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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): ad Cost Accumulated Depreciation $32,000,000 Totala $67,900,000 30 rences 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 9. 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 0.03 6/12) + ($4,000,000 0.08 * 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 od 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 0.03 * 6/12) = $180,000 1. 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 $21000 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 amount p. Eliminate transfers that are between departments oported within governmental activities. int rences $ 0 s 0 IS 0 s 0 0 0 0 0 1,900 0 $ 6,846.000 2938.000 16,100 800,000 332.000 350.000 $ 11,282,100 0 0 6,846,000 2,938,000 18,000 800,000 2,734,500 350,000 13,686,500 1,067,500 0 0 0 0 1,335,000 0 1,335,000 $ 1,069.400 S 0 $ 0 $ $ enues perty Taxes ales Taxes terest & Penalties licenses and Permits ntergovernmental Revenues Miscellaneous Revenues Total Revenues Expenditures Current General Government Public Safety Highways and Streets Sanitation Health Welfare Culture and Recreation Septal Olay Jet Service Prindipol 0 0 OOO 0 0 0 1.040,500 0 1,549,000 3086.900 1,441400 591.400 724,100 374,300 917.300 492.300 0 0 0 1,649,000 3,066.900 2,481,900 591,400 724,100 374,300 917,300 5,821,100 0 0 0 0 0 O 0 5.328,300 300,000 O 300.000 17.300 492,800 0 0 5,328,300 5,821,100 0 0 0 800,000 354,000 1.154,000 (1.154,000) 160,000 160.000 9,257 200 1,040,500 28.900 800,000 514.000 16,940,000 (3,253,500) 5,328,300 (3,993,300) 2,024,900 (160,000) apital Outlay ebt Service: Principal Interest Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses) Proceeds of Bonds Premium on Bonds Sold Transfers in Transfers Out Total Other Financing Sources (Uses) Set Change in Fund Balance Pund Balance, January 1 Pund Balance, December 31 0 0 1,142,000 0 0 726,700 0 0 4,000,000 200,000 0 (206,700) 3,993,300 0 0 (1.662,000) (1.662,000) 362,900 737 250 $ 1.100.150 4,000,000 200,000 1,868,700 (1,868,700) 4,200,000 946,500 1.328 250 2,274,750 0 726,700 566,700 28,900 179.000 207.900 1.142,000 (12,000) 412.000 400,000 $ S s 566.700 S 0 S 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): ad Cost Accumulated Depreciation $32,000,000 Totala $67,900,000 30 rences 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 9. 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 0.03 6/12) + ($4,000,000 0.08 * 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 od 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 0.03 * 6/12) = $180,000 1. 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 $21000 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 amount p. Eliminate transfers that are between departments oported within governmental activities. int rences $ 0 s 0 IS 0 s 0 0 0 0 0 1,900 0 $ 6,846.000 2938.000 16,100 800,000 332.000 350.000 $ 11,282,100 0 0 6,846,000 2,938,000 18,000 800,000 2,734,500 350,000 13,686,500 1,067,500 0 0 0 0 1,335,000 0 1,335,000 $ 1,069.400 S 0 $ 0 $ $ enues perty Taxes ales Taxes terest & Penalties licenses and Permits ntergovernmental Revenues Miscellaneous Revenues Total Revenues Expenditures Current General Government Public Safety Highways and Streets Sanitation Health Welfare Culture and Recreation Septal Olay Jet Service Prindipol 0 0 OOO 0 0 0 1.040,500 0 1,549,000 3086.900 1,441400 591.400 724,100 374,300 917.300 492.300 0 0 0 1,649,000 3,066.900 2,481,900 591,400 724,100 374,300 917,300 5,821,100 0 0 0 0 0 O 0 5.328,300 300,000 O 300.000 17.300 492,800 0 0 5,328,300 5,821,100 0 0 0 800,000 354,000 1.154,000 (1.154,000) 160,000 160.000 9,257 200 1,040,500 28.900 800,000 514.000 16,940,000 (3,253,500) 5,328,300 (3,993,300) 2,024,900 (160,000) apital Outlay ebt Service: Principal Interest Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses) Proceeds of Bonds Premium on Bonds Sold Transfers in Transfers Out Total Other Financing Sources (Uses) Set Change in Fund Balance Pund Balance, January 1 Pund Balance, December 31 0 0 1,142,000 0 0 726,700 0 0 4,000,000 200,000 0 (206,700) 3,993,300 0 0 (1.662,000) (1.662,000) 362,900 737 250 $ 1.100.150 4,000,000 200,000 1,868,700 (1,868,700) 4,200,000 946,500 1.328 250 2,274,750 0 726,700 566,700 28,900 179.000 207.900 1.142,000 (12,000) 412.000 400,000 $ S s 566.700 S 0 S