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 $ 320,000 28,000 5,000 $ 19,500 $ 320,000 47,500 353,000 19,500 5,000 372,500 115,000 15,000 8,000 150,000 15,000 165,000 25,000 25,000 115,000 15,000 8,000 $ 313,000 $ 15,000 $ 328,000 40,000 4,500 44,500 25,000 25,000 7,000 7,000 (7,000) (7,000) 18,000 7,000 25,000 58,000 11,500 69,500 15,000 6,000 21,000 $ 73,000 $ 17,500 $ 90,500 a. Property taxes expected to be collected more than 60 days following year-end are deferred in the fund-basis statements. Deferred taxes totaled $39,000 at the end of 2023 and $41,000 at the end of 2024. b. The current year's provision for depreciation totaled $77,000. 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 $128,000. 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.
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 $ 320,000 28,000 5,000 $ 19,500 $ 320,000 47,500 353,000 19,500 5,000 372,500 115,000 15,000 8,000 150,000 15,000 165,000 25,000 25,000 115,000 15,000 8,000 $ 313,000 $ 15,000 $ 328,000 40,000 4,500 44,500 25,000 25,000 7,000 7,000 (7,000) (7,000) 18,000 7,000 25,000 58,000 11,500 69,500 15,000 6,000 21,000 $ 73,000 $ 17,500 $ 90,500 a. Property taxes expected to be collected more than 60 days following year-end are deferred in the fund-basis statements. Deferred taxes totaled $39,000 at the end of 2023 and $41,000 at the end of 2024. b. The current year's provision for depreciation totaled $77,000. 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 $128,000. 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Revenues
Property Taxes
TRINITY PARISH FIRE DISTRICT
Governmental Funds: Statement of Revenues, Expenditures, and Changes in Fund Balances or Statement of Activities
For the Year Ended December 31, 2024
Intergovernmental Revenues
Miscellaneous
Total Revenues
Expenditures or Expenses
Current
Personnel Services
Supplies
Depreciation
Capital Outlay
Debt Service
Principal
Interest
Total Expenditures
General
Fund
Special Revenue
Fund
Total
Adjustments to
Government-wide
Statement of
Activities
$ 320,000
$
320,000
28,000 $
19,500
47,500
5,000
5,000
353,000
19,500
372,500
150,000
15,000
165,000
25,000
25,000
115,000
115,000
15,000
15,000
8,000
8,000
$ 313,000 $
15,000 $
328,000
40,000
4,500
44,500
Excess (Deficiency) of Revenues Over Expenditures
Other Financing Sources (Uses):
Issuance of debt
Transfers from Other Funds
Transfers to Other Funds
Total Other Financing Sources (Uses)
Net change in Fund Balance or Net Position
Fund Balance or Net Position, January 1
25,000
25,000
7,000
7,000
(7,000)
(7,000)
18,000
7,000
25,000
58,000
11,500
69,500
15,000
6,000
21,000
Fund Balance or Net Position, December 31
$
73,000 $
17,500 $
90,500
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
$ 320,000
28,000
5,000
353,000
$ 19,500
$ 320,000
47,500
19,500
5,000
372,500
150,000
15,000
165,000
25,000
25,000
115,000
115,000
15,000
15,000
8,000
8,000
$ 313,000
$ 15,000
$ 328,000
40,000
4,500
44,500
25,000
25,000
7,000
7,000
(7,000)
(7,000)
18,000
7,000
25,000
58,000
11,500
69,500
15,000
6,000
21,000
$ 73,000
$ 17,500
$ 90,500
a. Property taxes expected to be collected more than 60 days following year-end are deferred in the fund-basis statements. Deferred
taxes totaled $39,000 at the end of 2023 and $41,000 at the end of 2024.
b. The current year's provision for depreciation totaled $77,000.
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 $128,000.
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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