CITY OF BERNARD
BALANCE SHEET
Governmental Funds
December 31, 2015
General Fund
ASSETS
Cash and cash equivalents $139,000
Investments 116,000
LIABILITIES AND FUND BALANCES
Liabilities:
Salaries Payable $ 36,000
Fund Balances:
–Nonspendable $12,000
–Restricted for Salaries 3,000
40. (75 Minutes) (Prepare government-wide financial statements)
One way to accumulate the information here for the government-wide
financial statements is to prepare journal entries for the listed transactions.
a.
The transfer is within the governmental activities and is not recorded.
Governmental Activities—Parks and Recreation
Land 20,000
Cash 20,000
Bonds Payable 110,000
c.
Governmental Activities—General
Cash 510,000
Property Tax Receivable 90,000
General Revenues—Property Taxes 600,000
d.
Program Revenues—Park 8,000
g.
Business-Type Activities—Civic Auditorium
Parking Deck 200,000
Cash 20,000
Notes Payable 180,000
40. (continued)
h.
Governmental Activities—Education
Cash 100,000
Unearned Revenues 100,000
Expenses—Art 80,000
Program Revenues—Capital Gift 80,000
l.
Governmental Activities—General
Transfers 20,000
Cash 20,000
m.
No entry
40. (continued)
n.
Governmental Activities—Education
School Bus 102,000
Cash 102,000
o.
Vacations Payable 23,000
p.
Business-Type Activities—Civic Auditorium
Expenses—Salaries 45,000
Expenses—Vacations 5,000
Cash 42,000
Salary Payable 3,000
Vacations Payable 5,000
r.
Governmental Activities—Parks and Recreation
Expenses—Maintenance 9,000
Cash 9,000
s.
40. (continued)
No entries are needed for the financial information from the museum. The
totals for the period are provided for reporting purposes.
Also:
Depreciation Entries:
Governmental Activities—Education
(School Building—$1,000,000/20)
Expenses—Depreciation 50,000
Accumulated Depreciation 50,000
(School Bus—$102,000/5 x 3/12)
Expenses—Depreciation 5,100
Accumulated Depreciation 5,100
40. (continued)
City of Pfeiffer
Statement of Activities
Government-Wide Financial Statements
Year ending December 31, 2015
Program Grants Net (Expenses)/Revenues Component
Expenses Revenues and Gifts Governmental Business-Type Total Unit
Governmental Activities
—Education $482,100 $ 6,000 $117,000 $(359,100) $(359,100)
—Parks and Recreation 22 ,000 8 ,000 ( 14 ,000)
( 14,000)
Total for
Component Unit:
—Museum $ 42 ,000 $50 ,000 $8 ,000
General Revenues
—Property Taxes 600,000 600,000
Transfers (20 ,000) 20 ,000 -0-
Total General Revenues and Transfers $580 ,000 $20 ,000 $600 ,000 -0-
40. (continued)
City of Pfeiffer
Statement of Net Position
Government-Wide Financial Statements
December 31, 2015
Governmental Business-Type Component
Activities Activities Total Unit
Assets:
—Cash $302,400 $130,000 $432,400 $24,000
—Property Tax Receivables 90,000 -0- 90,000 -0-
Liabilities:
—Salary Payable $30,000 $3,000 $33,000 -0-
—Vacation Payable 23,000 5,000 28,000 -0-
—Interest Payable -0- 13,000 13,000 -0-
—Unearned Revenues (*) 63,000 -0- 63,000 -0-
Total Net Position $1 ,329,900 $724 ,000 $2 ,053,900 $ 114 ,000
(*) The unearned revenue is a liability and not a deferred inflow of resources
because an action is required rather than the simple passage of time. 41. (70
Minutes) (Prepare fund financial statements)
One way to accumulate the information for the fund financial statements is to
prepare journal entries for the listed transactions.
a.
General Fund
Other Financing Uses—Transfer 70,000
Cash 70,000
Capital Projects Fund
Cash 70,000
Other Financing Sources—Transfer 70,000
Expenditures—Land 20,000
Cash 20,000
b.
Capital Projects Fund
c.
General Fund
Cash 510,000
Property Tax Receivable 90,000
Revenues—Property Taxes 560,000
Unavailable Property Tax Collections 40,000
d.
Capital Projects Fund
41.(continued)
g.
Enterprise Fund
Parking Deck 200,000
Cash 20,000
Notes Payable 180,000
h.
Revenues—Operating Grant 37,000
i.
General Fund
k.
No entry because there is no impact on current financial resources.
l.
General Fund
Other Financing Uses—Transfer 20,000
Cash 20,000
Enterprise Fund
Encumbrances Outstanding 99,000
n.
General Fund
Encumbrances Outstanding 99,000
Encumbrances – School Bus 99,000
Expenditures—School Bus 102,000
Cash 102,000
o.
General Fund
p.
q.
Enterprise Fund
Cash 110,000
Rent Receivable 20,000
Program Revenues—Rent 130,000
r.
General Fund
Expenditures—Maintenance 9,000
Cash 9,000
41. (continued)
s.
General Fund (mention is made that no separate Debt Service Fund is used)
Depreciation Entries:
Enterprise Fund—Civic Auditorium ($600,000/30)
Expenses—Depreciation 20,000
Accumulated Depreciation 20,000
Enterprise Fund—Parking Deck ($200,000/20 x ½)
