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Question

In this week’s Application, you analyze financial data of two government organizations-Luis County and Green

County-in order to create financial statements.

Part 1: Statement of Cash Flow for Enterprise Fund

Download and analyze the Luis County financial data from the perspective of internal accountant. When you have completed your review of the data, provide the following and submit your work in a single Word document (including Part 2):

  1. Statement of Cash Flow for the Enterprise Fund for Luis County for 2010
  2. Search the Internet to access the Comprehensive Annual Financial Report (CAFR) of an actual county that has an Enterprise Fund. Write a brief analysis (150-300 words) of the similarities and differences of the county’s Statement of Cash Flow for the Enterprise Fund with the one you created for this Application. Include any other matters that might come to your attention as you compare the statements.

Part 2: Financial Statements and Closing Entries for Pension Trust Funds

Download the Green County financial data and when you have completed your review, provide the following and submit your work in a single Word document (including Part 1):

  1. Statement of Changes in Plan Assets for Green County’s Pension Trust Fund for 2010
  2. Plan Assets for Green County’s Pension Trust Fund for 2010
  3. Closing entries for Green County’s Pension Trust Fund for 2010
  4. Search the Internet to access the financial data of an actual county that has Pension Trust Fund. Write a brief analysis (150-300 words) of the similarities and differences of the county’s financial statements and closing entries of the fund, with the one you created for this Application. Include any other matters that might come to your attention as you compare the statements.


Application—Week 4 Part 1: Statement of Cash Flow for Enterprise Fund The following information is available for the Enterprise Fund of Luis County: Dollars ($) 1. Cash received from sales to the public 525,000 2. Cash received from sales to other governments 175,000 3. Cash paid to employees 25,000 4. Cash paid to suppliers 12,500 5. Cash received from operating grants 125,500 6. Cash paid for equipment (capital assets) 66,000 7. Cash received from sale of equipment (gain of $3,000) 13,000 8. Cash received from capital grants 8,000 9. Cash paid on interest paid to finance building expansion 500 10. Capital assets donated by developers 6,000 11. Purchase of investments from cash restricted for capital bonds 76,000 12. Cash transfer to General Fund for general capital assets 55,000 13. Interest received on investments restricted for capital assets 6,700 14. Cash received from sale of bonds for building expansion 100,000 15. Unrestricted cash, beginning balance 75,000 16. Restricted cash, beginning balance 25,000 Luis County uses a calendar year for its fiscal year.
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Application—Week 4 Part 2: Financial Statements and Closing Entries for Pension Trust Funds Green County has the following pension trust fund trial balance available for fiscal year ending October 31, 2010: Debits ($) Credits ($) Cash 55,000 Due from the General Fund 12,500 Interest Receivable 1,100 Investments 35,250 Annuity Benefits Payable 4,000 Net Assets Held in Trust for Pension Benefits 66,550 Additions - Net Increase in Fair Value 1,200 Additions – Green County Contributions 12,500 Additions - Employee Contributions 25,000 Additions - Investment Interest Income 100 Deductions - Annuity Benefits Payments 5,500 $ 109,350 $ 109,350
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KinKas_Financial Statements.docx

Running Head: FINANCIAL STATEMENTS FINANCIAL STATEMENTS
NAME OF STUDENT
NAME OF SCHOOL
SUBMITTED TO
DATE Running Head: FINANCIAL STATEMENTS PART 1: Statement of Cash Flow for Enterprise Fund...

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