9 solutions 9 9 contd net assets net assetsinvested in

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Unformatted text preview: 6 Chapter 09 - Financial Reporting of State and Local Governments TOWN OF FREAZ STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2011 (000S OMITTED) Ch. 9, Solutions, 9-9 (Cont'd) NET (EXPENSES) REVENUES AND CHANGES IN NET ASSETS S PROGRAM REVENUES FUNCTIONS CHARGES FOR EXPENSES SERVICES OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS GOVERNMENTAL ACTIVITIES PRIMARY GOVERNMENT: GENERAL GOVERNMENT $ 2,468 $ 4,411 PUBLIC SAFETY 11,577 996 PUBLIC WORKS 5,311 PARKS & RECREATION 1,817 INTEREST ON DEBT TOTAL GOVERNMENTAL ACTIVITIES $ 307 $ 2,250 (10,581) $ 1,680 359 (3,631) (1,458) 749 (749) ______ ______ _____ ______ ______ $21,922 $ 5,766 $ 307 $ 1,680 (14,169) GENERAL REVENUES: PROPERTY TAXES LEVIED FOR GENERAL PURPOSES 13,665 INTEREST & PENALTIES ON DELINQUENT TAXES 746 INTEREST INCOME 345 TOTAL GENERAL REVENUES INCREASE IN UNRESTRICTED NET ASSETS NET ASSETS, JULY 1, 2011 14,756 587 53,980 NET ASSETS, JUNE 30, 2011 9-17 $54,567 Chapter 09 - Financial Reporting of State and Local Governments Ch. 9, Solutions (Cont'd) 9-10. ACCOUNT AFFECTED SALARY EXPENSE ACCRUAL ACCRUAL BUILDINGS & EQUIPMENT ACCRUAL MODIFIED ACCRUAL BONDS PAYABLE ACCRUAL 50,000 ACCRUAL 1,125 INTEREST EXPENSE ACCRUAL 1,125 EXPENDITURES-PRINCIPAL MODIFED ACCRUAL 50,000 EXPENDITURES-INTEREST 4. ACCRUAL EXPENDITURES 3. ACCRUAL SALARIES PAYABLE 2. DEPRECIATION EXPENSE BUILDINGS & EQUIPMENT 1. MODIFIED ACCRUAL/ ACCRUAL ACCOUNT ADJUSTMENT Debit Credit MODIFIED ACCRUAL 2,250 INTERNAL BALANCES ACCRUAL DUE FROM OTHER FUNDS MODIFED ACCRUAL DUE TO OTHER FUNDS MODIFIED ACCRUAL INTERNAL BALANCES ACCRUAL 674,300 674,300 39,123 39,123 29,049 29,049 ACCRUED INTEREST PAYABLE 5. 9-18 480 480 950 950...
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This note was uploaded on 05/20/2010 for the course ACCOUNTING 580 taught by Professor Waymire during the Spring '10 term at Northern Virginia.

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