciation bathrows Revenues Property Taxes Sales Taxes interest Licenses Permits Miscellaneous State Grande Highway Street Expens Capital Grant. Gen Govt Capital Grant. Public Safety 6.846.000 2938 000 18.000 800.000 300.000 6.846.000 2.938.000 18.000 800.000 350 000 1,067 500 332 000 1.335.000 1.067.500 332.000 1.335.000 Other Financing Sources Proceeds of Bonds Premium on Bonds Transfers in Ner Position af beginning of your the rows 4.000.000 200.000 1.868.700 4.000.000 200 000 1.868.700 1,328 2150 Toro 1.328 250 33.404.950 Street and Highway City Hall Debt Service City Jail Debt Service City Jail Total Governmental Funds General Construction $ 1,900 Revenues Property Taxes Sales Taxes Interest & Penalties Licenses and Permits Intergovernmental Revenues Deferred Revenues - Property Taxes Miscellencous Revenues Total Revenues $6,842,500 2,938,000 16,100 800,000 332,000 17,500 350,000 11,296,100 6,842,500 2,938,000 18,000 800,000 2,739,500 17,500 1,067,500 1,340,000 1,069,400 1,340,000 13,355,500 1,040,500 Expenditures Current: General Government Public Safety Highways and Streets Sanitation Health Welfare Culture and Recreation Capital Outlays Debt Service Principal Interest Total Expenditures 1,682,915 3,066,900 1,441,400 591,400 724,100 374,300 917,300 492,800 1,682,915 3,066,900 2,481,900 591,400 724,100 374,300 917,300 5,821,100 5,328,300 800,000 354,000 1,154,000 800,000 514,000 16,973,915 160,000 160,000 9,291,115 1,040,500 5,328,300 2,004,985 28,900 (1,154,000) (160,000) (3,988,300) (3,618,415) Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses) Proceeds of Bonds Premium on Bonds Sold Transfer In Transfer Out Total Other Financing Sources (Uses) 4,000,000 200,000 1,142,000 720,000 4,000,000 200,000 1,862,000 (1,873,700) 4,188,300 (1,662,000) (1.662,000) (211,700) 3,988,300 1,142,000 720,000 342,985 28,900 (12,000) 560,000 569,885 Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 $ 342,985 $ 28,900 $ (12,000) $ 560,000 $ $ 569,885 Street and Highway City Hall Debt Service General Total Governmental Funds City Jail Debt Service $ 469,885 $ 30,900 $ 400,000 63,000 360,000 200,000 Assets Cash Cash With Fiscal Agent Investments Taxes Receivable (net) Interest & Penalties Receivable - (net) Due from State Government Total Assets 457,500 16,850 380,000 $ 1,324,235 500,785 760,000 263,000 457,500 16,850 557,200 2,555,335 177,200 $ 271,100 S 400,000 S 560,000 $ Liabilities, Deferred Inflows and Fund Balance Liabilities Accounts Payable S 200,300 Due to other Funds 40,200 Total Liabilities 240,500 $ 63,500 $ 263,800 40,200 304,000 63,500 Deferred Inflows Property Taxes 17,500 17,500 207,900 207,900 Fund Balances Restricted for Street & Highway Maintenance Assigned for: Debt Service Other Purposes Unassigned Total Fund Balance 400,000 560,000 58,000 1,007,935 1,065,935 960,000 58,000 1,007,935 2,233,835 207,900 400,000 560,000 Total Liabilities, Deferred Inflows and Fund Balance $ 1,323,935 $ 271,400 $ 400,000 $ 560,000 S 2,555,335 CITY OF MONROE Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position As of December 31, 2020 $ 2,274,750 Fund balances reported in governmental funds Balance Sheet Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are not financial resources and therefore not reported in the funds. Amount does not include capital assets of internal service funds (reported in following row). The assets and liabilities of internal service funds are included in governmental funds in the Statement of Net Position. Deferred revenue for property taxes reported in the funds but accrued as revenue in the government-wide statements and added to Net Position Accrued interest payable is reported as a liability in the Statement of Activities; interest is not accrued in the governmental funds. Bonds payable, not due and payable in the current period are not reported in the funds. Compensated absences, not due and payable in the current period are not reported in the funds, Net Position of Governmental Activities $ 2,274,750 CITY OF MONROE Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance to the Statement of Activities For the year ended December 31, 2020 $ 946,500 Net change in fund balances - Governmental funds Amounts reported for governmental activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures rather than assets Governmental funds do not report depreciation expense The net revenue of internal service funds is not reported with the governmental funds Property taxes due more than 60 days after year end is not accrued in the governmental funds. Bond proceeds are reported as other financing sources in the governmental funds but as liabilities in the government-wide statements. Repayment of bonds is reported as an expenditure in the governmental funds Interest is not accrued at year end in the governmental funds. Increases in compensated absences, not due and payable in the current period are not reported in the funds. Change in Net Position of Governmental Activities $ 946,500 Chapter 8 - Government-wide Statements 8-C. Assemble the following from previous continuous problems: (1) the governmental funds Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balances from Section 5-C; (3) the proprietary funds Statement of Net position and Statement of Revenues, Expenses, and Changes in Fund Net position from Section 6 C. 1. Start a worksheet for adjustments, using the trial balance format illustrated in the text (i.e., list accounts with debit balances first, then accounts with credit balances). Enter the balances from the governmental funds financial statements prepared for Section 5-C. When doing this, follow the following guidelines: Net position: Use a single account for net position (which will include the beginning balance of all fund balance accounts). Intergovernmental Revenues: When setting up the worksheet, set up separate lines for the intergovernmental revenues as follows: State Grant for Highway and Street Maintenance Operational Grant General Government Capital Grant Public Safety Total $ 1,067,500 332,000 1,335,000 $2,734,500 Capital Assets: It is not necessary to set up separate lines for different classes of capital (fixed) assets or accumulated depreciation (simply use one row for Capital Assets and another for Accumulated Depreciation). Confirm that the total debits and credits equal. 2. Prepare worksheet entries and post to the worksheet for the following items. Identify each adjustment by the letter used in the problem: a. Record the January 1, 2020 balances of general fixed asset and related accumulated depreciation accounts. The City of Monroe had the following balances (excluding Internal Service Funds): Accumulated Cost Depreciation Totals $67,900,000 32,000,000 b. Eliminate the capital expenditures shown in the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances. c. Depreciation expense (governmental activities) for the year totaled $5,130,000. d. Eliminate the other financing sources from the sale of bonds by recording a liability for bonds payable and the related premium. e. As of January 1, 2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding. f. Eliminate the expenditures for bond principal. g. Accrue interest in the amount of $328,000. (Two bond issues were outstanding; interest payments for both were last made on July 1, 2020. The computation is as follows: ($11,200,000 .03 6/12)+($4,000,000 X.08 6/12) = $328,000). h. Adjust for the interest accrued in the prior year government-wide statements, but recorded as an expenditure in the 2020 fund basis statements, ($12,000,000 .03 x 6/12) = $180,000 i. Amortize bond premium in the amount of $ 10,000. j. Make adjustments for additional revenue accrual. The only adjustment is for property taxes to eliminate the current year deferral of property taxes. k Adjust for the $21,000 of property taxes that was deferred in 2019 and recognized as revenue in the 2020 fund-basis statements. 1. Assume the City adopted a policy in 2020 of allowing employees to accumulate compensated absences. Make an adjustment accruing the expense of $42,000 Charge compensated absences expense. m. Bring in the balances of the internal service fund balance sheet accounts. Again, use a single account for all capital assets and a second account for all accumulated depreciation balances (use a separate column of the worksheet to enter Internal Service Fund entries). n. No revenues from internal service funds were with external parties. Assume $3,200 of the $11,200 Due from Other Funds in the internal service accounts represents a receivable from the General Fund and the remaining $8,000 is due from the enterprise fund. Eliminate the $3,200 interfund receivables. 0. Reduce governmental fund expenses by the net operating profit of internal service funds. As the amount is small, reduce general government expenses for the entire p. Eliminate transfers that are between departments reported within governmental activities. 3. Prepare, in good form, a Statement of Activities for the City of Monroe for the Year Ended December 31, 2020. For purposes of this statement, assume: $332,000 in the General Fund is a state grant specifically to support general government programs. $1,067,500 in the Street and Highway Fund is an operating grant specifically for highway and street maintenance expenses. $1,335,000 in the City Jail Construction Fund is a capital grant that applies to public safety. Use the balances computed from the worksheet completed in part 2 for the governmental activities portion of the statement. Use the solution to P6-C (Enterprise fund) to prepare the business activities portion (net any short-term interfund payables/receivables). amount. . 4. Prepare, in good form, a Statement of Net position for the City of Monroe as of December 31, 2020. Group all capital assets, net of depreciation. Include a breakdown in the Net position section for (a) capital assets, net of related debt, (b) restricted, and (c) unrestricted. For purposes of classifying net position for the governmental activities, assume: For the governmental activities net position invested in capital assets, net of related debt, the related debt includes the bonds payable, the premium on bonds payable, and the advance from the water utility fund. The special revenue fund resources are restricted by the granting agency for street and highway maintenance. Assume $204,500 are the only restricted resources in the governmental activities. 5. Prepare the reconciliation necessary to convert from the fund balance reported in the governmental funds Balance Sheet to the net position in the government-wide Statement of Net position. 6. Prepare the reconciliation necessary to convert from the change in fund balances in the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the change in net position in the government-wide Statement of Activities. Govtal Fund Balances Governmental Punde Aduated Balances for Govt-wide Stmts Adjustments & Eliminations Debits Credits Internal Service Funds Debits Credits 54.100 T! DEBITS: Cash Cash with Fiscal Agent Investments Taxes Receivable.net Interest Receivable.net Inventores Due from State Govt Due from Other Funds Capital Assets boths 541.400 760.000 253 000 457500 16.850 541400 760 000 263 000 457.500 16.850 557.500 557 500 5.821.100 5.130.000 1160 691,100 SO 1.649.000 3.066 90 2481.900 591,400 724,100 374 300 917300 140 12100 36 SH 1.649.000 3.066.900 2481.900 591,400 724 100 374 300 917 300 Expenditures (expenses) Current General Govt. Public Safety Highway and Streets Sanitation Health Welfare Culture and Recreation Compensated Absences Exp Other Expenditures (expenses) Debt Service Principal Interest expenditur/exponse) boths Capital Outlay Depreciation Other Fin. Uses - Transfers Out BOBO 800.000 514.000 800.000 514.000 5.821.100 5,821,100 5.130.000 1.868,700 5130.000 TOO 5.130.000 1.868.700 21.404.950 21.404.900 253.800 40.200 263.800 40.200 102 4 000 000 12.000.000 200.000 16.000.000 200.000 1740 17.500 Total Debits CREDITS Accounts Payable Due to Other Funds Accruedas Peable Bonds Payalbe both rows Premium on Bonds Compensated Absence Payable Advance from Water Wulity Fund Deferred Infows: Property Taxes Accumulated Depreciation bathrows Revenues Property Taxes Sales Taxes interest Licenses Permits Miscellaneous State Grande Highway Street Expens Capital Grant. Gen Govt Capital Grant. Public Safety 6.846.000 2938 000 18.000 800.000 300.000 6.846.000 2.938.000 18.000 800.000 350 000 1,067 500 332 000 1.335.000 1.067.500 332.000 1.335.000 Other Financing Sources Proceeds of Bonds Premium on Bonds Transfers in Ner Position af beginning of your the rows 4.000.000 200.000 1.868.700 4.000.000 200 000 1.868.700 1,328 2150 Toro 1.328 250 33.404.950 Street and Highway City Hall Debt Service City Jail Debt Service City Jail Total Governmental Funds General Construction $ 1,900 Revenues Property Taxes Sales Taxes Interest & Penalties Licenses and Permits Intergovernmental Revenues Deferred Revenues - Property Taxes Miscellencous Revenues Total Revenues $6,842,500 2,938,000 16,100 800,000 332,000 17,500 350,000 11,296,100 6,842,500 2,938,000 18,000 800,000 2,739,500 17,500 1,067,500 1,340,000 1,069,400 1,340,000 13,355,500 1,040,500 Expenditures Current: General Government Public Safety Highways and Streets Sanitation Health Welfare Culture and Recreation Capital Outlays Debt Service Principal Interest Total Expenditures 1,682,915 3,066,900 1,441,400 591,400 724,100 374,300 917,300 492,800 1,682,915 3,066,900 2,481,900 591,400 724,100 374,300 917,300 5,821,100 5,328,300 800,000 354,000 1,154,000 800,000 514,000 16,973,915 160,000 160,000 9,291,115 1,040,500 5,328,300 2,004,985 28,900 (1,154,000) (160,000) (3,988,300) (3,618,415) Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses) Proceeds of Bonds Premium on Bonds Sold Transfer In Transfer Out Total Other Financing Sources (Uses) 4,000,000 200,000 1,142,000 720,000 4,000,000 200,000 1,862,000 (1,873,700) 4,188,300 (1,662,000) (1.662,000) (211,700) 3,988,300 1,142,000 720,000 342,985 28,900 (12,000) 560,000 569,885 Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 $ 342,985 $ 28,900 $ (12,000) $ 560,000 $ $ 569,885 Street and Highway City Hall Debt Service General Total Governmental Funds City Jail Debt Service $ 469,885 $ 30,900 $ 400,000 63,000 360,000 200,000 Assets Cash Cash With Fiscal Agent Investments Taxes Receivable (net) Interest & Penalties Receivable - (net) Due from State Government Total Assets 457,500 16,850 380,000 $ 1,324,235 500,785 760,000 263,000 457,500 16,850 557,200 2,555,335 177,200 $ 271,100 S 400,000 S 560,000 $ Liabilities, Deferred Inflows and Fund Balance Liabilities Accounts Payable S 200,300 Due to other Funds 40,200 Total Liabilities 240,500 $ 63,500 $ 263,800 40,200 304,000 63,500 Deferred Inflows Property Taxes 17,500 17,500 207,900 207,900 Fund Balances Restricted for Street & Highway Maintenance Assigned for: Debt Service Other Purposes Unassigned Total Fund Balance 400,000 560,000 58,000 1,007,935 1,065,935 960,000 58,000 1,007,935 2,233,835 207,900 400,000 560,000 Total Liabilities, Deferred Inflows and Fund Balance $ 1,323,935 $ 271,400 $ 400,000 $ 560,000 S 2,555,335 CITY OF MONROE Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position As of December 31, 2020 $ 2,274,750 Fund balances reported in governmental funds Balance Sheet Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are not financial resources and therefore not reported in the funds. Amount does not include capital assets of internal service funds (reported in following row). The assets and liabilities of internal service funds are included in governmental funds in the Statement of Net Position. Deferred revenue for property taxes reported in the funds but accrued as revenue in the government-wide statements and added to Net Position Accrued interest payable is reported as a liability in the Statement of Activities; interest is not accrued in the governmental funds. Bonds payable, not due and payable in the current period are not reported in the funds. Compensated absences, not due and payable in the current period are not reported in the funds, Net Position of Governmental Activities $ 2,274,750 CITY OF MONROE Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance to the Statement of Activities For the year ended December 31, 2020 $ 946,500 Net change in fund balances - Governmental funds Amounts reported for governmental activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures rather than assets Governmental funds do not report depreciation expense The net revenue of internal service funds is not reported with the governmental funds Property taxes due more than 60 days after year end is not accrued in the governmental funds. Bond proceeds are reported as other financing sources in the governmental funds but as liabilities in the government-wide statements. Repayment of bonds is reported as an expenditure in the governmental funds Interest is not accrued at year end in the governmental funds. Increases in compensated absences, not due and payable in the current period are not reported in the funds. Change in Net Position of Governmental Activities $ 946,500