Presented below is the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances for the Trinity Parish Fire District, a special-purpose entity engaged in a single governmental activity. Revenues Property taxes Intergovernmental Miscellaneous Total revenues Expenditures Current Personnel services Supplies Capital outlay Debt service Principal Interest TRINITY PARISH FIRE DISTRICT Governmental Funds: Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 2024 Total expenditures Excess of revenues over expenditures Other financing sources (uses): Issuance of debt Transfers from other funds Transfers to other funds Total other financing sources (uses) Excess of revenues and other sources over (under) expenditures and other uses Fund balance-beginning of year Fund balance-end of year Additional information: Special General Fund Revenue Fund b. The current year's provision for depreciation totaled $53,700. c. Interest on long-term notes payable is paid monthly (no accrual is necessary). d. Total Net Position on December 31, 2023, Statement of Net Position totaled $138,200. $ 284,000 29,700 4,800 318,500 145,500 22,500 115,000 5,000 7,800 $ 295,800 22,700 38,400 (7,700) 30,700 53,400 24,200 $ 77,600 $ 20,100 20,100 14,100 $ 14,100 6,000 7,700 7,700 13,700 8,200 $ 21,900 Total $ 284,000 49,800 4,800 338,600 Requried: Prepare a Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances or Statement of Activities. Note: Amounts to be deducted should be indicated by a minus sign. 159,600 22,500 115,000 5,000 7,800 $ 309,900 28,700 a. Property taxes expected to be collected more than 60 days following year-end are deferred in the fund-basis statements. Deferred taxes totaled $37,100 at the end of 2023 and $40,600 at the end of 2024. 38,400 7,700 (7,700) 38,400 67,100 32,400 $ 99,500
Presented below is the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances for the Trinity Parish Fire District, a special-purpose entity engaged in a single governmental activity. Revenues Property taxes Intergovernmental Miscellaneous Total revenues Expenditures Current Personnel services Supplies Capital outlay Debt service Principal Interest TRINITY PARISH FIRE DISTRICT Governmental Funds: Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 2024 Total expenditures Excess of revenues over expenditures Other financing sources (uses): Issuance of debt Transfers from other funds Transfers to other funds Total other financing sources (uses) Excess of revenues and other sources over (under) expenditures and other uses Fund balance-beginning of year Fund balance-end of year Additional information: Special General Fund Revenue Fund b. The current year's provision for depreciation totaled $53,700. c. Interest on long-term notes payable is paid monthly (no accrual is necessary). d. Total Net Position on December 31, 2023, Statement of Net Position totaled $138,200. $ 284,000 29,700 4,800 318,500 145,500 22,500 115,000 5,000 7,800 $ 295,800 22,700 38,400 (7,700) 30,700 53,400 24,200 $ 77,600 $ 20,100 20,100 14,100 $ 14,100 6,000 7,700 7,700 13,700 8,200 $ 21,900 Total $ 284,000 49,800 4,800 338,600 Requried: Prepare a Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances or Statement of Activities. Note: Amounts to be deducted should be indicated by a minus sign. 159,600 22,500 115,000 5,000 7,800 $ 309,900 28,700 a. Property taxes expected to be collected more than 60 days following year-end are deferred in the fund-basis statements. Deferred taxes totaled $37,100 at the end of 2023 and $40,600 at the end of 2024. 38,400 7,700 (7,700) 38,400 67,100 32,400 $ 99,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Presented below is the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances for the Trinity
Parish Fire District, a special-purpose entity engaged in a single governmental activity.
TRINITY PARISH FIRE DISTRICT
Governmental Funds: Statement of Revenues, Expenditures, and Changes in Fund Balances
For the Year Ended December 31, 2024
Revenues
Property taxes
Intergovernmental
Miscellaneous
Total revenues
Expenditures
Current
Personnel services
Supplies
Capital outlay
Debt service
Principal
Interest
Total expenditures
Excess of revenues over expenditures
Other financing sources (uses):
Issuance of debt
Transfers from other funds
Transfers to other funds
Total other financing sources (uses)
Excess of revenues and other sources over (under) expenditures and other uses
Fund balance-beginning of year
Fund balance-end of year
Additional information:
Special
General Fund Revenue Fund
Total
$ 284,000
29,700
4,800
318,500
$ 20,100
$ 284,000
49,800
20,100
4,800
338,600
145,500
22,500
14,100
159,600
22,500
115,000
115,000
5,000
5,000
7,800
7,800
$ 295,800
$ 14,100
$ 309,900
22,700
6,000
28,700
38,400
38,400
7,700
7,700
(7,700)
(7,700)
30,700
7,700
38,400
53,400
13,700
67,100
24,200
8,200
32,400
$ 77,600
$ 21,900
$ 99,500
a. Property taxes expected to be collected more than 60 days following year-end are deferred in the fund-basis statements. Deferred
taxes totaled $37,100 at the end of 2023 and $40,600 at the end of 2024.
b. The current year's provision for depreciation totaled $53,700.
c. Interest on long-term notes payable is paid monthly (no accrual is necessary).
d. Total Net Position on December 31, 2023, Statement of Net Position totaled $138,200.
Requried:
Prepare a Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances or Statement of Activities.
Note: Amounts to be deducted should be indicated by a minus sign.
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