The fund-basis financial statements of Jefferson County have been completed for the year 2020 and appear in the first tab of the Excel Spreadsheet provided with this exercise. The following information is also available:

1. Capital Assets:

- Capital assets purchased in previous years through governmental-type funds totaled $7,950,000 (net of accumulated depreciation) as of January 1.

- Depreciation on capital assets used in governmental-type activities amounted to $327,000.

- No capital assets were sold or disposed of and all purchases are properly reflected in the fund-basis statements as capital expenditures.

2. Long-Term Debt:

- There was no outstanding long-term debt associated with governmental-type funds as of January 1.

- April 1, 6 percent bonds with face value of $700,000 were issued at a premium. Bond payments are made on October 1 and April 1 of each year. Interest is based on an annual rate of 6 percent, and principal payments are $22,000 each. The first payment (interest and principal) was made on October 1.

- Amortization of the bond premium for the current year is $1,800.

3. Deferred Inflows of Resources:

- Deferred inflows (comprised solely of property taxes) are expected to be collected more than 60 days after year-end. The balance of deferred taxes at the end of 2019 was $18,700.

4. Transfers:

- Transfers were between governmental-type funds.

5. Internal Service Fund:

- The (motor pool) internal service fund's revenue is predominantly derived from departments classified as governmental-type 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 long-term advance to the internal service fund (not capital related)

Required:

Use the Excel template provided to complete the following requirements.

a. Prepare the journal entries necessary to convert the governmental fund financial statements to the accrual basis of accounting.

b. Post the journal entries to the conversion worksheet provided.

c. Prepare a government-wide Statement of Activities and Statement of Net Position for the year 2020. All of the governmental fund revenues are "general revenues."

Jefferson County Governmental Funds Balance Sheet as of 12-31-2020 General Fund Capital Projects Fund Debt Service Fund Permanent Fund Total Governmental Funds $ 128,148 $ 181,000 $ 22,800 $ 8,400 $ 502,400 51,325 Assets Cash Investments Taxes Reveivable (net) Due from other governments Accrued interest receivable Supplies Inventory Total Assets 280,000 340,348 502,400 51,325 280,000 1,700 350 1,176,123 1,700 350 $ 179,823 $ 461,000 $ 22,800 $ 512,500 $ 4,100 3,600 850 Liabilities, Deferred Inflows and Fund Balance Liabilities Accounts Payable Wages Payable Contracts payable Total Liabilities Deferred Inflows Deferred Inflows - Property Taxes 7,700 850 25,000 33,550 25,000 25,000 4,450 4,100 21,000 21,000 350 500,000 Fund Balances Nonspendable Inventories Permanent fund principal Restricted Assigned Unassigned Total Fund Equity 436,000 350 500,000 436,000 32,000 153,223 1,121,573 800 22,800 8,400 153,223 154,373 436,000 22,800 508,400 Total Liabilities, Deferred Inflows and Fund Balance $ 179,823 $461,000 $ 22,800 $ 512,500 $ 1,176,123 Jefferson County Statement of Revenues Expenditures and Changes in Fund Balance ended 12-31-2020 for the year General Fund Capital Projects Fund Debt Service Permanent Fund Fund Total Governmental Funds $ 262,075 $ Revenues Property Taxes Intergovernmental revenues Investment income: Total Revenues 280,000 262,075 280,000 21,100 563,175 21,100 21,100 262,075 280,000 180,060 12,700 Expenditures Current: General Government Operations Library Capital Outlay Debt Service Principal Interest Total Expenditures 180,060 12,700 653,400 41,400 612,000 22,000 21,000 43,000 22,000 21,000 889,160 221,460 612,000 12,700 Excess (Deficiency) of Revenues Over Expenditures 40,615 (332,000) (43,000) 8,400 (325,985) 700,000 22,800 Other financing sources (uses) Proceeds of bonds Premum on bonds Transfers in Transfers out total other financing sources (uses) 65,800 700,000 22,800 65,800 65,800) 722,800 (43,000) (43,000) (22,800) 700,000 65,800 Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 (2,385) 368,000 156,758 68,000 154,373 $ 436,000 $ 22,800 8,400 500,000 22,800 $ 508,400 $ 396,815 724,758 1,121,573 $ Jefferson County Statement of Revenues, Expenses, and Changes in fund Net Position For the year ended 12-31-2020 Jefferson County Statement of Net Position As of 12-31-2020 Enterprise Funds Internal Service Fund Enterprise Funds Internal Service Fund Assets Revenues Charges for Services $ 805,000 $ 96,250 $ 22,000 $ 22,850 15,750 3,500 42,100 Total Revenues 805,000 Cash Due from other funds Supplies Inventory total current assets Advance to Intem al Service fund Capital Assets (net) Total Assets 96,250 18,000 40,000 Operating Expenses Cost of services Depreciation 703,000 60,000 83,690 6,700 17,000 255,000 312,000 $ 21,600 63,700 $ Total Operaing Expenses 763,000 90,390 16,750 Operating Income (loss) 42,000 5,860 850 Liabilities Accounts payable Wages payable Interest payable Due to Other funds total current liabilities 4,350 490 600 Nonoperating income (expenses) Interest Expense Total nonoperating revenue 15,750 33,350 5,440 (5,000) (5,000) (800) (800) 200,000 Change in Net Position Net Position- Beginning of Year Net Position - End of Year 37,000 41,650 78,650 $ 5,060 26,200 31,260 Bond payable Bank note payable Advance from Enterprise fund Total Liabilities 10,000 17,000 32,440 233,350 Net position Net investment in capital assets Unrestricted 4,600 55,000 23,650 26,660 Net Position $ 78,650 $ 31,260 ers. The worksheet is formatted to add edits to liabilities, equities and Gov'tal Fund Balances Balances for Gov't-wide Stmts Adjustments & Eliminations Debits Credits Internal Service Funds Debits Credits DEBITS: Cash Investment in corporate bonds Taxes Receivable Due from other governments Accrued interest receivable Supplies Inventory Due from Other Funds 340,348 502,400 51,325 280,000 1,700 350 340,348 502,400 51,325 280,000 1,700 350 Capital Assets (net) Expenditures (expenses) Current General Govt. Library 180,060 12,700 180,060 12,700 Other Expenditures (expenses) - Debt Service Principal Interest expense/expenditure Capital Outlay Depreciation Other Fin. Uses - Transfers Out 22.000 21,000 653,400 22,000 21,000 653,400 65,800 65,800 2,131,083 2,131,083 Total Debits CREDITS: Accounts Payable Wages Payable Deferred Inflows - Property taxes Contracts Payable 7,700 850 21,000 25,000 7,700 850 21,000 25,000 Accrued Interest Payable Bank Note Payable Bonds Payable Premium on Bonds Advance from Water Utility Fund Revenues Property Taxes Intergovermental Revenues Investment income 262,075 280,000 21,100 262,075 280,000 21,100 Other Financing Sources Proceeds of Bonds Proceeds of Bond premium Transfers In 700,000 22,800 65,800 700,000 22,800 65,800 Net Position at beginning of year Total Credits 724,758 2,131,083 724,758 2,131,083 Jefferson County Statement of Activities for the year ended 12-31-2020 Program Revenues Net (Expense) Revenue and Change in Net Position Charges for Services Operational Capital Grants and Grants and Contributions Contributions Governmental Activities Business-Type Activities Expenses Total $ $ $ Functions/Programs Governmental Activities: General Government Library Depreciation Interest Total Governmental Activities Business Type Activities Water and Sewer Total Government $ $ $ $ $ $ General Revenues Taxes: Property Taxes Intergovernmental revenues Investment Income Total General Revenues Change in Net Position Net Position, Beginning Net Position, Ending $ $ $ Jefferson County Statement of Net Position as of 12-31-2020 Business-Type Activities Total $ Governmental Activities Assets Cash Investments Taxes Receivable (Net) Interest Receivable Internal Balances Current Due from Other Governments Inventories Internal Balances Long-Term Capital Assets, Net of Accumulated Depreciation Total Assets $ $ $ Liabilities Accounts Payable Wages Payable Accrued Interest Payable Contract Payable Bank Note Payable Bonds Payable Premium on Bonds Sold Total Liabilities Net Position Net investment in capital assets Restricted Unrestricted Total Net Position $ $ $