Need accounting project to be done… Need it back within 6 hrs.

Need accounting project to be done…

GOVERNMENTAL ACCOUNTING PRACTICE SET Part A due: Part B due:

Introduction

The date is December 3

1

, 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 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 & 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 principle 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.

** Report:

Your completed projects should include (in this order):

Part A:

1. Cover sheet with names of group members

2. Fund-basis financial statements, including a Budget Comparison Statement for the General Fund.

3. Ledgers (t-accounts) with journal entries for each fund and account group

Part B:

1. Cover sheet with names of group members

2. Government-wide Financial Statements

3. Worksheets and journal entries for the governmental activities portion of the Government-wide financial statements

Check figures:

General fund cash:

$ 143,249

General fund unassigned fund balance
85,229

Governmental funds: Total fund balance 1,948,249

Enterprise fund cash:

69,500

Enterprise fund net position:

54,183

A set of Excel templates (Excel) are 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

Cash
18,000 Fund Balance:

Supplies 13,000 Assigned (Reserved

for encumbrances
)
11,806

_______ Unassigned

19,194

31,000
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

Government Bureau Life Value

Buildings, roads, and

other structures $1,395,000 $ 450,000 10 $ 0

Equipment 480,000 150,000 5 0

Geothermal Generators 0 650,000 5 0

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 Items	Province Government (General Fund)	Capital Additions	Bureau 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
Budget continued on next page

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:

General Public

Operation Safety Education Total

Order placed

$ 390,000 $ 400,000 $ 150,000 $ 940,000

Invoice prices 395,000 400,000 140,000
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 & licenses
312,000

Program Fees: Education 80,000

$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 safety 775,000

Education 725,000

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 safety 320,000

Education 250,000

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 safety 0

Education 0

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.

�(Prepare the journal entries and enter them on the worksheet used to convert governmental funds to the accrual basis, but do not post the entries in the journals of the funds.)

1

General

Fund

# date Journal Entries debits credits CASH 1 Jan. 1 Encumbrances 11,806 bb 18,000 ALLOWANCE FOR

Budget

ary Fund Balance Reserve for Encumbrances 11,806

TAXES RECEIVABLE UNCOLLECTIBLE TAXES SUPPLIES additional debit account To re

–

establish outstanding encumbrances

bb – – bb bb

13,000 – – 13,000 –
18,000
SHORT-TERM DUE TO (total) additional credit account ACCOUNTS PAYABLE NOTE PAYABLE OTHER FUNDS FUND BALANCE – bb – bb – bb

31,000

bb
– – – – 31,000
FEES, LICENSES & INTERGOVERNMENTAL EDUCATION

PROGRAM RESERVE FOR

ENCUMBRANCES PROPERTY TAX REVENUE SALES TAX REVENUE PERMITS REVENUE REVENUES FEE REVENUE – – – – –
GENERAL GOVERNMENT PUBLIC SAFETY

EDUCATION

OTHER FINANCING OTHER

FINANCING USES EXPENDITURES

EXPENDITURES EXPENDITURES

SOURCES TRANSFERS OUT – – – – –
BUDGETARY ACCOUNTS ESTIMATED OTHER BUDGETARY ESTIMATED REVENUES APPROPRIATIONS

FINANCING USES FUND BALANCE
– – – –
BUDGETARY FUND BALANCE ENCUMBRANCES

RESERVE FOR ENCUMBRANCES – bb
1 11,806 11,806 1
11,806
11,806
T. Debits 42,806 T. Credits

42,806
–

&”Arial Rounded MT Bold,Regular”&18General Fund – General Ledger

Debt Service

# date Journal Entries debits credits

CASH FUND BALANCE

bb – – bb
– –

EXPENDITURES

– – –
T. Debits –
T. Credits –

DEBT SERVICE FUND GENERAL LEDGER
		type accounts to be debited here
		type accounts to be credited here
			OTHER FINANCING SOURCES	EXPENDITURES
TRANSFERS IN	BOND PRINCIPAL	BOND INTEREST

Capital Projects

# date Journal Entries debits credits

PROJECTS FUND GENERAL LEDGER

type accounts to be debited here

type accounts to be credited here

CASH

bb – bb – – bb
– – –

CAPITAL

FUND BALANCE EXPENDITURES TRANSFERS OUT

– bb

– –

–

OTHER FINANCING SOURCES OTHER FINANCING SOURCES OTHER FINANCING SOURCES
– – –
BUDGETARY ACCOUNTS
BUDGETARY FUND BALANCE
RESERVE FOR ENCUMBRANCES ENCUMBRANCES
– bb
– –

T. Debits –
T. Credits –

	CAPITAL
DUE FROM OTHER
FUNDS	CONTRACTS PAYABLE
(Beginning)	OTHER FINANCING USES
TRANSFERS IN	PROCEEDS OF BONDS	PREMIUM ON BONDS

Account Groups

# date Journal Entries debits credits

type accounts to be debited here

type accounts to be credited here

bb

bb

bb –

1,395,000 480,000 –

ACCUMULATED DEPR

BUILDINGS & STRUCT

bb bb

bb

– – 1,875,000
bb 1,875,000 bb 1,875,000 bb
1,875,000
– 1,875,000
T. Debits

T. Credits 3,750,000

GENERAL FIXED ASSET ACCOUNT GROUP
CONSTRUCTION
	BUILDINGS & STRUCT	EQUIPMENT	IN PROCESS
	1,395,000		480,000
	ACCUMULATED DEPR	INVESTMENT IN
EQUIP & MACHINERY	GEN. FIXED ASSETS
					1,875,000
GENERAL LONG-TERM DEBT ACCOUNT GROUP
AMOUNT TO BE
PROVIDED FOR DEBT	BOND PREMIUM	BONDS PAYABLE
	3,750,000

Activity Statement

General Debt Service Capital Projects

–

–

–

–

– – – –

–

–

–

–

Debt Service –

–

–

– – – –

– – – –

–

–

–

–

–

– – – –

– – – –

– – –

$ – $ – $ – $ –

Total Governmental Funds

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

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

Enter transfers out as negative and transfers in as positive amounts

Total Other Financing Sources (Uses)

Net Change in Fund Balance

Fund Balance, January 1, 2091

Fund Balance, December 31, 2091

PROVINCE OF EUROPA
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 2091

Balance Sheet

General Debt Service Capital Projects Total Governmental Funds

$ –

–

–

–

$ – $ – $ – $ –

and Fund Equity

Liabilities

$ –

–

–

–

– – – –

–

–

–

–

–

–

– – – –

$ – $ – $ – $ –

Assets
Cash
Taxes Reveivable – Gross
Less: Allowance uncollectibles taxes
Supplies Inventory
Total Assets
	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

PROVICE OF EUROPA
GOVERNMENTAL FUNDS
BALANCE SHEET
AS OF DECEMBER 31, 2091

Budget

Revenues
Property Taxes $ –
Sales Taxes –
Fees, Licenses and Permits –
Intergovernmental Revenues –
Education Program Fee Revenues –
Total Revenues – – – –
Expenditures

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 $ – $ – $ – $ –

$ –

Budgeted Amounts
Original	Final	Actual Amounts (Budgetary Basis)	Variance with Final Budget
Current year Expenditures & Encumbrances:
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 less encumbrances at 12/31/2090
Total fund balance, December 31, 2091

PROVINCE OF EUROPA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL
GENERAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2091

Enterprise fund

capital contribution

300,000

– bb – bb – bb –

– – –
–
– bb bb

bb

bb

450,000 150,000 650,000
–

ACCUMULATED DEPR ACCUMULATED DEPR

BUILDINGS & STRUCT

GEOTHERMAL GENERATORS

bb bb bb

– – –

– bb – bb – bb bb
– – – –

bb bb

1,250,000 – – –
OPERATING EXPENSES OPERATING EXPENSES

– – – –

1,250,000

1,250,000

–

Journal Entries

debits

credits

DUE FROM

3

Feb. 1

Cash

300,000

CASH

OTHER FUNDS

SUPPLIES

ACCOUNTS RECEIVABLE

Transfer in

–

bb

To record contribution from GF

ALLOWANCE FOR

UNCOLLECTIBLE ACCTS

BUILDINGS & STRUCT

EQUIPMENT

GEOTHERMAL GENERATORS

450,000

150,000

650,000

ACCUMULATED DEPR

EQUIP & MACHINERY

ACCOUNTS PAYABLE

CONTRACTS PAYABLE

INTEREST PAYABLE

ST NOTE PAYABLE

BONDS PAYABLE

NET POSITION

OPERATING REVENUE:

OPERATING EXPENSES

1,250,000

CHARGES FOR SERVICES

SALARIES EXPENSE

NONOPERATING EXPENSES

TRANSFER IN –

SUPPLIES EXPENSE

DEPRECIATION EXPENSE

INTEREST

CAPITAL CONTRIBUTIONS

T. Debits

T. Credits

&”Arial Rounded MT Bold,Regular”&16ENTERPRISE FUND – GENERAL LEDGER

Activity

–

–

–

–

–

–

		Business-Type Activities: Enterprise Funds – Electricity and Water
Operating Revenues
Charges for Services
Total Current	Assets
Operating Expenses
Salaries
Supplies
	Depreciation
Total Operating Expenses	Noncurrent Assets
Operting Income
Nonoperating Revenues (Expenses)
Interest Expense	Expenses entered as negative amounts
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

Balance Sheet

Business-Type Activities: Enterprise Funds – Electricity and Water

Assets
Cash

–

Noncurrent Assets

Less: Accumulated Depreciation

Less: Accumulated Depreciation

–

$ –

–

–

–

Net Position

–

–

$ –

Current Assets
Customer Accounts Receivable (gross)
Less: Allowance Uncollectible Accounts
Due from General Fund
Inventories
Total Current Assets
Buildings and Structures
		Less: Accumulated Depreciation
Equipment and Machinery
Geothermal Generators
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 Investment in Capital Assets
Unrestricted
Total Net Position

PROVINCE OF EUROPA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
AS OF DECEMBER 31, 2091

Cash Flow

Business-Type Activities: Enterprise Funds – Electricity and Water

–

–

–

–

–

–

$ –

to Net Cash Provided by Operating Activities

Operating Income

Depreciation

Net Cash Provided by Operating Activities $ –

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
Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Actitities
(Increase) Decrease in Customer Accounts Receivable- net
(Increase)Decrease in Interfund Receivables
(Increase) Decrease in Inventories
Increase (Decrease) in Accounts Payable
Noncash Investing, Capital and Non-capital Related Financing Activities
Acquisition of building through contracts payable

PROVINCE OF EUROPA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2091

worksheet

to assets & expenses and add credits to revenues, liabilities & equity

debits

wide Stmts

2,123,249

00

559,000

116,000

(net)

–

–

1,490,501

1,495,000

1,115,000

93,750

(expenditure/expense)

187,500

1,250,000

–

Out

911,250

Debits

9,341,250

35,000

115,000 115,000

400,000

–

300,000

–

–

–
–

3,589,000

838,000

Interest –

312,000

80,000

–

450,000

–

2,500,000

Premium on Bonds 80,000 80,000

611,250

at beginning of year

31,000

9,341,250 9,341,250

0 0 0

Enter all amounts as positive numbers. The worksheet is formatted to add

debits

#

Journal Entries

credits (enter as negatives)

Gov’tal Fund Balances

Adjustments & Eliminations

Balances for Gov’t

–

type accounts to be debited here

Debits

Credits

type accounts to be credited here

DEBITS:

Cash

2,123,249

Taxes Receivable, net

559,

0

Inventories

116,000

Capital

Assets

Expenditures (expenses) Current

General Govt. Operations

1,490,501

Public Safety

1,495,000

Education

1,

115,000

Other Expenditures (expenses)

– Debt Service Principal

93,750

–

Interest

187,500

– Capital Outlay

1,250,000

– Depreciation

Other Fin. Uses –

Transfers

911,250

Total

9,341,250

CREDITS:

Accounts Payable

35,000

Due to Other Funds

Contracts Payable

400,000

Accrued Interest Payable

Short Term Notes Payable

300,000

Bonds Payable

Premium on Bonds

Revenues

Property Taxes

3,589,000

Sales Taxes

838,000

Fees, Licenses & Permits

312,000

Miscellaneous

80,000

Intergovernmental Grant for

General Gov’t Operations

450,000

Other Financing Sources

Proceeds of Bonds

2,500,000

Transfers In

611,250

Net Position

31,000

Total Credits

column totals for JE’s

Worksheet to convert Governmental fund basis information to accrual basis

Activity

Total

$ –

– –

– –

– –

– –

al Activities

– – – – – –

– –

Total Government $ – $ – $ – $ – $ – $ – –

–

–

–

Transfers –

– – –

Change in Net Position – – –

– –

$ – $ – $ –

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

Functions/Programs

Governmental Activities:

General Government

$ –

Public Safety

Education

Interest

Depreciation

Total Government

Business Type Activities

Water and Sewer

General Revenues

Taxes:

Property Taxes

Sales Taxes

Fees, Licenses and Permits

Enter transfers out as negative and transfers in as positive amounts

Total General Revenues

Net Position, Beginning

Net Position, Ending

PROVINCE OF EUROPA
STATEMENT OF ACTIVITIES GOVERNMENT-WIDE BASIS
FOR THE YEAR ENDED DECEMBER 31, 2091

Net position

Governmental Activities Business-Type Activities Total
Assets
Cash $ –

–

–

–

Inventories –

–

$ – $ – $ –

Accounts Payable –
Contracts Payable –
Accrued Interest Payable –
Short Term Notes Payable –

–

–

– – –

Net Position

– – –

– – –

$ – $ – $ –

Accounts Receivable (Net)
Taxes Receivable (Net)
Internal Balances Current	Enter payables to other funds as negative, receivables as positve amounts
Capital Assets, Net of Accumulated Depreciation
Total Assets
Liabilities
General Obligation Bonds Payable
Premium on Bonds Sold
Total Liabilities
Net Investment in Capital Assets
Unrestricted
Total Net Position

PROVINCE OF EUROPA
STATEMENT OF NET POSITION
AS OF DECEMBER 31, 2091