Conversion worksheet
Green shaded cells are from Chapter 5 financial Statements Enter all amounts as positive numbers. The worksheet is formatted to add debits to assets & expenses and add credits to revenues, liabilities & equity
Refr. XXXXXXXXXXAccount Titles Debits Credits Gov'tal Fund Balances Adjustments & Eliminations Govern-mental Funds Adjusted Internal Service Funds Balances for Gov't-wide Stmts
Debits Credits Debits Credits
A type debit accounts in this column DEBITS:
type credit accounts in this column Cash 830,320 830,320 830,320
Cash with Fiscal Agent 928,000 928,000 928,000
Investments 259,000 259,000 259,000
Taxes Receivable, net 274,000 274,000 274,000
Interest Receivable, net 16,850 16,850 16,850
Inventories - -
Due from State Govt. 580,000 580,000 580,000
Due from Other Funds - -
Capital Assets - -
XXXXXXXXXXboth rows
- -
Expenditures (expenses) Cu
ent -
General Govt. 1,646,900 1,646,900 1,646,900
Public Safety 3,026,900 3,026,900 3,026,900
Highway and Streets 2,471,900 2,471,900 2,471,900
Sanitation 591,400 591,400 591,400
Health 724,100 724,100 724,100
Welfare 374,300 374,300 374,300
Culture and Recreation 917,300 917,300 917,300
Compensated Absences Exp - -
Other Expenditures (expenses) - -
- Debt Service Principal 800,000 800,000 800,000
- Interest (expenditure/expense) 514,000 514,000 514,000
XXXXXXXXXXboth rows
- Capital Outlay 5,798,100 5,798,100 5,798,100
- Depreciation - -
Other Fin. Uses - Transfers Out 1,876,700 1,876,700 1,876,700
-
Total Debits 21,629,770 21,629,770
CREDITS:
Accounts Payable 493,400 493,400 493,400
Due to Other Funds 40,200 40,200 40,200
Accrued Interest Payable - -
Bonds Payalbe
XXXXXXXXXXboth rows - -
Premium on Bonds - -
Compensated Absence Payable - -
Advance from Water Utility Fund - -
Defe
ed Inflows: Property Taxes 27,500 27,500 27,500
Accumulated Depreciation
XXXXXXXXXXboth rows - -
Revenues -
Property Taxes 6,657,500 6,657,500 6,657,500
Sales Taxes 2,942,000 2,942,000 2,942,000
Interest 21,220 21,220 21,220
Licenses & Permits 800,000 800,000 800,000
Miscellaneous 350,000 350,000 350,000
State Grant for Highway Street Expenses 1,072,000 1,072,000 1,072,000
Capital Grant- Gen Gov't 332,000 332,000 332,000
Capital Grant- Public Safety 1,320,000 1,320,000 1,320,000
- -
- -
Other Financing Sources - -
Proceeds of Bonds 4,000,000 4,000,000 4,000,000
Premium on Bonds 200,000 200,000 200,000
Transfers In 1,876,700 1,876,700 1,876,700
Net Position at beginning of year -
XXXXXXXXXXthree rows
1,497,250 1,497,250 1,497,250
Total Credits 21,629,770 21,629,770
column totals: debits = credits ?? - - - - - -
CITY OF MONROE
WORKSHEET TO CONVERT GOVERNMENTAL ACTIVITIES TO ACCRUAL BASIS
Stmt of Activities
Program Revenues Net (Expense) Revenue and Change in Net Position
Expenses Charges for Services Operational Grants and Contributions Capital Grants and Contributions Governmental Activities Business-Type Activities Total
Functions/Programs
Governmental Activities:
General Government $ - $ -
Public Safety - -
Highways and Streets - -
Sanitation - -
Health - -
Welfare - -
Culture and Recreation - -
Depreciaiton - -
Interest - -
Compensated Absneces - -
Total Governmental Activities - - - - - -
Business Type Activities
Water and Sewer - -
Total Government $ - $ - $ - $ - $ - $ - -
General Revenues
Taxes:
Property Taxes -
Sales Taxes -
Interest -
licenses and Permits -
Miscellaneous -
Total General Revenues - - -
Change in Net Position - - -
Net Position, Beginning -
Net Position, Ending $ - $ - $ -
&14CITY OF MONROE
Statement of Activities
&11For the year ended December 31, 2015
Stmt of Net Position
Governmental Activities Business-Type Activities Total
Assets
Cash $ -
Cash with Fiscal Agents -
Investments -
Accounts Receivable (Net) -
Taxes Receivable (Net) -
Interest Receivable -
Internal Balances Cu
ent - Net the amounts: due from and (due to) other funds
Due from Other Governments -
Inventories -
Internal Balances Long-Term -
Restricted Assets -
Capital Assets, Net of Accumulated Depreciation -
XXXXXXXXXXTotal Assets $ - $ - $ -
Liabilities
Accounts Payable -
Payroll Taxes Payable -
Accrued Interest Payable -
Revenue Bonds Payable -
General Obligation Bonds Payable -
Premium on Bonds Sold -
Compensated Absences Payable -
XXXXXXXXXXTotal Liabilities - - -
Net Position
Net Investment in Capital Assets -
Restricted -
Unrestricted -
XXXXXXXXXXTotal Net Position $ - $ - $ -
&14CITY OF MONROE
Statement of Net Position
&11As of December 31, 2015
Reconciliations
CITY OF MONROE
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position
As of December 31, 2015
Fund balances reported in governmental funds Balance Sheet
Amounts reported for governmental activities in the
Statement of Net Position are different because:
Capital assets used in governmental activities are not financial resources and therefore not reported in the funds. Amount does not include capital assets of internal service funds (reported in following row).
The assets and liabilities of internal service funds are included in governmental funds in the Statement of Net Position.
Defe
ed revenue for property taxes reported in the funds but accrued as revenue in the government-wide statements and added to Net Position.
Accrued interest payable is reported as a liability in the Statement of Activities; interest is not accrued in the governmental funds.
Bonds payable, not due and payable in the cu
ent period are not reported in the funds.
Compensated absences, not due and payable in the cu
ent period are not reported in the funds.
Net Position of Governmental Activities $ -
CITY OF MONROE
Reconciliation of the Statement of Revenues, Expenditures and Changes
in Fund Balance to the Statement of Activities
For the year ended December 31, 2015
Net change in fund balances - Governmental funds
Amounts reported for governmental activities in the
Statement of Activities are different because:
Governmental funds report capital outlays as expenditures rather than assets
Governmental funds do not report depreciation expense
The net revenue of internal service funds is not reported with the governmental funds
Property taxes due more than 60 days after year end is not accrued in the governmental funds.
Bond proceeds are reported as other financing sources in the governmental funds but as liabilities in the government-wide statements.
Repayment of bonds is reported as an expenditure in the governmental funds
Interest is not accrued at year end in the governmental funds.
Increases in compensated absences, not due and payable in the cu
ent period are not reported in the funds.
Change in Net Position of Governmental Activities $ -
City of Monroe
Reconciliation of fund basis to government-wide statements
Continuous Problem
Continuous Problem – City of Monroe
Continuous Problem – City of Monroe
to Accompany
Essentials of Accounting for Governmental
and Not-for-Profit Organizations:
Thirteenth Edition
Chapters 2 through 8 describe accounting and financial reporting by state and local governments. A continuous problem is presented to provide an overview of the reporting process, including preparation of fund basis and government-wide statements. The problem assumes the government is using fund accounting for its internal record-keeping and then at year-end makes necessary adjustments to prepare the government-wide statements. The problem that follows is presented in the same order as the textbook (beginning with Chapters 3, and 4).
Each chapter requires the preparation of journal entries to record the events and transactions of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts for the budgetary accounts, revenues, expenditures and encum
ances. For all other funds, use separate accounts for each type of revenue and expenditure/expense. At appropriate stages, preparation of the fund and government-wide statements are required. The following funds are included in this series of problems:
Governmental Funds
· General
· Special revenue—Street and Highway Fund
· Capital projects—City Hall Annex Construction Fund
· Debt service—City Jail Annex Debt Service Fund
· Debt service—City Hall Debt Service Fund
Proprietary Funds
· Internal service—Stores and Services Fund
· Enterprise—Water and Sewer Fund
Fiduciary Funds
· Private-purpose—Student Scholarship Fund
· Pension trust—Fire and Police Retirement Fund
Chapters 3 & 4
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe as of December 31, 2016, follow. These (beginning) balances have been entered in the proper general ledger accounts, as of 1/1/2017.
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2016
Assets
Cash
$497,000
Taxes receivable
$210,000
Less: Estimated uncollectible taxes
(37,000)
net
173,000
Interest and penalties receivable on taxes
5,200
Less: Estimated uncollectible interest and penalties
(950)
net
4,250
Due from state government
210,000
Total assets
$884,250
Liabilities, Defe
ed Inflows, and Fund Equity
Liabilities:
Accounts payable
$ 99,000
Due to other funds
27,000
Total liabilities
126,000
Defe
ed inflows – Property taxes
21,000
Fund equity:
Fund balance—assigned
(for outstanding encum
ances)
$17,000
Fund balance—unassigned
720,250
Total fund balance
737,250
Total liabilities, defe
ed inflows and fund equity
$884,250
Â
Â
Â
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2016
Assets
Cash
$23,000
Investments
59,000
Due from state government
107,000
Total assets
$189,000
Liabilities and Fund Equity
Liabilities:
Accounts payable
$9,000
Fund equity:
Fund balance—assigned for streets and
XXXXXXXXXXhighways
180,000
Total liabilities and fund equity
$189,000
3–C. This portion of the continuous problem continues the General Fund and special revenue fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encum
ances. Subsidiary accounts are not required. Budget information for the City includes:
a) As of January 1, 2017, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,350,000 in appropriations for expenditures, and $1,700,000 to be transfe
ed to two debt service funds for the payment of principal and interest. Record the budget for the General Fund and post to the ledger.
) Also as of January 1, 2017, the City Council approved and the mayor signed a budget for the Street and Highway Fund that provided for estimated revenues from the state government in the amount of $1,068,000 and appropriations of $1,047,000. Record the budget and post to the ledger.
4–C. Part 1. General Fund Transactions
Required:
a. Record journal entries for the following transactions for FY 2017. Make any computations to the nearest dollar.