ACT410 Governmental Accounting Practice Set

Anonymous
timer Asked: Feb 5th, 2019
account_balance_wallet $60

Question Description

Option #1: Governmental Accounting Practice Set #1

Your portfolio project will provide specific answers to the questions that follow. Apply what you have learned in this course to your answers to these questions.

Use the following templates for this project (they can be found under this assignment in Module 8):

  • ACT410_PortfolioTemplate_EnterpriseFunds
  • ACT410_PortfolioTemplate_GovernmentalTypeFunds
  • ACT410_PortfolioTemplate_Government-Wide

Introduction

The date is December 31, 2091. You have just risen from a three-month cryogenic sleep during which you traveled from Earth to Europa, the only inhabited moon of Jupiter.

Europa has been colonized since the early 2060's. To encourage development, the United Earth Council (roughly equivalent to a federal government for the planet Earth) gave land grants to colonists willing to leave Earth and settle this new world. The Council also built a series of water purification and power generating plants. These plants utilize the natural geothermal resources of Europa to generate electrical power.

Most of the inhabitants are engaged in the operation of the quarter million-acre farms, which span the temperate zones on either side of the equator. The labor is performed by robots through a centralized computer under the direction of the owner/farmer and family members. Harvests are transported by freighter to Earth. It is a lonely, although profitable life with an average of 10 harvests per Earth year. All banking is performed on Earth through electronic funds transfers. A substantial business sector has developed, servicing the farming operations.

After several decades of hard work, the inhabitants of Europa are beginning to enjoy the rewards of their labors and are seeking some of the services which can only be provided by a local centralized government. They naturally sought to establish this government on Europa and petitioned the United Earth Council for admission to the Council as a member province (roughly equivalent to the 20th century state governments).

Province status was granted by a vote of the Council, and the citizens of Europa acted quickly to organize their new government, which officially began operations on January 1, 2091. One of the tasks facing the new government was to hire qualified people to carry on the day to day business of the government. You represent one of these people, having been highly trained in the subtleties of governmental accounting. Ownership of public facilities, which were constructed by the United Earth Council (Buildings, roads and the electrical power utility), was transferred to the new province as of midnight on 12-31-2090. In return, the Province issued long-term bonds payable which provide for interest and principal payments to the United Earth Council over the next 20 years.

Having no qualified governmental accountants on Europa, the province administrator has simply made notes summarizing the transactions which have occurred since the beginning of operations. Your task is to establish a fund accounting system, prepare summary journal entries recording all transactions, and prepare the year end 12-31-2091 financial statements for the Province.

Instructions:

Your completed projects should include:

  • Fund-basis financial statements, including a Budget Comparison Statement for the General Fund.
  • Ledgers (t-accounts) with journal entries for each fund and account group

Check figures:

General fund cash:$143,249
General fund unassigned fund balance:85,229
Governmental funds: Total fund balance1,948,249
Enterprise fund cash: 69,500
Enterprise fund net position:54,183

A set of Excel templates (Excel) is available for your use. Please turn in the printed copy of each worksheet.

PROVINCE OF EUROPA

Transaction list for the year ended December 31, 2091.

Account Structure:

Because the Province has a limited number of revenue sources, revenue control accounts are not used. Rather, General Fund revenues are directly recorded into the following accounts: property taxes, sales taxes, fees licenses and permits, program fees, and intergovernmental grants). Similarly, expenditures are recorded directly into the following accounts: general government operations, public safety, education, capital outlay, and debt service: principal and interest.

The Province established the Bureau of Electricity and Water to operate as an enterprise fund. The enterprise fund reports expenses by object category using the following account titles: salaries, supplies, depreciation, and interest.

There are no fiduciary, special revenue, permanent, or internal service funds. The government uses account groups to record general fixed assets and general long-term debt.

Beginning Balances:

1. At 12-31-2090, the remaining cash and supplies on hand in the government offices were transferred to the new Province government. The opening trial balance for the Province for 1-1-2091 was as follows:

GENERAL FUND
Trial balance
Jan. 1, 2091
debits credits
Cash18,000Fund Balance:
Supplies13,000
31,000Assigned (Reserved for encumbrances).11,806
Unassigned19,194
31,000

The supplies were office supplies for general government operations. The reserve for encumbrances relates to a purchase order placed in December of 2090 for engineering services (see item # 7, below). The Province honors outstanding encumbrances from previous years, and the encumbrance should be re-established for 2091. For purposes of the Budgetary Comparison Statement, amounts are charged to the budget in the year they are initially encumbered, regardless of when the expenditure is incurred.

2. On December 31, 2090, the United Earth Council (U.E.C.) transferred the fixed assets which have been constructed with U.E.C. funds. The Province Council assigned custody of these assets to the general Province government and the Bureau of Electricity and Water as follows:

Useful Salvage
GovernmentBureauLifeValue

Buildings, roads, and other structures

$1,395,000$450,00010$0
Equipment480,000150,00050
Geothermal Generators0650,00050
Total$1,875,000$1,250,000
====================

In return for these assets, the Province government issued $1,875,000, 10 percent general obligation serial bonds. Principal payments of $93,750 and interest payments on the bonds are to be paid at the end of each year, starting on December 31, 2091.

Similarly, the Bureau of Electricity and Water issued (at face value) $1,250,000, 10 percent long-term revenue bonds in exchange for the capital assets listed above. The bonds call for annual interest payments on January 1 and mature on January 1, 2101. Since these events occurred on the last day of 2090, they represent beginning balances for 2091.

Current Year Transactions:

3. The government of the Europa Province established the Bureau of Electricity and Water. The Bureau of Electricity and Water is in charge of providing the power and water for residents and the Province government. On January 1, 2091, the Province government agreed to contribute $300,000 for establishment of the Bureau of Electricity and Water, and transferred cash on February 1, 2091.

4. On January 1, 2091, The Province Council approved budgets for 2091 as follows:

Budget ItemsProvince Government (General Fund)Capital AdditionsBureau of Electricity and Water
Revenue and other financing sources
Property Taxes
Sales Taxes
Fees, Licenses and Permits
Charges for Services (Bureau)
Program Fees: Education
Intergovernmental grants
Transfer from General Fund
Proceeds from Bond Issues

$3,720,000
750,000
250,000

70,000
470,000







$250,000
2,500,000




$3,250,000


300,000
1,250,000
Expenditures/expenses and other financing uses:
General government operations
Public Safety
Education
Operating expenses (Bureau)
Capital Outlays
Transfers to other funds


1,500,000
1,400,000
1,250,000


850,000






2,750,000





3,000,000
1,875,000

5. On January 10, 2091, a cash grant of $450,000 was received from the United Earth Council for operation of the Province. The grant provisions stipulate the funds are to be used for general operations of the government.

6. On January 31, 2091, $3,700,000 in property taxes were levied. Of this, $111,000 (3% of property taxes) is estimated to be uncollectible. The remaining tax bills are expected to be collected within 60 days following the end of the fiscal year. During 2091, $3,030,000 was collected and $104,000 are identified as uncollectible and written off.

7. On January 5, 2091, the engineering report ordered in December of the previous year (see item 1 above) was received along with an invoice for of $ 11,501. The invoice was immediately paid. The engineering report was for general government operations.

8. During 2091, the Province government placed orders amounting to $940,000 for supplies. All the supplies ordered were received during the year with an invoice price of $935,000 (there are no outstanding encumbrances for supplies). $900,000 was paid during the year. The supplies were distributed by major functions of government as follows:

GeneralPublic SafetyOperation EducationTotal
Order placed$390,000$400,000$150,000$940,000
Invoice prices395,000400,000140,000 935,000

The government uses the consumption method of recording supplies – (i.e., expenditure is determined by the amount of supplies used – not purchased – during a period).

9. During 2091, the Bureau of Electricity and Water placed orders amounting to $1,200,000 for supplies. The supplies were received with an invoice price of $1,100,000. Of this, $1,045,000 was paid before year end.

10. The Province Council approved the construction of a new school building at an estimated cost of $2,750,000. The issuance of $2,500,000 in general obligation long-term bonds was authorized to finance the cost of construction. In addition, the Province government agreed to provide $250,000 for the construction project.

11. On March 31, 2091, the Province government transferred $250,000 to the school building capital project.

12. On April 1, 2091, $2,500,000 in 10 percent general obligation long-term bonds were issued for $2,580,000. The premium of $80,000 was reserved for redemption of the bonds, while the principal was set aside for construction of the school. The bonds call for annual interest payments on March 31, and mature on April 1, 2111.

13. On June 1, 2091, the school building contract was awarded to the lowest bidder for $2,600,000, including planning and architect's fees.

14. On November 30, 2091, the progress billings of $1,250,000 for the school building were received from the contractor, and $ 850,000 was paid on December 31, 2091. The remaining balance is expected to be paid in January 2092. Liabilities resulting from capital additions are recorded in “Contracts Payable,” (rather than Accounts Payable).

15. The Board of the Bureau of Electricity and Water approved the construction of an office building at an estimated cost of $880,000.

16. On July 1, 2091, the office building contract was signed in the amount of $865,000, including planning and architect's fees.

17. On October 30, 2091, construction was completed and $632,500 was paid on the contract. The remaining portion ($ 232,500) will be paid following final inspection on January 15, 2092. Liabilities resulting from capital additions are recorded in “Contracts Payable” (rather than Accounts Payable).

18. At the end of November, ground transportation units were ordered for the public safety department at an estimated cost of $167,020. The units have not been delivered as of December 31, 2091.

19. During 2091, the Province government received the following cash collections:

Sales taxes$838,000
Permits, fees and licenses312,000
Program Fees: Education80,000
Total$1,230,000

20. Salaries and wages of $4,150,000 were incurred and paid by the Province government and the Bureau of Electricity and Water during 2091. Salaries and wages are classified by governmental functions as follows:

Incurred & Paid
General operation$837,000
Public safety775,000
Education725,000
Bureau of Electricity Water 1,813,000
Total$4,150,000

21. During 2091, the Bureau of Electricity and Water billed the Province government and the residents for electricity and water services in the amounts of $920,000 and $2,120,000 respectively. The Bureau estimated that 2% of the gross revenue from the residents will be uncollectible. During 2091, $805,000 and $1,805,000 of the bills sent to the Province government and the residents, respectively, are collected. $18,500 of the bills sent to the residents are identified as uncollectible and written off.

The electricity and water services provided to the Province government were charged by government functions as follows:

General operation$350,000
Public safety320,000
Education250,000

22. $281,250 was removed from general government funds and set aside for payments on outstanding general obligation serial bonds.

23. On December 31, 2091, the Province government made principal payment of $93,750 and annual interest of $187,500 on the general obligation serial bonds.

24. As of December 31, 2091, physical inventories of supplies on hand report the following:

General operation$116,000
Public safety0
Education0
Bureau of Electricity Water 14,000

25. On December 31, 2091, the Bureau of Electricity and Water accrued annual interest on the 10% bonds ($1,250,000 face value) described in item # 2.

26. The Province government and the Bureau of Electricity and Water recorded depreciation for 2091 using the straight-line method. The new office building is estimated to have zero salvage value and 10-year useful life and is depreciated on a monthly basis, beginning with the month (November) it was placed in service.

27. On December 31, 2091, the Bureau of Electricity and Water borrowed $650,000 on a 90-day note payable to cover a temporary cash shortfall.

28. On December 31, 2091, $300,000 was borrowed on a 60-day note payable to cover a temporary cash shortfall in general government operations.

29. The bond premium is amortized using the straight-line basis over 20 years (9 months of amortization is recognized in 2091).

30. For purposes of classifying fund balances in the governmental funds, assume:

  • Supplies are the only nonspendable resource.
  • The outstanding encumbrances in the capital project fund are classified as Committed by contractual obligation.
  • The outstanding encumbrances in the General Fund are classified as Assigned for capital asset acquisitions.
  • The residual balances of the debt service and capital projects funds are classified as assigned.

31. Prepare closing entries, where appropriate.

Entries Required for Government-Wide Financial Statements:

A review of the governmental-type transactions for the year suggests the following worksheet journal entries are necessary for preparation of the government-wide statements:

  1. The fixed assets and debt acquired in Transaction 2 should be entered in the beginning balances column on the worksheet.
  2. Capital expenditures should be eliminated.
  3. Depreciation expense should be recorded.
  4. Bond proceeds should be eliminated.
  5. The premium on the 20-year bonds in Transaction 12 should be amortized using the straight line method (9 months).
  6. Nine months of interest should be accrued on the bonds in transaction 12.
  7. Interfund transfers should be eliminated, but not the portion paid to Business-type funds.
  8. Expenditures for bond principal should be eliminated.

In your analysis, include the following:

  • An introduction
  • Fund-basis financial statements, including a Budget Comparison Statement for the General Fund.
  • Ledgers (t-accounts) with journal entries for each fund and account group
  • Conclusion.

Your final paper must be formatted per the CSU-Global Guide to Writing and APA Requirements (Links to an external site.)Links to an external site.. Include a title page. Submit your final case study to the Module 8 assignment. Review the grading rubric, which can be accessed in the Module 8 folder. Reach out to your instructor if you have any questions about the portfolio project.

Unformatted Attachment Preview

Worksheet to convert Governmental fund basis information to accrual basis Enter all amounts as positive numbers. The worksheet is formatted to add debits to assets & expenses and add credits to revenues, liabilities & equity # Journal Entries debits credits (enter as negatives) Gov'tal Fund Balances type accounts to be debited here type accounts to be credited here DEBITS: Cash Taxes Receivable, net Inventories Capital Assets (net) Adjustments & Eliminations Debits Credits Balances for Gov't-wide Stmts 2,123,249 559,000 116,000 2,123,249 559,000 116,000 - 1,490,501 1,495,000 1,115,000 1,490,501 1,495,000 1,115,000 93,750 187,500 93,750 187,500 - Capital Outlay - Depreciation Other Fin. Uses - Transfers Out 1,250,000 911,250 1,250,000 911,250 Total Debits CREDITS: Accounts Payable Due to Other Funds Contracts Payable Accrued Interest Payable Short Term Notes Payable Bonds Payable 9,341,250 9,341,250 35,000 115,000 400,000 35,000 115,000 400,000 300,000 Expenditures (expenses) Current General Govt. Operations Public Safety Education Other Expenditures (expenses) - Debt Service Principal - Interest (expenditure/expense) 300,000 - Premium on Bonds Revenues Property Taxes Sales Taxes Interest Fees, Licenses & Permits Miscellaneous Intergovernmental Grant for General Gov't Operations 3,589,000 838,000 3,589,000 838,000 312,000 80,000 450,000 - 312,000 80,000 450,000 Other Financing Sources Proceeds of Bonds Premium on Bonds Transfers In 2,500,000 80,000 611,250 2,500,000 80,000 611,250 Net Position at beginning of year Total Credits 31,000 9,341,250 31,000 9,341,250 column totals for JE's 0 0 PROVINCE OF EUROPA STATEMENT OF ACTIVITIES GOVERNMENT-WIDE BASIS FOR THE YEAR ENDED DECEMBER 31, 2091 Program Revenues Net (Expense) Revenue and Change in Net Position Operational Capital Charges for Grants and Grants and Governmental Business-Type Services Contributions Contributions Activities Activities Expenses Functions/Programs Governmental Activities: General Government Public Safety Education Interest Depreciation Total Governmental Activities Business Type Activities Water and Sewer Total Government $ - $ - - $ - - $ - - - $ - General Revenues Taxes: Property Taxes Sales Taxes Fees, Licenses and Permits Transfers Total General Revenues Change in Net Position Net Position, Beginning Net Position, Ending Total $ - $ - - $ $ - Page 2 - $ - - - - $ Enter transfers out as negative and transfers in as positive amounts PROVINCE OF EUROPA STATEMENT OF NET POSITION AS OF DECEMBER 31, 2091 Governmental Activities Business-Type Activities Total Assets Cash Accounts Receivable (Net) Taxes Receivable (Net) Internal Balances Current Inventories Capital Assets, Net of Accumulated Depreciation Total Assets $ $ - $ - $ - Liabilities Accounts Payable Contracts Payable Accrued Interest Payable Short Term Notes Payable General Obligation Bonds Payable Premium on Bonds Sold Total Liabilities - - - Net Position Net Investment in Capital Assets Unrestricted Total Net Position - - - $ $ Page 3 $ Enter payables to other funds as negative, receivables as positve amounts General Fund - General Ledger # date 1 Jan. 1 Journal Entries Encumbrances Budgetary Fund Balance Reserve for Encumbrances To re-establish outstanding encumbrances debits 11.806 credits bb CASH 18.000 11.806 bb ALLOWANCE FOR UNCOLLECTIBLE TAXES - bb TAXES RECEIVABLE - - - bb SUPPLIES 13.000 additional debit account 13.000 - 18.000 additional credit account SHORT-TERM NOTE PAYABLE ACCOUNTS PAYABLE - - bb - bb - - - FEES, LICENSES & PERMITS REVENUE PROPERTY RESERVE TAX FORREVENUE ENCUMBRANCES SALES TAX REVENUE - GENERAL GOVERNMENT EXPENDITURES - PUBLIC SAFETY EXPENDITURES - ENCUMBRANCES 1 - - - - BUDGETARY FUND BALANCE RESERVE FOR ENCUMBRANCES - bb 11.806 1 11.806 11.806 11.806 T. Debits T. Credits 42.806 42.806 - 31.000 EDUCATION PROGRAM FEE REVENUE - OTHER FINANCING USES TRANSFERS OUT BUDGETARY FUND BALANCE - (total) FUND BALANCE 31.000 bb - OTHER FINANCING SOURCES ESTIMATED OTHER FINANCING USES APPROPRIATIONS - INTERGOVERNMENTAL REVENUES EDUCATION EXPENDITURES BUDGETARY ACCOUNTS ESTIMATED REVENUES DUE TO OTHER FUNDS - bb - - General Fund - General Ledger # date Journal Entries debits credits DEBT SERVICE FUND GENERAL LEDGER type accounts to be debited here type accounts to be credited here CASH bb FUND BALANCE - - - - OTHER FINANCING SOURCES TRANSFERS IN EXPENDITURES EXPENDITURES BOND PRINCIPAL - bb BOND INTEREST - - T. Debits - T. Credits - # date Journal Entries debits credits CAPITAL PROJECTS FUND GENERAL LEDGER type accounts to be debited here type accounts to be credited here DUE FROM OTHER CASH bb FUNDS - bb (Beginning) FUND BALANCE CONTRACTS PAYABLE - - - - CAPITAL OTHER FINANCING USES EXPENDITURES TRANSFERS OUT bb - bb - - OTHER FINANCING SOURCES TRANSFERS IN OTHER FINANCING SOURCES OTHER FINANCING SOURCES PROCEEDS OF BONDS PREMIUM ON BONDS - - - BUDGETARY ACCOUNTS BUDGETARY FUND BALANCE RESERVE FOR ENCUMBRANCES - - T. Debits - T. Credits - ENCUMBRANCES bb - # date Journal Entries debits GENERAL FIXED ASSET ACCOUNT GROUP credits type accounts to be debited here type accounts to be credited here bb BUILDINGS & STRUCT 1.395.000 bb 1.395.000 EQUIPMENT 480.000 bb CONSTRUCTION IN PROCESS - 480.000 ACCUMULATED DEPR BUILDINGS & STRUCT - ACCUMULATED DEPR EQUIP & MACHINERY bb bb - INVESTMENT IN GEN. FIXED ASSETS 1.875.000 - bb 1.875.000 GENERAL LONG-TERM DEBT ACCOUNT GROUP bb AMOUNT TO BE PROVIDED FOR DEBT 1.875.000 BOND PREMIUM bb BONDS PAYABLE 1.875.000 1.875.000 - T. Debits 3.750.000 T. Credits 3.750.000 1.875.000 bb PROVINCE OF EUROPA GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED DECEMBER 31, 2091 Debt Service General Total Governmental Funds Capital Projects Revenues Property Taxes Sales Taxes Fees, Licenses and Permits Intergovernmental Revenues Education Program Fee Revenues $ Total Revenues - - - - - Expenditures Current: General Government Operations Public Safety Education Capital Outlay Debt 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) Net Change in Fund Balance Fund Balance, January 1, 2091 Fund Balance, December 31, 2091 $ - - - - - - - - - $ $ $ Enter transfers out as negative and transfers in as positive amounts PROVICE OF EUROPA GOVERNMENTAL FUNDS BALANCE SHEET AS OF DECEMBER 31, 2091 Debt Service General Total Governmental Funds Capital Projects Assets Cash Taxes Reveivable - Gross Less: Allowance uncollectibles taxes Supplies Inventory Total Assets $ $ Liabilities and Fund Equity Liabilities Accounts Payable Contracts Payable Short Term Notes Payable Due to Other funds Total Liabilities Fund Balances Nonspendable - supplies Committed - contractual obligations Assigned for: Debt Service Capital Acquisitions Unassigned Total Fund Balance Total Liabilities and Fund Equity $ - $ - $ - $ $ - - - $ - $ - - - - - - $ - PROVINCE OF EUROPA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED DECEMBER 31, 2091 Budgeted Amounts Original Actual Amounts (Budgetary Basis) Final Revenues Property Taxes Sales Taxes Fees, Licenses and Permits Intergovernmental Revenues Education Program Fee Revenues Variance with Final Budget $ Total Revenues - - - - Expenditures Current year Expenditures & Encumbrances: General Government Operations Public Safety Education Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses) Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balance - - - - - - - - - - $ - - $ Reconciliation: Excess of 2090 Reserved for Encumbrances over Related Actual Expenditure in 2091 Reserve for encumbrances, December 31, 2091 Unassigned Fund Balance, January 1, 2091 Total fund balance, December 31, 2091 - $ - $ - $ - Total fund balance less encumbrances at 12/31/2090 ENTERPRISE FUND - GENERAL LEDGER Journal Entries 3 Feb. 1 Cash debits credits DUE FROM 300,000 Transfer in - capital contribution CASH 300,000 bb OTHER FUNDS - SUPPLIES - bb bb ACCOUNTS RECEIVABLE - bb - To record contribution from GF - - - ALLOWANCE FOR UNCOLLECTIBLE ACCTS - BUILDINGS & STRUCT bb bb EQUIPMENT 450,000 bb 450,000 GEOTHERMAL GENERATORS 150,000 bb 150,000 650,000 650,000 ACCUMULATED DEPR ACCUMULATED DEPR BUILDINGS & STRUCT EQUIP & MACHINERY bb GEOTHERMAL GENERATORS bb - - CONTRACTS PAYABLE - - bb - bb OPERATING REVENUE: bb CHARGES FOR SERVICES OPERATING EXPENSES DEPRECIATION EXPENSE - ST NOTE PAYABLE - - NONOPERATING EXPENSES INTEREST - T. Debits 1,250,000 T. Credits 1,250,000 - bb - NET POSITION bb 1,250,000 OPERATING EXPENSES INTEREST PAYABLE bb - BONDS PAYABLE 1,250,000 bb - ACCOUNTS PAYABLE SUPPLIES EXPENSE ACCUMULATED DEPR OPERATING EXPENSES SALARIES EXPENSE TRANSFER IN CAPITAL CONTRIBUTIONS - ENTERPRISE FUND - GENERAL LEDGER PROVINCE OF EUROPA STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION PROPRIETARY FUNDS FOR THE YEAR ENDED DECEMBER 31, 2091 Business-Type Activities: Enterprise Funds Electricity and Water Operating Revenues Charges for Services Total Current Assets - Operating Expenses Salaries Supplies Depreciation Total Operating ExpensesNoncurrent Assets - Operting Income - Nonoperating Revenues (Expenses) Interest Expense Income before Contributions - Capital Contibutions Change in Net Position Net Position, January 1, 2091 Net Position, December 31, 2091 $ - PROVINCE OF EUROPA STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION PROPRIETARY FUNDS FOR THE YEAR ENDED DECEMBER 31, 2091 Expenses entered as negative amounts PROVINCE OF EUROPA STATEMENT OF NET POSITION PROPRIETARY FUNDS AS OF DECEMBER 31, 2091 Business-Type Activities: Enterprise Funds Electricity and Water Assets Current Assets Cash Customer Accounts Receivable (gross) Less: Allowance Uncollectible Accounts Due from General Fund Inventories Total Current Assets - Noncurrent Assets Buildings and Structures Less: Accumulated Depreciation Equipment and Machinery Less: Accumulated Depreciation Geothermal Generators Less: Accumulated Depreciation Total Noncurrent Assets Total Assets - $ Liabilities Current Liabilities Accounts Payable Contracts Payable Interest Payable Short Term Note Payable Total Current Liabilities - Noncurrent Liabilities Revenue Bonds Payable Total Noncurrent Liabilities Total Liabilities - Net Position Net Investment in Capital Assets Unrestricted Total Net Position - $ PROVINCE OF EUROPA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED DECEMBER 31, 2091 Business-Type Activities: Enterprise Funds Electricity and Water Cash Flows from Operating Activities Cash Received from Customers Cash Paid for Supplies Cash Paid to Employees Net Cash Provided by Operating Activities - Cash Flows from Non-Capital Related Financing Activities Borrowing for Operations Net Cash Provided by Non-Capital Related Financing Activities - Cash Flows from Capital Related Financing Activities Acquisition of Capital Assets Contributed Capital from General Fund Net Cash Used in Capital Related Financing Activities - Cash Flows from Investing Activities Net Cash Provided from Investing Activities - Net Increase in Cash - Cash and Cash Equivalents, January 1, 2091 Cash and Cash Equivalents, December 31, 2091 $ - Reconciliation of Operating Income to Net Cash Provided by Operating Activities Operating Income Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Actitities Depreciation (Increase) Decrease in Customer Accounts Receivable- net (Increase)Decrease in Interfund Receivables (Increase) Decrease in Inventories Increase (Decrease) in Accounts Payable Net Cash Provided by Operating Activities $ Noncash Investing, Capital and Non-capital Related Financing Activities Acquisition of building through contracts payable - ...
Purchase answer to see full attachment

Tutor Answer

Joantutor
School: Duke University

Attached.

ENTERPRISE FUND - GENERAL LEDGER
Journal Entries
3 Feb. 1

Cash

debits

credits

DUE FROM

300,000
Transfer in - capital contribution

CASH
300,000

bb

OTHER FUNDS

69,500

bb

To record contribution from GF

SUPPLIES

143,249
1,948,249

bb

ACCOUNTS RECEIVABLE

11,806

bb

11,806

-

11,501

(11,501)

69,500
ALLOWANCE FOR
UNCOLLECTIBLE ACCTS
-

BUILDINGS & STRUCT
bb

bb

EQUIPMENT

450,000

bb

450,000

GEOTHERMAL GENERATORS

150,000

bb

150,000

650,000
650,000

ACCUMULATED DEPR

ACCUMULATED DEPR

BUILDINGS & STRUCT

EQUIP & MACHINERY
bb

INTEREST PAYABLE

OPERATING REVENUE:
bb

CHARGES FOR SERVICES

OPERATING EXPENSES
DEPRECIATION EXPENSE

-

bb

-

NONOPERATING EXPENSES
INTEREST

-

T. Debits

1,319,805

T. Credits

1,319,805
-

bb

54,183

NET POSITION
bb

1,250,000

ST NOTE PAYABLE

54,183

bb

-

BONDS PAYABLE

SUPPLIES EXPENSE

-

CONTRACTS PAYABLE
bb

15,622

OPERATING EXPENSES

bb

-

ACCOUNTS PAYABLE

1,250,000

GEOTHERMAL GENERATORS
bb

-

15,622

ACCUMULATED DEPR

OPERATING EXPENSES
SALARIES EXPENSE

TRANSFER IN CAPITAL CONTRIBUTIONS

-

ENTERPRISE FUND - GENERAL LEDGER

PROVINCE OF EUROPA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2091
Business-Type
Activities:
Enterprise Funds Electricity and
Water

Operating Revenues
Charges for Services
Total Current Assets

5,260,000
3,250,000
3,250,000

Operating Expenses
Salaries
Supplies
Depreciation
Total Operating ExpensesNoncurrent Assets

3,000,000
1,813,000
14,000
30,000
1,857,000

Operting Income

1,393,000

Nonoperating Revenues (Expenses)
Interest Expense
Income before Contributions

-125000
1,268,000

Capital Contibutions
Change in Net Position
Net Position, January 1, 2091
Net Position, December 31, 2091

$

1,268,000
1,268,000

PROVINCE OF EUROPA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2091

Expenses entered as negative amounts

PROVINCE OF EUROPA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
AS OF DECEMBER 31, 2091
Business-Type
Activities:
Enterprise Funds Electricity and
Water

Assets
Current Assets
Cash
Customer Accounts Receivable (gross)
Less: Allowance Uncollectible Accounts

69,500
11,501
104,000

Due from General Fund
Inventories
Total Current Assets

850,000
14,000
1,049,001

Noncurrent Assets
Buildings and Structures
Less: Accumulated Depreciation
Equipment and Machinery
Less: Accumulated Depreciation
Geothermal Generators
Less: Accumulated Depreciation
Total Noncurrent Assets
Total Assets

450,000
45,000
150,000
30,000
650,000
130,000
1,455,000
2,504,001

$

Liabilities
Current Liabilities
Accounts Payable
Contracts Payable
Interest Payable
Short Term Note Payable
Total Current Liabilities

15,622
232,500
187,500
650,000
1,085,622

Noncurrent Liabilities
Revenue Bonds Payable
Total Noncurrent Liabilities
Total Liabilities

93,750
1,179,372

Net Position
Net Investment in Capital Assets
Unrestricted
Total Net Position

1,455,000
(36,621)
1,418,379

$

PROVINCE OF EUROPA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2091
Business-Type
Activities:
Enterprise Funds Electricity and
Water

Cash Flows from Operating Activities
Cash Received from Customers
Cash Paid for Supplies
Cash Paid to Employees
Net Cash Provided by Operating Activities

1,230,000
900,000
1,813,000
3,943,000

Cash Flows from Non-Capital Related Financing Activities
Borrowing for Operations
Net Cash Provided by Non-Capital Related Financing Activities

1,250,000
1,250,000

Cash Flows from Capital Related Financing Activities
Acquisition of Capital Assets
Contributed Capital from General Fund
Net Cash Used in Capital Related Financing Activities

250,000
850,000
1,100,000

Cash Flows from Investing Activities
Net Cash Provided from Investing Activities

-

Net Increase in Cash
Cash and Cash Equivalents, January 1, 2091
Cash and Cash Equivalents, December 31, 2091

6,293,000
$

6,293,000

Reconciliation of Operating Income to Net Cash Provided by Operating Activities
Operating Income
Adjustments to Reconcile Operating Income to Net Cash Provided
by Operating Actitities
Depreciation
(Increase) Decrease in Customer Accounts Receivable- net
(Increase)Decrease in Interfund Receivables
(Increase) Decrease in Inventories
Increase (Decrease) in Accounts Payable
Net Cash Provided by Operating Activities

$

Noncash Investing, Capital and Non-capital Related Financing Activities
Acquisition of building through contracts payable

-


Worksheet to convert Governmental fund basis information t...

flag Report DMCA
Review

Anonymous
awesome work thanks

Similar Questions
Hot Questions
Related Tags
Study Guides

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors