Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The fund - basis financial statements of Jefferson County have been completed for the year 2 0 2 4 and appear in the first tab
The fundbasis financial statements of Jefferson County have been completed for the year and appear in the first tab of the Excel spreadsheet provided with this exercise. The following information is also available: Capital Assets Capital assets purchased in previous years through governmentaltype funds totaled $net of accumulated depreciation as of January Depreciation on capital assets used in governmentaltype activities amounted to $ No capital assets were sold or disposed of and all purchases are properly reflected in the fundbasis statements as capital expenditures. LongTerm Debt No outstanding longterm debt was associated with governmentaltype funds as of January April percent bonds with a face value of $ were issued at a premium. Bond payments are made on October and April of each year. Interest is based on an annual rate of percent, and principal payments are $ each. The first payment interest and principal was made on October Amortization of the bond premium for the current year is $ Deferred Inflows of Resources Deferred inflows comprised solely of property taxes are 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. Internal Service Fund The motor pool internal service funds revenue is predominantly derived from departments classified as governmentaltype activities. There were no amounts due to the internal service fund from the General Fund. The outstanding balance of Due to Other Funds was with the enterprise fund and is not capital related. The enterprise fund provided a longterm advance to the internal service fund not capital related Required: Prepare the journal entries necessary to convert the governmental fund financial statements to the accrual basis of accounting. Post the journal entries to the conversion worksheet provided. Prepare a governmentwide Statement of Activities and Statement of Net Position for the year All of the governmental fund revenues are general revenues.
The fundbasis financial statements of Jefferson County have been completed for the year and appear in the first tab of the Excel spreadsheet provided with this exercise. The following information is also available:
Capital Assets
Capital assets purchased in previous years through governmentaltype funds totaled $net of accumulated depreciation as of January
Depreciation on capital assets used in governmentaltype activities amounted to $
No capital assets were sold or disposed of and all purchases are properly reflected in the fundbasis statements as capital expenditures.
LongTerm Debt
No outstanding longterm debt was associated with governmentaltype funds as of January
April percent bonds with a face value of $ were issued at a premium. Bond payments are made on October and April of each year. Interest is based on an annual rate of percent, and principal payments are $ each. The first payment interest and principal was made on October
Amortization of the bond premium for the current year is $
Deferred Inflows of Resources
Deferred inflows comprised solely of property taxes are 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.
Internal Service Fund
The motor pool internal service funds revenue is predominantly derived from departments classified as governmentaltype activities.
There were no amounts due to the internal service fund from the General Fund. The outstanding balance of Due to Other Funds was with the enterprise fund and is not capital related.
The enterprise fund provided a longterm advance to the internal service fund not capital related
Required:
Prepare the journal entries necessary to convert the governmental fund financial statements to the accrual basis of accounting.
Post the journal entries to the conversion worksheet provided.
Prepare a governmentwide Statement of Activities and Statement of Net Position for the year All of the governmental fund revenues are general revenues.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started