You are a new staff accountant for the city of Namtip. The city has only five governmental funds (General, Special Revenue, Capital Projects, Endowment, and Debt Service) and no Proprietary or Trust/Agency Funds. Cecile Hockafinger III, Chief Accounting Officer for the city of Namtip, prepared the attached PC Excel file (Namtip 2015.xls) to assist in the preparation of the governmental activities of the government wide financial statements as of and for the year ending December 31, 2015 (fiscal year (FY) 2015). So far, Cecile has entered the pre-closing balances of each of the governmental funds on the worksheet. Additionally, he has entered the beginning balances (January 1, 2015) for the General Capital Assets and General Long-term Liability nonfund accounts. He also setup the general format for completing the worksheet. Unfortunately, before he could make the appropriate adjusting, elimination, and reclassification entries to make the GASB 34 conversion and complete the worksheet, Cecile?s Army Reserve unit was activated and he will be unable to return to work for at least two months. Since you are the only other accounting employee to ever taken a governmental accounting course, the city manager has asked to complete the task Cecile started. You will need to calculate the individual account balances for the Total Combined Funds and GCA/GLTL Accounts. Then you are to prepare all of the adjusting, elimination, and reclassification entries on the worksheet that are necessary to compute the balances for the governmental activities of the government wide financial statements. All entries should be in whole dollars (i.e., no decimals) without dollar signs. You should use compound entries whenever it is logical to do. Additional information is provided below to assist you in this assignment on page 3. To leave a trail of your entries, you should number your entries using Arabic numbers (1, 2, 3, etc.). Be sure to put the journal entry number in Dr Ref column left of the Dr Column of the Adjustments and Eliminations as well as the journal entry number in Cr Ref column right of the Cr Column of the Adjustments and Eliminations. In the case of any compound journal entries, you should indicate journal entry number for each debit or credit amount that you enter. If journal entry 25 consists of debits of $45,000 and $5,000 and credits of $35,000 and $15,000 you would enter the following on the appropriate lines of the accounts involved:

Adjustments and Eliminations Dr Ref Dr Cr Cr Ref 25 45,000 25 5,000 35,000 25 15,000 25

If an account is not listed, you may use one of the blank rows available with the appropriate account title. You should use the capabilities of Excel wherever possible. Do not make any additional adjustments/eliminations simply to reclassify expenditures to expenses. After you have entered all of your entries, you should calculate the preclosing trial balance of the governmental activities of the government wide and then spread them in the appropriate columns of the Statement of Activities and Statement of Net Position. Do not add any additional worksheets. Do not prepare any of the formal government-wide financial statements. You should save your PC Excel file as Project 1 (do not add any other verbiage such as your name, course name or number, etc.) with the appropriate xls or xlsx extension.

Additional Information Round any calculations to the nearest whole dollar. In addition to the normal adjusting/elimination entries that will be made, the following information is provided to assist you. The city uses following average useful lives to depreciate the general fixed assets using the straight line method with no residual values: Infrastructure 50 years Buildings 40 years Improvements Other than Buildings 25 years Autos, Trucks, and Heavy Equipment 10 years Furniture and Office Equipment 5 years A full year?s of depreciation is recorded in the year of acquisition, regardless when acquired; however, no depreciation is recorded in the year of disposal, regardless when disposed. Depreciation is allocated to the following functions: General Government, 25%; Public Safety, 20%; Public Works, 35%; Health and Welfare, 10%; and Parks and Recreation, 10%;

An analysis of the Expenditures-Capital Outlay reveals the following: Furniture and office equipment was acquired at a cost of $2,000,000; various autos, trucks and heavy equipment were acquired at a total cost of $16,000,000; and the remaining balance represents the costs incurred during the year for the construction of a new police training center that should be completed in mid-2016. The Other Financing Sources-Sale of Building represents the proceeds of the sale of a building that had a cost of $2,500,000 and been depreciated for a total 24 years. On January 2, 2015 the city of Namtip issued the 30-year, 3% term bonds with a face amount of $50,000,000 at 101. Interest is paid semi-annually on June 30th and December 31st. The city has a policy of amortizing, at the end of the fiscal year, any premium or discount, using the straight line method over the term of the bond. During 2015, other term and serial bonds were paid off as they matured during 2015. All interest related to all of the bonds was paid as of December 31st. The Deferred Property Taxes represents amounts that were levied in 2015, but are not expected to be collected before May 2016. The beginning balance of Deferred Property Taxes was $1,200,000. In late December of 2015, the city attorney advised the city council that a lawsuit involving the Parks and Recreation Department?s inadvertent demolition of a taxpayer?s building in October of 2015 had been filed. The attorney believes it is probable that the city will have to pay the taxpayer $1,250,000 in about 3 years.

As of December 31, 2015 General Fund Accounts Cash and Cash Equivalents Dr Cr 75,029,675 Special Revenue Capital Projects Endowment Fund Dr Dr Dr Cr 4,582,547 Investments Due from Capital Projects Due from Debt Service Due from Special Revenue Taxes Receivable, net of allowance 31,325 29,750 175,295 2,273,142 36,000 87,950 70,047 25,000 Due to Special Revenue 12,500 Due to Debt Service 35,000 Due to General Fund 50,000 215,000 1,500,000 15,000 2,000,000 116,469,000 Revenues-Motor Fuel Taxes 83,236,250 3,115,000 Revenues-Interest and Penalties on Taxes 132,000 Revenues-Licenses and Permits 350,000 13,600,000 1,800,000 Revenues-Investment Income 270,000 Revenues-Miscellaneous 250,000 Revenues-State Grants for Road Repairs 1,350,000 10,000 Revenues-Contributions Revenues-Fines and Forfeits 35,000 1,150,000 Due to Capital Projects Revenues-Sales Taxes 3,580,000 10,000 25,000 125,000 Revenues-Property Taxes 108,000,000 12,500 Inventories Due to State 4,500,000 Cr 50,000 384,750 Deferred Property Taxes 4,600,000 Dr 1,500,000 Due from State Accounts/Vouchers Payable 15,965,745 Cr 215,000 Due from General Fund Interest Receivable Cr Debt Service 1,350,000 15,750 4,800,000 7,500 Revenues-Capital Grant for Fire Station 1,500,000 Revenues-Grant for Law Enforcement 1,275,000 Revenues--Charges for Services 350,250 Other Financing Sources--Bond Proceeds 50,000,000 Other Financing Sources--Bond Premium 750,000 Other Financing Sources-Transfers from General Fund 13,550,000 Other Financing Sources-Transfers from Special Revenue Other Financing Sources-Transfers From Capital Projects 778,000 Other Financing Sources-Transfers From Debt Service Other Financing Sources-Transfers from Endowment 4,000,000 Other Financing Sources-Sale of Building 700,000 Expenditures-General Government 33,569,852 Expenditures-Public Safety 13,258,700 Expenditures-Public Works 32,337,400 90,000,000 7,600,500 2,605,600 3,500,000 Expenditures-Health and Welfare Expenditures-Parks and Recreation Expenditures-Miscellaneous 1,358,918 Expenditures-Debt Service Principal 11,000,000 Expenditures-Debt Service Interest 2,820,000 Expenditures-Capital Outlay Other Financing Uses-Transfers Out Other Financing Uses-Transfers to General Fund Other Financing Uses-Transfers to Special Revenue Other Financing Uses-Transfers To Capital Projects Other Financing Uses-Transfers to Debt Service Other Financing Uses-Transfers to Endowment Fund Balance 78,000,000 4,000,000 13,550,000 778,000 52,503,162 1,188,750 45,619,040 109,800,000 1,609,500 Land Buildings Accumulated Depreciation Buildings Improvements Other than Buildings Accumulated Depreciation Improvements Autos, Truck. and Heavy Equipment Accumulated Depreciation Autos, Truck. and Heavy Equipment Furniture and Office Equipment Accumulated Depreciation Furniture Office Equipment and Infrastructure Accumulated Depreciation Infrastructure Bonds Payable Net Position Total 183,889,862 183,889,862 98,160,797 98,160,797 99,444,040 99,444,040 116,600,000 116,600,000 17,445,000 17,445,000 As of January 1, 2015 General Capital Assets and General Long Term Liabilities Dr Cr Total Combined Funds and GA/GLTL Accounts Dr Cr Adjustments and Eliminations Dr Ref Dr Cr Cr Ref 32,000,000 240,250,000 27,187,500 50,500,000 12,900,000 35,190,000 8,600,000 19,850,000 3,800,000 430,000,000 260,000,000 350,000,000 145,302,500 807,790,000 807,790,000