PrintrencesNote: Negative amount should be indicated by a minus sign.CITY OF MONROEReconciliation of the Balance Sheet of Governmental Funds to the Statement of Net PositionAs of December 31, 2024Fund balances reported in governmental funds Balance SheetAmounts reported for governmental activities in the Statement of Net Position are different because:Capital assets used in governmental activities are not financial resources and therefore not reported in the funds.Amount does not include capital assets of internal service funds (reported in following row).The assets and liabilities of internal service funds are included in governmental funds in the Statement of NetPosition.Deferred revenue for property taxes reported in the funds but accrued as revenue in the government-widestatements and added to Net Position.Accrued interest payable is reported as a liability in the Statement of Activities; interest is not accrued in thegovernmental funds.Bonds payable, not due and payable in the current period are not reported in the funds.Compensated absences, not due and payable in the current period are not reported in the funds.Net Position of Governmental Activities$0

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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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Computation of a government's budgetary cushion Following are extracts from a city's General Fund balance sheet and statement of revenues, expenditures, and changes in fund balance. General Fund Extracts Fund Balance: Nonspendable (supplies inventory) $59,760 28,600 Restricted (intergovernmental grant) 110,000 Assigned (appropriated for next year's budget) Assigned (for future OPEB expenditures) 16,500 Unassigned 1,292,740 Total fund balance $1,507,600 Total revenues $31,339,000 Transfers in (all recurring) $400,400 a) How much (in dollars) is available to help balance future budgets? $ b) Calculate the budgetary cushion. Round the percentage to one decimal. % c) Using the rule of thumb suggested in the text, would the budgetary cushion be considered be considered reasonable, too high, or too low?
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13 The following information has been provided by the City of Edward for its most recent December 31 fiscal year-end. The information provided relates to financial information needed to reconcile the net change in governmental fund balances to the change in net position of governmental activities. Net change in total governmental fund balances Change in net position of governmental activities Capital outlay reported as expenditures Principal payment on long-term debt Depreciation expense Accrued expenses that do not require use of current financial resources Revenues that do not provide current financial resources Required Prepare reconciliation of the net change in governmental fund balances to the change in net position of governmental activities for the City of Edward. (Decreases should be indicated with a minus sign.) CITY OF EDWARD Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances-Governmental Funds to the Statement of Activities For the Year…
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Using the Balance Sheet in the St. Johns County, Florida 2015 CAFR calculate the following ratios for each of the five (5) funds shown and for the “Total Governmental Funds:”a. Current Ratiob. Net Working Capitalc. Debt Ratio 1d. Debt Ratio 2e. Unrestricted Net Assets Ratiof. Response RatioReconciliation of the Governmental Funds Balance Sheetto the Statement of Net Position September 30, 2015Total fund balances- governmental funds $ 157,315,850Amounts reported for governmental activities in the statement of netposition are different because:Capital assets used in governmental activities are not current financialresources and therefore are not reported in the governmental funds. 1,241,213,205Net OPEB obligations are created through the estimated calculation of the county'semployer contribution toward the retiree's benefits. The amount greater or less than the 5,549,497annual required contribution is posted as an asset/(liability).Deferred outflows for bond refunding losses are…
All of the following statements are true concerning the conversion of governmental funds to governmental activities except a. Depreciation expenditure reported in governmental funds simply becomes depreciation expense in governmental activities. b. A decrease in the long-term liability for compensated absences will result in expenses of various functions at the government-wide level being less than expenditures at the governmental fund level. c. Assuming capital outlay expenditures all reflect purchases of capital assets as per the government's capitalization threshold policy, capital outlay expenditures simply become additions to capital assets. d. Bonds payable are not reported in the governmental funds financial statem
Preparation of journal entries for government-wide financial statements and preparation of government-wide financial statements The following additional information is furnished to complete this part of the problem. Croton has no activities other than governmental activities. The city’s government-wide statement of net position for the year ended December 31, 2018, showed general capital assets of $14,000 and related accumulated depreciation of $6,400. Depreciation expense on Croton’s general capital assets for 2019 (including assets acquired in 2019) was $700, all of which was applicable to public safety. The city’s government-wide statement of net position for the year ended December 31, 2018, showed bonds payable of $5,500. All the debt had been issued to finance capital assets. Analysis of Croton’s debt service requirements showed that $700 of the total bonds payable as of December 31, 2019, should be reported as current because it is due to be paid during 2020. The city’s…
KA The following transactions take place: • A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies. • Construction bonds were issued at a premium. The premium is to be included in funds accumulated to retire the debt. • Police salaries were paid. • Interest and principal were paid on general obligation serial bonds. Required: Indicate the name of the fund(s) in which each of the transactions or events should be recorded.

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