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Continuing Problem 1
Chapter 9
Part A: The following activities are fund types of Coco city.
1. The account for its day-to-day operating activities is General fund.
2. To acquire or construct major capital assets is Capital Projects Fund.
3. To accumulate resources to service long-term debt is Debt Service Fund.
4. To operate a municipal swimming pool Enterprise Fund.
400,000
70,000
10,000
Appropriations-police salaries
300,000
Appropriations-police supplies
40,000
Appropriations-parks salaries
80,000
45,000
15,000
35,000
Encumbrances-police supplies
4,000
Page 1 of 16
39,000
Sonenaly Hemsouvanh
3. Budgetary fund balance reserved for encumbrances
35,000
Encumbrances-police supplies
35,000
33,000
Voucher payable
33,000
33,000
Cash
33,000
(1)
Estimated
Revenues-property taxes
400,000
(1)
Appropriations-transfer
45,000 (1)
Cash
40,000
7,000
33,000 (4)
(1)
Appropriations-supplies
40,000 (1)
Appropriations-police salaries
300,000 (1)
GENERAL LEDGER
Estimated
Revenues-sales taxes
70,000
Estimated
Revenues-parks admin fees
10,000
Appropriations-parks salaries
80,000
(3)
Expenditures-police supplies
33,000
(4)
Page 2 of 16
Voucher payable
35,000
33,000
33,000
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d. The appropriation ledger of police supplies is below:
Appropriation Ledger (Police Supplies)
Date
Item
Appropriation
Encumbrances
Encumbrances
Credit
Debit
Credit
Expenditures
Available
Appropriation
Credit
Budget
40,000
40,000
Order
35,000
5,000
Order
4,000
1,000
Order receipt
Record invoice
35,000
36,000
33,000
3,000
404,000
4,000
Revenues-property taxes
400,000
3,000
3,000
370,000
Property taxes receivable
370,000
1,000
Revenues-property taxes
1,000
31,000
31,000
Revenues-property taxes
10,000
10,000
Sonenaly Hemsouvanh
To record deferral taxes not to be collected after February 2014.
5. Cash
68,000
Revenues-sales taxes
68,000
6,000
Revenues-sales taxes
6,000
18,000
Revenues parks admissions fees
18,000
35,000
Cash
35,000
290,000
Expenditures-parks salaries
70,000
Cash
360,000
8,000
Expenditures-salary-parks department
5,000
Salary payable
13,000
Page 4 of 16
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The following is the T-accounts of other general funds.
(1)
(4)
(2)
(3)
Revenues-sales taxes
68,000 (5)
6,000 (5)
74,000
(7)
GENERAL LEDGER
Allowance for refunds and
and uncollectible taxes
3,000
4,000 (1)
1,000
4,000
4,000
0
Voucher payable
35,000
Expenditures-police salaries
290,000
8,000
298,000
Revenues-property taxes
10,000
400,000 (1)
1,000 (3)
10,000
401,000
391,000
Cash
(2)
(5)
(6)
(5)
(8)
(9)
(4)
370,000
68,000
18,000
456,000
61,000
35,000 (7)
360,000 (8)
395,000
(8)
(9)
Expenditures-parks salaries
70,000
5,000
75,000
Salaries payable
13,000 (9)
500,000
Other financing sources-bond issued
500,000
500,000
Cash
500,000
45,000
45,000
Sonenaly Hemsouvanh
Debt Service Fund:
Cash
45,000
Transfer from General Fund
45,000
25,000
Expenditures-bond interest
15,000
25,000
15,000
25,000
15,000
Cash
40,000
The following accounts are the T-accounts of Capital Project, General, and Debt Service
Funds.
GENERAL LEDGER
Other financing sourcesbond issued
500,000 (1)
(4)
Expenditures-police station
500,000
(4)
Expenditures-bond principal
25,000
Cash
45,000 (5)
40,000 (5)
Expenditures-bond interest
15,000
(2)
(5)
Page 6 of 16
(5)
Sonenaly Hemsouvanh
70,000
Revenues
70,000
8,000
Cash
8,000
40,000
Interest expense
24,000
Cash
64,000
30,000
30,000
(1)
(2)
(4)
Cash
5,000
70,000
75,000
3,000
Revenues
8,000 (3)
64,000 (4)
72,000
Bond payable
40,000
480,000 (1)
440,000
Accumulated depreciation
90,000 (1)
30,000 (5)
120,000
70,000 (2)
(4)
Interest expense
24,000
(1)
Swimming pool
600,000
Page 7 of 16
(3)
Salary expenses
8,000
(5)
Depreciation expense
30,000
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Debits
Credits
Budgetary Accounts
Estimated revenues-property taxes
$400,000
70,000
10,000
Appropriations-police salaries
300,000
Appropriations-police supplies
40,000
Appropriations-parks salaries
80,000
45,000
15,000
Encumbrances-police supplies
4,000
4,000
Financial Accounts
Cash
23,000
31,000
6,000
Salaries payable
13,000
10,000
5,000
Revenues-property taxes
391,000
Revenues-sales taxes
74,000
18,000
Expenditures-police salaries
298,000
Expenditures-police supplies
33,000
Expenditures-parks salaries
75,000
45,000
Total
$995,000
Page 8 of 16
$995,000
Sonenaly Hemsouvanh
Coco City
Debt Service Fund
Preclosing Trial Balance
December 31, 2013
Debits
Cash
Expenditures-bond principal
Expenditures-bond interest
Transfer from General Fund
Totals
Credits
$5,000
25,000
15,000
$45,000
45,000
$45,000
Debits
Credits
Coco City
Capital Project Fund
Preclosing Trial Balance
December 31, 2013
Expenditures-police station
Other financing sources-bond issued
Totals
$500,000
$500,000
500,000
$500,000
Coco City
Enterprise Fund
Swimming Pool
Preclosing Trial Balance
December 31, 2013
Debits
Cash
Swimming pool
Accumulated depreciation-swimming pool
Bond payable
Revenues
Salary expense
Interest expense
Depreciation expense
Net position
Totals
Credits
3,000
600,000
120,000
440,000
70,000
8,000
24,000
30,000
$665,000
Page 9 of 16
35,000
$665,000
Sonenaly Hemsouvanh
1. Governmental Funds Balance Sheet is as follows:
Coco City
Balance Sheet
Governmental Funds
December 31, 2013
General
Assets
Cash
Property taxes receivable-delinquent
Sales taxes receivable
Total assets
Liabilities
Salaries payable
Defered inflows of resources
Deferred property taxes revenues
Fund balance
Assigned
Unassigned
Total fund balance
Total liabilities , deferred inflows of resources,
and fund balances
23,000
31,000
6,000
60,000
13,000
Debt
Service
Capital
Project
Total
5,000
5,000
28,000
31,000
6,000
65,000
13,000
10,000
10,000
4,000
33,000
37,000
$
60,000
5,000
9,000
33,000
42,000
5,000
$
5,000
65,000
Revenues
Property taxes
Sales taxes
Parks admissions fees
Total revenues
Expenditures
Police salaries
Police supplies
Parks salaries
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses)
Transfer out to Debt Service Fund
Net change in fund balance
Fund balance, beginning of year
Fund balance, end of year
Original and
final budget
Actual
$ 400,000
70,000
10,000
480,000
$ 391,000
74,000
18,000
483,000
300,000
40,000
80,000
420,000
60,000
298,000
33,000
75,000
406,000
77,000
(45,000)
15,000
5,000
20,000
Page 10 of 16
(45,000)
32,000
5,000
$ 37,000
Variance
$
(9,000)
4,000
8,000
3,000
2,000
7,000
5,000
14,000
17,000
17,000
17,000
Sonenaly Hemsouvanh
2. Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund
Balances is as below:
Coco City
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
For the Year Ended December 31, 2013
General
Revenues
Property taxes
Sales taxes
Parks admissions fees
Total revenues
Expenditures
Current:
Police salaries
Police supplies
Parks salaries
Debt service:
Principal
Interest
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses)
Bond issued
Transfer in from General Fund
Transfer out to Debt Service Fund
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning of year
Fund balance, end of year
Debt
Service
Capital
Project
Total
$ 391,000
74,000
18,000
483,000
$ 391,000
74,000
18,000
483,000
298,000
33,000
75,000
298,000
33,000
75,000
25,000
15,000
406,000
77,000
40,000
(40,000)
500,000
500,000
(500,000)
500,000
45,000
(45,000)
(45,000)
32,000
5,000
$ 37,000
Page 11 of 16
45,000
5,000
$ 5,000
500,000
$
-
25,000
15,000
500,000
946,000
(463,000)
500,000
45,000
(45,000)
500,000
37,000
5,000
$ 42,000
Sonenaly Hemsouvanh
4. Proprietary funds statement of net position is below:
Coco City
Statement of Net Position
Enterprise Fund
December 31, 2013
Assets
Current assets:
Cash
Noncurrent assets
Swimming pool
Less, accumulated depreciation
Total noncurrent assets
Total assets
Liabilities
Current liabilities
Current portion of revenue bonds payable
Noncurrent liabilities
Bonds payable
Total liabilities
Net position
Net invested in capital assets
Unrestricted
Total net position
3,000
600,000
120,000
480,000
483,000
40,000
400,000
440,000
40,000
3,000
43,000
Chapter 10:
1. Journal entries need to convert fund financial statements to government-wide financial
statements are as follows:
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Capital asset adjustments
a.
Police station
500,000
Expenditures-capital outlay
500,000
Depreciation expense
10,000
10,000
500,000
Bonds payable
500,000
Bonds payable
25,000
Expenditures-bond principal
25,000
10,000
Revenues-property taxes
10,000
Claims expense
4,000
Claims payable
4,000
Interest expense
7,125
Interest payable
7,125
Transfers in
45,000
Transfers out
45,000
Page 13 of 16
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Work sheet for preparing government-wide financial statements
Aggregated balances
of Fund statements
Debit
Adjustments
Credit
Debit
Credit
Adjusted balances
Debit
Cash
28,000
28,000
31,000
31,000
6,000
6,000
a. 500,000
Accumulated depreciation
500,000
b. 10,000
Salaries payable
10,000
13,000
13,000
Interest payable
g.
Bonds payable
d. 25,000
Claims payable
7,125
7,125
c.500,000
475,000
f.
10,000
Credit
4,000
4,000
e. 10,000
5,000
5,000
Revenues:
Property taxes
391,000
e. 10,000
401,000
Sales taxes
74,000
74,000
18,000
18,000
Expenditures:
Police salaries
298,000
298,000
Police supplies
33,000
33,000
Parks salaries
75,000
75,000
Bond principal
25,000
Bond interest
15,000
Capital outlay
500,000
d. 25,000
g.
7,125
22,125
a.500,000
Depreciation expense
b. 10,000
Claims expenses
f.
10,000
4,000
4,000
500,000
c.500,000
45,000
h. 45,000
45,000
1,056,000
h. 45,000
1,056,000
1,100,125
Page 14 of 16
1,100,125
1,007,125
1,007,125
Sonenaly Hemsouvanh
Coco City
Statement of Net Position
December 31, 2013
Assets
Current assets:
Cash
Property taxes receivable-delinquent
Sales taxes receivable
Total current assets
Noncurrent assets:
Capital assets
Less, accumulated depreciation
Total noncurrent assets
Total assets
Liabilities
Current liabilities:
Salaries payable
Interest payable
Current portion of bonds payable
Total current liabilities
Noncurrent liabilities:
Bonds payable
Claims payable
Total noncurrent liabilities
Total liabilities
Net Position
Invested in capital assets
Unrestricted
Total net position
Governmental
Activities
Business-type
Activities
28,000
31,000
6,000
65,000
500,000
10,000
490,000
555,000
13,000
7,125
25,000
45,125
3,000
Total
3,000
31,000
31,000
6,000
68,000
600,000
120,000
480,000
483,000
1,100,000
130,000
970,000
1,038,000
40,000
40,000
13,000
7,125
65,000
85,125
450,000
4,000
454,000
499,125
400,000
400,000
440,000
875,000
4,000
854,000
939,125
15,000
40,875
55,875
40,000
3,000
43,000
55,000
43,875
98,875
Page 15 of 16
Sonenaly Hemsouvanh
Coco City
Statement of Activities
Year Ended December 31, 2013
Charges for
Services
Expenses
Governmental activities:
Police salaries
Police supplies
Parks salaries
Depreciation
Claims
Interest on long-term debt
Total governmental activities
Business-type activities:
Swimming pool
Total government and business
type activities
General revenues:
Property taxes
Sales taxes
Total general revenues
Change in net position
Net position, beginning
Net position, ending
$298,000
33,000
75,000
10,000
4,000
22,125
$ 442,125
____ __
$ 18,000
$ (298,000)
(33,000)
(57,000)
(10,000)
(4,000)
(22,125)
$ (424,125)
62,000
504,125
70,000
88,000
___
_
(424,125)
18,000
401,000
74,000
475,000
50,875
5,000
$ 55,875
Page 16 of 16
.
Total
$ (298,000)
(33,000)
(57,000)
(10,000)
(4,000)
(22,125)
$ (424,125)
8,000
8,000
8,000
(416,125)
__
8,000
35,000
$ 43,000
401,000
74,000
475,000
58,875
40,000
$ 98,875
__