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Preparation of government-wide statement of activities

Preparation of government-wide statement of activities

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Preparation of government-wide statement of activities

Hamilton Township has governmental activities but no business-type activities. The following information is taken from Hamilton Township’s December 31, 2022, trial balance after all adjustments were made for preparation of the government-wide financial statements. **Hamilton Township Trial Balance** | Description | Amount | |-----------------------------------------------------|-----------------| | Revenues—property taxes | $6,500,000 | | Revenues—sales taxes | 4,350,000 | | State operating aid—police program | 820,000 | | State operating aid—town road maintenance | 500,000 | | State capital aid—town road maintenance | 100,000 | | Fees—sanitation | 150,000 | | Fees—programs for youth and seniors | 130,000 | | Fees—parks admissions | 170,000 | | Revenue from sale of donated property | 850,000 | | General government expenses | 1,250,000 | | Police program expenses | 5,230,000 | | Road maintenance program expenses | 1,950,000 | | Sanitation program expenses | 2,820,000 | | Parks and recreation program expenses | 1,050,000 | | Youth and senior program expenses | 650,000 | | Net position—beginning of year | 6,250,000 |
Transcribed Image Text:Hamilton Township has governmental activities but no business-type activities. The following information is taken from Hamilton Township’s December 31, 2022, trial balance after all adjustments were made for preparation of the government-wide financial statements. **Hamilton Township Trial Balance** | Description | Amount | |-----------------------------------------------------|-----------------| | Revenues—property taxes | $6,500,000 | | Revenues—sales taxes | 4,350,000 | | State operating aid—police program | 820,000 | | State operating aid—town road maintenance | 500,000 | | State capital aid—town road maintenance | 100,000 | | Fees—sanitation | 150,000 | | Fees—programs for youth and seniors | 130,000 | | Fees—parks admissions | 170,000 | | Revenue from sale of donated property | 850,000 | | General government expenses | 1,250,000 | | Police program expenses | 5,230,000 | | Road maintenance program expenses | 1,950,000 | | Sanitation program expenses | 2,820,000 | | Parks and recreation program expenses | 1,050,000 | | Youth and senior program expenses | 650,000 | | Net position—beginning of year | 6,250,000 |
### Hamilton Township Statement of Activities **For the Year Ended December 31, 2022** --- #### Instructions Prepare a statement of activities using the appropriate format for Hamilton Township for the year ending December 31, 2022. Revenues from sales of donated property are reported as special items. Enter revenues in order of magnitude, from largest to smallest. --- #### Functions and Financials - **General Government** - **Expenses:** $ - **Charges for Services:** $ - **Operating Grants:** $ - **Capital Grants:** $ - **Net (Expenses) Revenues and Changes in Net Position:** $ - **Police** - **Expenses:** $ - **Charges for Services:** $ - **Operating Grants:** $ - **Capital Grants:** $ - **Net (Expenses) Revenues and Changes in Net Position:** $ - **Road Maintenance** - **Expenses:** $ - **Charges for Services:** $ - **Operating Grants:** $ - **Capital Grants:** $ - **Net (Expenses) Revenues and Changes in Net Position:** $ - **Sanitation** - **Expenses:** $ - **Charges for Services:** $ - **Operating Grants:** $ - **Capital Grants:** $ - **Net (Expenses) Revenues and Changes in Net Position:** $ - **Parks and Recreation** - **Expenses:** $ - **Charges for Services:** $ - **Operating Grants:** $ - **Capital Grants:** $ - **Net (Expenses) Revenues and Changes in Net Position:** $ - **Youth and Senior** - **Expenses:** $ - **Charges for Services:** $ - **Operating Grants:** $ - **Capital Grants:** $ - **Net (Expenses) Revenues and Changes in Net Position:** $ - **Total Government** - **Expenses:** $ - **Charges for Services:** $ - **Operating Grants:** $ - **Capital Grants:** $ - **Net (Expenses) Revenues and Changes in Net Position:** $ #### General Revenues - **General Revenue:** $ - **Special Item – Revenue from Sale of Donated Property:** $ - **Total General Revenues and Special Items:** $ #### Net Position - **Change in Net Position:** $ - **Net Position at End of Year:** $ --- This template provides an overview of how to compile financial data
Transcribed Image Text:### Hamilton Township Statement of Activities **For the Year Ended December 31, 2022** --- #### Instructions Prepare a statement of activities using the appropriate format for Hamilton Township for the year ending December 31, 2022. Revenues from sales of donated property are reported as special items. Enter revenues in order of magnitude, from largest to smallest. --- #### Functions and Financials - **General Government** - **Expenses:** $ - **Charges for Services:** $ - **Operating Grants:** $ - **Capital Grants:** $ - **Net (Expenses) Revenues and Changes in Net Position:** $ - **Police** - **Expenses:** $ - **Charges for Services:** $ - **Operating Grants:** $ - **Capital Grants:** $ - **Net (Expenses) Revenues and Changes in Net Position:** $ - **Road Maintenance** - **Expenses:** $ - **Charges for Services:** $ - **Operating Grants:** $ - **Capital Grants:** $ - **Net (Expenses) Revenues and Changes in Net Position:** $ - **Sanitation** - **Expenses:** $ - **Charges for Services:** $ - **Operating Grants:** $ - **Capital Grants:** $ - **Net (Expenses) Revenues and Changes in Net Position:** $ - **Parks and Recreation** - **Expenses:** $ - **Charges for Services:** $ - **Operating Grants:** $ - **Capital Grants:** $ - **Net (Expenses) Revenues and Changes in Net Position:** $ - **Youth and Senior** - **Expenses:** $ - **Charges for Services:** $ - **Operating Grants:** $ - **Capital Grants:** $ - **Net (Expenses) Revenues and Changes in Net Position:** $ - **Total Government** - **Expenses:** $ - **Charges for Services:** $ - **Operating Grants:** $ - **Capital Grants:** $ - **Net (Expenses) Revenues and Changes in Net Position:** $ #### General Revenues - **General Revenue:** $ - **Special Item – Revenue from Sale of Donated Property:** $ - **Total General Revenues and Special Items:** $ #### Net Position - **Change in Net Position:** $ - **Net Position at End of Year:** $ --- This template provides an overview of how to compile financial data
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