Review the financial information pertaining to the City of Northern Pines in problem 2-8 on pages 52 and 53 of your text. | Free AI Content | Essay Helper
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Review the financial information pertaining to the City of Northern Pines in problem 2-8 on pages 52 and 53 of your text. | Free AI Content | Essay Helper
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Part One:
Review the financial information pertaining to the City of Northern Pines in problem 2-8 on pages 52 and 53 of your text. Prepare, in good form, a Statement of Activities for the city of Northern Pines for the year ended June 30, 2015. Northern Pines has no component units.
The following information is available for the preparation of the government-wide financial statements for the City of Northern Pines for the year ended June 30, 2015:
Expenses:
General government $10,100,000
Public safety 22,900,000
Public works 11,890,000
Health and sanitation 6,210,000
Culture and recreation 4,198,000
Interest on long-term debt, governmental type 1,021,000
Water and sewer system 11,550,000
Parking system 419,000
Revenues:
Charges for services, general government 12,110,000
Charges for services, public safety 1,210,000
Operating grant, public safety 698,000
Charges, for services, health and sanitation 2,555,000
Operating grant, health and sanitation 1,210,000
Charges for services, culture and recreation 2,198,000
Charges for services, water and sewer 12,578,000
Charges for services, parking system 398,000
Property taxes 27,112,000
Sales taxes 20,698,000
Investment earnings, business-type 319,000
Other Financing Sources (Uses):
Special item-gain on sale of unused land, governmental type 1,250,000
Transfers from government activities to business-type activities 688,000
Net position, July 12, 2014, governmental activities 11,222,000
Net position, July 12, 2014, business-type activities 22,000,000 22,333,000
Required: From the information given above, prepare, in good form, a Statement of Activities for the City of Northern Pines for the year ended June 30, 2015. Northern Pines has no component units.
Part Two:
Review the financial information pertaining to the city of Eastern Shores in problem 2-9 on page 53 of your text. From the information given, prepare in good form, a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the city of Eastern Shores General Fund for the Year Ended September 30, 2015.
The following General Fund information is available for the preparation of the financial statements for the city of Eastern Shores for the year ended September 30, 2015.
Revenues:
Property taxes $28,120,000
Sales taxes 13,216,000
Fees and fines 1,124,000
License and permits 1,921,000
Intergovernmental 1,368,000
Investment earnings 654,000
Expenditures:
Current:
General government 10,252,000
Public safety 24,444,000
Public works 6,211,000
Health and sanitation 12,163,000
Culture and recreation 2,154,000
Debt service-principal 652,000
Debt service-interest 821,000
Proceeds of long-term, capital-related debt 2,210,000
Transfer to special revenue fund 12,119,000
Special item-proceeds from sale of land 821,000
Fund balance, October 12, 2014 1,812,000
From the information given above, prepare, in good form, a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the city of Eastern Shores General Fund for the Year Ended September 30, 2015.
Part Three:
Review the financial transactions pertaining to the City of Springfield in problem 3-12 on pages 82 and 83.
- Record the transactions using appropriate journal entries.
- Prepare a budgetary comparison schedule for the General Fund
Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2015.
- Estimated revenues (legally budgeted)
Property taxes $5,700,000
Sales taxes $4,300,000
Licenses and permits $1,500,000
Miscellaneous $500,000
- Appropriations
General government $5,400,000
Culture and recreation $4,500,000
Health and welfare $1,000,000
- Revenues received (cash)
Property taxes $5,285,000
Sales taxes $4,500,000
Licenses and permits $1,700,000
Miscellaneous $800,000
- Encumbrances issued (includes salaries and other recurring items)
Estimated
General government $5,300,000
Culture and recreation $4,650,000
Health and welfare $905,000
- Goods and services received (paid in cash)
Estimated Actual
General government $5,300,000 $5,296,000
Culture and recreation $4,650,000 $4,610,000
Health and welfare $905,000 $891,550
- Budget revisions
Increase appropriations:
General government $140,000
Culture and recreation $110,000
Fund balance on January 12, 2015, was $753,000. There were no outstanding encumbrances at that date.
- Record the transactions using appropriate journal entries.
- Prepare a budgetary comparison schedule for the General Fund
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