Following is the information concerning operating activity for Annette County. For the year ended June 30, the net change in total governmental fund balances was $(290,500), and the change in net position of governmental activities was $195,000. During the year, Annette issued $3,130,000 in general obligation bonds at a premium of 102. The bonds are to be used for a construction project. The county acquired $3,880,000 in capital assets and sold capital assets with a book value of $556,500 for $583,600. At the beginning of the period, accrued liabilities related to long-term debt were $476,500 and at the end of the period, they totaled $507,000. During the period $630,000 of serial bonds were retired. Depreciation on capital assets totaled $616,000. Revenue accrued for the period but not available for use totaled $371,100.
Following is the information concerning operating activity for Annette County. For the year ended June 30, the net change in total governmental fund balances was $(290,500), and the change in net position of governmental activities was $195,000. During the year, Annette issued $3,130,000 in general obligation bonds at a premium of 102. The bonds are to be used for a construction project. The county acquired $3,880,000 in capital assets and sold capital assets with a book value of $556,500 for $583,600. At the beginning of the period, accrued liabilities related to long-term debt were $476,500 and at the end of the period, they totaled $507,000. During the period $630,000 of serial bonds were retired. Depreciation on capital assets totaled $616,000. Revenue accrued for the period but not available for use totaled $371,100.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare a reconciliation of the change in governmental fund balance to the change in net position of governmental activities.
(Decreases should be indicated with a minus sign.)
ANNETTE COUNTY
Reconciliation of the Statement of Revenues, Expenditures, and Changes in
Fund Balances-Governmental Funds to the Statement of Activities
For the Year Ended June 30, 20XX
Net change in fund balances-governmental funds
Amounts reported for governmental activities in the statement of activities are different
because:
Governmental funds report capital outlays as expenditures. However, in the statement of
activities, the cost of those assets is allocated over their estimated useful lives as depreciation
expense.
A sale of capital assets resulted in a gain on sale reported in the statement of activities,
whereas the governmental funds reported the proceeds from the sale as an other financing
source.
Bond proceeds provide current financial resources to governmental funds, but issuing debt
increases long-term liabilities in the statement of net position.
Debt payments use current financial resources of governmental funds, but retiring debt
decreases long-term liabilities in the statement of net position.
Some expenses reported in the statement of activities do not require the use of current financial
resources and therefore are not reported as expenditures in governmental funds.
Some revenues reported in the statement of activities do not provide current financial resources
and are not reported as revenues in governmental funds.
Change in net position of governmental activities
$
Transcribed Image Text:Following is the information concerning operating activity for Annette County. For the year ended June 30, the net change in total
governmental fund balances was $(290,500), and the change in net position of governmental activities was $195,000. During the year,
Annette issued $3,130,000 in general obligation bonds at a premium of 102. The bonds are to be used for a construction project. The
county acquired $3,880,000 in capital assets and sold capital assets with a book value of $556,500 for $583,600. At the beginning of
the period, accrued liabilities related to long-term debt were $476,500 and at the end of the period, they totaled $507,000. During the
period $630,000 of serial bonds were retired. Depreciation on capital assets totaled $616,000. Revenue accrued for the period but not
available for use totaled $371,100.
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