Advanced Accounting - Standalone book
12th Edition
ISBN: 9780077632588
Author: Hoyle
Publisher: MCG
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Question
Chapter 17, Problem 38P
a.
To determine
Prepare a statement of activities and a statement of net position for the year 2015.
a.
Expert Solution
Explanation of Solution
Statement of activity for W:
Statement of activities | |||||||
Program revenue | Net revenue and change in net assets | ||||||
Program | Expenses | Charges for services | Grants and contribution (operating) | Grants and contribution (capital) | Governmental activities | Business activities | Total |
Primary government: | |||||||
Governmental activities | |||||||
General governmental | $149,000 | $5,000 | $14,000 | ($130,000) | ($130,000) | ||
Public safety | $90,000 | $3,000 | ($87,000) | ($87,000) | |||
Health and sanitation | $70,000 | $42,000 | ($28,000) | ($28,000) | |||
Interest on debt | $16,000 | ($16,000) | ($16,000) | ||||
Total governmental activities | $325,000 | $50,000 | $14,000 | ($261,000) | ($261,000) |
Table: (1)
Working note:
Computation of closing amount of net assets:
General revenue: | |
Property taxes | $ 401,000 |
Franchise taxes | $ 42,000 |
Investment | $ 13,000 |
Total | $ 456,000 |
Change in net assets | $ 195,000 |
Net assets – beginning | |
Net assets – closing | $ 195,000 |
Table: (2)
Statement of net assets for W:
Statement of net assets | |||
Particulars | Governmental activities | Business activities | Total |
Assets | |||
Cash & equivalents | $ 62,000 | $ 62,000 | |
Prepaid expenses | $ 2,000 | $ 2,000 | |
Investment | $ 103,000 | $ 103,000 | |
Receivables | $ 81,000 | $ 81,000 | |
Inventories | $ 3,000 | $ 3,000 | |
Capital assets | $ 172,000 | $ 172,000 | |
Total assets | $ 423,000 | $ 423,000 | |
$ - | |||
Liabilities | $ - | ||
Salaries payable | $ 19,000 | $ 19,000 | |
Compensating absence | $ 13,000 | $ 13,000 | |
Noncurrent liabilities | $ 196,000 | $ 196,000 | |
Total liabilities | $ 215,000 | $ 13,000 | $ 228,000 |
$ - | |||
Net assets | $ - | ||
$ - | |||
Invested in net assets | $ (24,000) | $ (24,000) | |
Unrestricted | $ 219,000 | $ 219,000 | |
Total net assets | $ 195,000 | $ 195,000 |
Table: (3)
b.
To determine
Prepare a statement of revenues, expenditures and other changes in fund balance and a balance sheet for the year 2015.
b.
Expert Solution
Explanation of Solution
Statement of revenues, expenditures and other changes in fund balance for W:
Statement of revenue, expenditure and change in fund balance | ||
Particulars | General funds | Total government funds |
Property taxes | $ 401,000 | $ 401,000 |
Franchise taxes | $ 42,000 | $ 42,000 |
Charges for Services | $ 50,000 | $ 50,000 |
Investments | $ 13,000 | $ 13,000 |
Total | $ 506,000 | $ 506,000 |
Expenditures: | ||
General Governmental | $ 110,000 | $ 110,000 |
Public Safety | $ 90,000 | $ 90,000 |
Health and Sanitation | $ 54,000 | $ 54,000 |
Debt Service: | ||
Principal payment on debt | $ 4,000 | $ 4,000 |
Interest on debt | $ 16,000 | $ 16,000 |
Capital Outlay | $ 200,000 | $ 200,000 |
Total expenditures | $474,000 | $474,000 |
Excess of | ||
revenues over expenses | 32,000 | 32,000 |
Other Financing Sources: | ||
Proceeds from long-term note | 200,000 | 200,000 |
other | ||
uses and sources | 200,000 | 200,000 |
Net Changes in fund balance | ||
Fund Balances (beginning) | - | - |
Fund Balances (ending) | $232,000 | $232,000 |
Table: (4)
Balance sheet for W:
Balance sheet | ||
Particulars | General funds ($) | Total government funds ($) |
Assets: | ||
Cash & equivalents | 62,000 | 62,000 |
Prepaid expense | 2,000 | 2,000 |
Investment | 103,000 | 103,000 |
Receivables | 81,000 | 81,000 |
Inventory | 3,000 | 3,000 |
Total assets | 251,000 | 251,000 |
Liabilities: | ||
Salaries payable | 19,000 | 19,000 |
Fund balance - | ||
For encumbrances | 12,000 | 12,000 |
For inventory | 3,000 | 3,000 |
For prepaid expenses | 2,000 | 2,000 |
For unreserved | 215,000 | 215,000 |
Total fund balance | 232,000 | 232,000 |
Total liabilities | 251,000 | 251,000 |
Table: (5)
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Chapter 17 Solutions
Advanced Accounting - Standalone book
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - A landfill is scheduled to be filled to capacity...Ch. 17 - The City of VanStone operates a solid waste...Ch. 17 - Prob. 7QCh. 17 - Prob. 8QCh. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 11QCh. 17 - Prob. 12QCh. 17 - Prob. 13QCh. 17 - What does a comprehensive annual financial report...Ch. 17 - Prob. 15QCh. 17 - Prob. 16QCh. 17 - What is the difference between a blended component...Ch. 17 - Prob. 18QCh. 17 - Prob. 19QCh. 17 - Prob. 20QCh. 17 - Prob. 21QCh. 17 - How are internal service funds reported on...Ch. 17 - Prob. 23QCh. 17 - A general purpose government takes over a special...Ch. 17 - Prob. 25QCh. 17 - Prob. 26QCh. 17 - Prob. 1PCh. 17 - Prob. 2PCh. 17 - Prob. 3PCh. 17 - Prob. 4PCh. 17 - Prob. 5PCh. 17 - A city creates a solid waste landfill. It assesses...Ch. 17 - Prob. 7PCh. 17 - If this landfill is judged to be a proprietary...Ch. 17 - If this landfill is judged to be a governmental...Ch. 17 - The City of Nomanchester has a defined benefit...Ch. 17 - Prob. 11PCh. 17 - Prob. 12PCh. 17 - Prob. 13PCh. 17 - Prob. 14PCh. 17 - A city builds sidewalks throughout its various...Ch. 17 - Prob. 16PCh. 17 - Prob. 17PCh. 17 - Prob. 18PCh. 17 - Prob. 19PCh. 17 - Prob. 20PCh. 17 - Prob. 21PCh. 17 - Prob. 22PCh. 17 - Prob. 23PCh. 17 - Prob. 24PCh. 17 - Prob. 25PCh. 17 - Prob. 26PCh. 17 - Prob. 27PCh. 17 - Prob. 28PCh. 17 - Prob. 29PCh. 17 - Prob. 30PCh. 17 - Prob. 31PCh. 17 - Prob. 32PCh. 17 - Prob. 33PCh. 17 - Prob. 34PCh. 17 - Prob. 35PCh. 17 - The City of Francois, Texas, has begun the process...Ch. 17 - Prob. 37PCh. 17 - Prob. 38PCh. 17 - Prob. 39PCh. 17 - Prob. 40PCh. 17 - Prob. 41PCh. 17 - 42. For each of the following, indicate whether...Ch. 17 - For problems 40 through 43, use the following...Ch. 17 - Prob. 44PCh. 17 - Prob. 45PCh. 17 - Prob. 46PCh. 17 - On the first day of the year, the City of Wolfe...Ch. 17 - Prob. 48PCh. 17 - A city has a solid waste landfill that was filled...Ch. 17 - Use the same information as in problem 44 except...Ch. 17 - Prob. 51PCh. 17 - Prob. 52PCh. 17 - Prob. 53PCh. 17 - Prob. 2DYSCh. 17 - Read the following journal article: 25 Years of...Ch. 17 - Prob. 4DYSCh. 17 - Prob. 5DYSCh. 17 - The City of Larissa recently opened a solid waste...
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