Ch_14_sm_Excel Solutions_9e - Problem 14-2(b Locklear...

Info icon This preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
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
Image of page 2
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 Due to Special Revenue Funds 56,000 - - (5) (56,000) - Interest Payable - - (2c) 125,000 - 125,000 Bonds Payable - - (2a) 22,000,000 - 22,000,000 Discount on Bonds - - (2a) (3,000,000) - (3,000,000) Capital Lease Liability - - (2a) 2,500,000 - 2,500,000 Liability for Claims and Judgments - - (3) 4,500,000 - 4,500,000 Total Liabilities 2,674,000 - 26,125,000 (2,182,000) 26,617,000 Total Fund Balance / Net Assets $12,783,200 $30,352,000 $(25,785,000) $2,126,000 $19,476,200 Due to Enterprise Fund will be reported as Internal Balances
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Problem 14-5 Tierney County Governmental Funds Balance Sheet Conversion Worksheet December 31, 20X5 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 $1,348,200 $- $- $- $1,348,200 Investments 7,355,600 - - - 7,355,600 Due from General Fund 3,500 - - (5) (3,500) - Taxes receivable (net) 150,500 - - - 150,500 Interest and Penalties Receivable (net) 4,774 - 4,774 Accounts Receivable (net) 43,750 43,750 Accrued interest receivable 191,800 - - - 191,800 Inventory of materials and supplies 16,450 - - - 16,450 Bond Issue Costs - - (2b) 60,200 - 60,200 Land - (1) 437,500 - - 437,500 Construction in Progress (1) 8,890,000
Image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern