Chap018-baker 44

Chap018-baker 44 - ($4,311,000 = $4,329,000 - $18,000)...

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Chapter 18 - Governmental Entities: Special Funds and Government-Wide Financial Statements 18-44 P18-23 Reconciliation Schedules a. Reconciliation of the Balance Sheet of the Governmental Funds to the Statement of Net Assets: City of Sycamore Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Assets Fund balances reported in the governmental funds $ 888,400 Amounts reported for the governmental activities in the statement of net assets are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the governmental funds. The internal service fund reported $18,000 in capital assets. Thus, the amount of the adjustment Is for the capital assets not reported in just the governmental funds,
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Unformatted text preview: ($4,311,000 = $4,329,000 - $18,000) 4,311,000 Internal service funds are used by management to charge costs of certain activities. The assets and liabilities of the internal service fund and are Included in governmental activities In the statement of net assets. 37,000 Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported as liabilities in the governmental funds. (460,000) Interest in the governmental funds is recognized under the modified accrual basis, but under the accrual basis for the government-wide financial statements. Net assets are adjusted for interest ($5,000 = $6,000 - $1,000). (5,000) Net assets of governmental activities $4,771,400...
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This note was uploaded on 10/09/2011 for the course ACC 253 taught by Professor Strimling during the Fall '11 term at Harper.

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