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13_8 Solution - PROBLEM 13-8 SOLUTION(Government Financial...

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PROBLEM 13-8 SOLUTION (Government Financial Statements) Simonsen Village Balance Sheet Governmental Funds As of December 31, 2012 Debt Capital Total General Service Projects Governmental Fund Fund Fund Funds 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. 4,000 180,000 (170,000) Net assets of governmental activities $210,000 of net assets. $ $ $ $ $ Amounts reported for governmental activities in the statement of net assets are different because: Taxes receivable that are not current financial resources are not included in fund balances above, but are included in net assets in the statement of net assets. Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds.
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