Assume that the City of Coyote has produced its financial statements f.pdf

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Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city's general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the currentyear. The city also maintained an enterprise fund to account for its art museum. The government-wide financlal statements provide the following figures: - Education reports net expenses of $740 , 000 . - Parks reports net expenses of $130 , 000 . - Art museum reports net revenues of $58 , 000 . - General government revenues for the year were $1 , 015 , 000 with an overall increase in the city's net position of $203 , 000 . The fund financial statements provide the following for the entire year. - The general fund reports a $33 , 250 increase in its fund belance. - The capital projects fund reports a $63 , 250 increase in its fund balance. - The enterprise fund reports a $75 , 750 increase in its net position. The city asks the CPA firm of Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate how to correct any erroneous reporting. Officials also want to know the effect of each error. View each of the following situations as independent. In 2020, the City of Coyote received a $375 , 000 cash grant from the state to reduce air pollution. Assume that although a special revenue fund could have been set up, the money remained in the general fund. Cash was recelved immediately but had to be returned if the city had not lowered air pollution by 25 percent by 2020 . On December 31, 2020, Coyote spent $256 , 000 of this money for a large machine to help begin the process of reducing alr pollution. The machine is expected to last for five years and was recorded as an expenditure in the general fund and as an asset on the government wide financial statements where it was depreciated based on the straight-line method and the half-year convention. Becouse the money had been received, all $375 , 000 was recorded as a revenue on both the fund and the government-wide financial statements. a. What was the correct change for 2020 in the total fund balance reported by the general fund? b. What was the correct overall change in the net position reported on the government-wide financial statements?.

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Continuous Problem – City of Monroe 1 Continuous Problem – City of Monroe TO ACCOMPANY ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL AND NOT-FOR-PROFIT ORGANIZATIONS: TWELFTH 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 encumbrances. 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 ¾ General ¾ Special revenue—Street and Highway Fund ¾ Capital projects—City Hall Annex Construction Fund ¾ Debt service—City Jail Annex Debt Service Fund ¾ Debt service—City Hall Debt Service Fund Proprietary Funds ¾ Internal service—Stores and Services Fund ¾ Enterprise—Water and Sewer Fund Fiduciary Funds ¾ Private-purpose—Student Scholarship Fund ¾ 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, 2014, follow. These (beginning) balances have been entered in the proper general ledger accounts, as of 1/1/2015. Continuous Problem – City of Monroe 2 CITY OF MONROE General Fund Balance Sheet As of December 31, 2014 Assets Cash $502,000 Taxes receivable $210,000 Less: Estimated uncollectible taxes (42,000) net 168,000 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, Deferred Inflows, and Fund Equity Liabilities: Accounts payable $ 99,000 Due to other funds 27,000 Total liabilities 126,000 Deferred inflows – Property taxes 21,000 Fund equity: Fund balance—assigned (for outstanding encumbrances) $17,000 Fund balance—unassigned 720,250 Total fund balance 737,250 Total liabilities, deferred inflows and fund equity $884,250 CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2014 Assets Cash $21,000 Investments 59,000 Due from state government 109,000 Total assets $189,000 Liabilities and Fund.

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such nice.rtfd/TXT.rtf From: Dayana Mirabal <[email protected]> Date: July 5, 2016 at 11:14:49 PM EDT To: Dayana mirabal <[email protected]> Sent from my iPhone __MACOSX/such nice.rtfd/._TXT.rtf For Final Project One, you will use the Final Project One Student Workbook Excel spreadsheet provided for you. If you would like a refresher course on using various features of Excel, sign in to Atomic Learning and type “Excel” in the search box. This will provide you with options to select the specific level of training that you need (i.e., intro, intermediate, or advanced) and the specific version of Excel that you have (i.e., 2011, 2013, etc.). The trainings are broken down into small, meaningful chunks. Therefore, you should be able to find specific topics at each level that will meet your needs. IMPORTANT: For the transaction worksheets for each fund, in column A, the part shaded in yellow, code the account 1 for balance sheet accounts and 2 for operating statement accounts. For example, on sheet GF WS, cash is a balance sheet account so in cell A1 you will put 1. These codes will allow the worksheet to automatically populate the operating statement and balance sheet columns on the worksheets. These will automatically populate the corresponding financial statements. For some funds, you will be required to prepare entries for transactions. Statements will automatically be created (if you properly code column A). You can check your work by ensuring debits equal credits and that the corresponding statements balance. For other funds, you will be given the completed worksheet for the funds’ transactions and you will be required to prepare the appropriate statements (statements will not automatically be populated from the completed worksheet). Sheets you are required to complete will have white tabs. Sheets that automatically populate or that have given information will have green tabs. SAVE YOUR WORK OFTEN! General Fund As one of the accountants for the City of Springfield, you will record the following transactions into the accompanying workbooksheet GF WS. Note that some transactions have already been recorded in the workbook. The city has other accountants who also record transactions. 1. The city levied its general property taxes for the year of $1,580,000. The city estimates that $30,000 of the taxes will prove uncollectible. Record the taxes assuming the city will collect the remaining balance later during the fiscal year. 2. The city collected $1,300,000 of property taxes before the due date for taxes. The remainder of the taxes receivable became delinquent. 3. The city received and vouchered the materials and supplies that were on order from the previous year. The actual cost equaled the estimated cost of these materials and supplies, $19,000. The city records expenditures for materials and supplies when they are consumed. A perpetual inventory system is used. 4. The city incurred and paid salary expenditures as follows: Accrued salar ...

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The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe as of December 31, 2014, follow. These (beginning) balances have been entered in the proper general ledger accounts, as of 1/1/2015. CITY OF MONROE General Fund Balance Sheet As of December 31, 2014 Assets Cash $502,000 Taxes receivable $210,000 Less: Estimated uncollectible taxes (42,000) net 168,000 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, Deferred In flows, and Fund Equity Liabilities: Accounts payable $ 99,000 Due to other funds 27,000 Total liabilities 126,000 Deferred inflows – Property taxes 21,000 Fund equity: Fund balance—assigned (for outstanding encumbrances) $17,000 Fund balance—unassigned 720,250 Total fund balance 737,250 Total liabilities, deferred in flows and fund equity $884,250 CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2014 Assets Cash $21,000 Investments 59,000 Due from state government 109,000 Total assets $189,000 Liabilities and Fund Equity Liabilities: Accounts payable $9,000 Fund equity: Fund balance—assigned for streets and highways 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 encumbrances. Subsidiary accounts are not required. Budget information for the City includes: a) As of January 1, 2015, the City Council approved and the mayor signed a budget calling for $11,250,000 in property tax and other revenue, $9,300,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment of principal and interest. Record the budget for the General Fund and post to the ledger. b) Also as of January 1, 2015, 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 2015. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries. (1) Encumbrances of $ 17,000 for purchase orders outstanding at the end of 2014 were re- established. (2) The January 1, 2015, balance in Deferred Inflows – Property Taxes relates to the amount of the 2014 levy that was expected to be collected more than 60 days after December 31. This amount should be recognized as 2015 revenues..

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