Chapter13 question 8

Chapter13 question 8 - Chapter 13 Question 8 Simonsen...

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Chapter 13 Question 8 Simonsen Village Balance Sheet Governmental Funds As of December 31, 2012 Debt Capital Total General Service Projects Governmental Assets Cash $50,000 $36,000 $86,000 Real estate taxes receivable, net 40,000 40,000 State grants receivable 90,000 90,000 Due from other funds 6,000 6,000 Total assets $180,000 $42,000 $222,000 Liabilities and fund balances Liabilities: Accounts payable $10,000 $10,000 Salaries payable 10,000 10,000 Deferred tax revenue 8,000 8,000 Due to debt service fund 6,000 6,000 Total liabilities $34,000 $34,000 Fund Balances: Unreserved $146,000 $42,000 $188,000 Total fund balances $146,000 $42,000 $188,000 Total liabilities and fund balances $180,000 $42,000 Reconciliation: 8000 Inventory is treated on a purchases basis in the funds. 4,000 Capital assets used in governmental activities are not financial resources 180,000 Long-term liabilities are not due and payable in the current period (170,000) Net assets of governmental activities $210,000 $ $ $ $ $ Amounts reported for governmental activities in the statement of net assets are different because: Taxes receivable that are not current financial resources, but are included in net assets in the statement of net assets.
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Simonsen Village Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds for the Year Ended December 31, 2012 Debt Capital Total General Service Projects Governmental Fund Fund Fund Funds Revenues
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This note was uploaded on 02/22/2012 for the course FINANCE 390:300:03 taught by Professor Palmon during the Fall '10 term at Rutgers.

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Chapter13 question 8 - Chapter 13 Question 8 Simonsen...

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