Ch_14_sm_Excel Solutions_9e

Governmental and Nonprofit Accounting: Theory and Practice, Update (9th Edition)

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Problem 14-2 (b) Locklear County Statement of Net Assets September 30, 20X7 Business-type Activities Assets Current Assets: Cash $1,800,000 Accounts Receivable (net) 8,000,000 Inventory 3,000,000 Total Current Assets 12,800,000 Noncurrent Assets: Land 2,000,000 Buildings 10,000,000 Equipment 27,000,000 Less Accumulated Depreciation (22,500,000) Total Noncurrent Assets 16,500,000 Total Assets 29,300,000 Liabilities Current Liabilities: Vouchers Payable 3,600,000 Internal Balances 550,000 Deferred Grant Revenues 2,000,000 Total Current Liabilities 6,150,000 Noncurrent Liabilities: Bonds Payable 6,000,000 Less Discount on Bonds Payable (200,000) Total Noncurrent Liabilities 5,800,000 Total Liabilities 11,950,000 Net Assets Invested in Capital Assets, Net of Related Debt 10,700,000 Unrestricted 6,650,000 Net Assets $17,350,000
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Problem 14-2 (b) (continued) Locklear County Statement of Activities For the Year Ended September 30, 20X7 Program Revenues Net (Expense) Revenue Charges for Business-Type Expenses Services Activities Business-type Activities Water and Sewer $7,200,000 $8,000,000 $800,000 Jacobs Ridge Golf Course 1,100,000 1,000,000 (100,000) Transit Authority 2,600,000 1,500,000 (1,100,000) Hardin-Emanuel Convention Center 5,000,000 4,000,000 (1,000,000) Totals $15,900,000 $14,500,000 (1,400,000) General Revenues Investment Income 100,000 Gain on Sale of Equipment 50,000 Transfers from Governmental Activities 4,530,000 Total General Revenues and Transfers 4,680,000 Change in Net Assets 3,280,000 Net Assets, October 1, 20X6 14,070,000 Net Assets, September 30, 20X7 $17,350,000
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Problem 14-4 Ravenscroft County Governmental Funds Balance Sheet Conversion Worksheet December 31, 20X9 General Governmental Governmental General Long-Term Other Balances Activities Funds Capital Assets Liabilities and Column on Balance Balances Balances Interfund Items Statement of Sheet # # # Net Assets Cash $850,000 $- $- $- $850,000 Investments 1,890,000 - - - 1,890,000 Due from other governments 600,000 - - - 600,000 Due from Capital Projects Fund 56,000 - - (5) (56,000) - Taxes receivable (net) 12,000,000 - - - 12,000,000 Accrued interest receivable 34,000 - - - 34,000 Inventory of materials and supplies 27,200 - - - 27,200 Bond Issue Costs - - (2b) 340,000 - 340,000 Land - (1) 2,000,000 - - 2,000,000 Buildings - (1) 23,000,000 - - 23,000,000 Accumulated Depreciation -- Buildings - (1) (5,000,000) - - (5,000,000) Equipment - (1) 11,500,000 - - 11,500,000 Accumulated Depreciation -- Equipment - (1) (2,500,000) - - (2,500,000) Library Books - (1) 352,000 - - 352,000 Construction in Progress - (1) 1,000,000 - - 1,000,000 Total Assets 15,457,200 30,352,000 340,000 (56,000) 46,093,200 Vouchers payable 324,000 - - - 324,000 Accrued salaries and wages payable 99,000 - - - 99,000 Contracts payable--retained percentage 57,000 - - - 57,000 Deferred tax revenues 1,526,000 - - (4) (1,526,000) - Deferred capital grant revenues 600,000 - - (4) (600,000) - Due to Enterprise Fund 12,000 - - - 12,000
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Ch_14_sm_Excel Solutions_9e - Problem 14-2 (b) Locklear...

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