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The fund - basis financial statements of Cherokee Library District ( a special - purpose government engaged only in governmental activities ) have been completed
The fundbasis financial statements of Cherokee Library District a specialpurpose government engaged only in governmental activities have been completed for the year and appear in the second and third tabs of the page Excel spreadsheet provided with this exercise. The following information is also available: Capital Assets Capital assets purchased in previous years through governmentaltype funds totaled $ and had accumulated depreciation of $ Depreciation on capital assets used in governmentaltype activities amounted to $ for No capital assets were sold or disposed of in and all purchases are properly reflected in the fundbasis statements as capital expenditures. LongTerm Debt There were $ of outstanding longterm notes associated with governmentaltype funds as of January Interest is paid monthly. December notes with a face value of $ were issued at par. In addition, principal payments totaled $ The notes, and any retained percentage on construction contracts, are associated with the purchase of capital assets. Deferred Inflows Deferred inflows are comprised solely of property taxes expected to be collected more than days after yearend. The balance of deferred taxes at the end of was $ Transfers: Transfers were between governmentaltype funds. Beginning net position for the governmentwide statements totaled $ as of January This amount has already been entered in the Statement of Activities. Required: Use the Excel template provided to complete the following requirements. A separate tab is provided for each requirement: Prepare the journal entries necessary to convert the governmental fund financial statements to the accrual basis of accounting. Post the journal entries to the shaded Adjustments column to produce a Statement of Activities. You do not have to post amounts debited or credited to beginning net position. These have been reflected in item e above. Post the journal entries to the shaded Adjustments column to produce a Statement of Net Position. Calculate the appropriate amounts for the Net Position accounts, assuming there are no restricted net position.
The fundbasis financial statements of Cherokee Library District a specialpurpose government engaged only in governmental activities have been completed for the year and appear in the second and third tabs of the page Excel spreadsheet provided with this exercise. The following information is also available:
Capital Assets
Capital assets purchased in previous years through governmentaltype funds totaled $ and had accumulated depreciation of $
Depreciation on capital assets used in governmentaltype activities amounted to $ for
No capital assets were sold or disposed of in and all purchases are properly reflected in the fundbasis statements as capital expenditures.
LongTerm Debt
There were $ of outstanding longterm notes associated with governmentaltype funds as of January Interest is paid monthly.
December notes with a face value of $ were issued at par. In addition, principal payments totaled $
The notes, and any retained percentage on construction contracts, are associated with the purchase of capital assets.
Deferred Inflows
Deferred inflows are comprised solely of property taxes expected to be collected more than days after yearend. The balance of deferred taxes at the end of was $
Transfers: Transfers were between governmentaltype funds.
Beginning net position for the governmentwide statements totaled $ as of January This amount has already been entered in the Statement of Activities.
Required:
Use the Excel template provided to complete the following requirements. A separate tab is provided for each requirement:
Prepare the journal entries necessary to convert the governmental fund financial statements to the accrual basis of accounting.
Post the journal entries to the shaded Adjustments column to produce a Statement of Activities. You do not have to post amounts debited or credited to beginning net position. These have been reflected in item e above.
Post the journal entries to the shaded Adjustments column to produce a Statement of Net Position. Calculate the appropriate amounts for the Net Position accounts, assuming there are no restricted net position.
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