Exercise 9–9
Cherokee Library District
Type journal entries to convert to the accrual basis in the space below
and post them to the financial statements on the next two tabs.
debits credits
a Capital Assets 19,500,000
Accumulated Depreciation 6,330,000
Net Position 13,170,000
Depreciation Expense 418,000
Accumulated Depreciation 418,000
Capital Assets 7,994,632
Capital Outlay Expenditure 7,994,632
b Net Position 10,700,000
Notes payable 10,700,000
OFS – Proceeds of debt 6,370,000
Notes payable 6,370,000
Notes Payable 1,340,000
Debt Service Expenditure – principal 1,340,000
c Property tax revenue 87,500
Net Position 87,500
Deferred property taxes 94,000
Property tax revenue 94,000
d OFS – Transfers In 2,500,000
OFU – Transfers Out 2,500,000
Cherokee Library District – Governmental Funds
Statement of Revenues, Expenditures and Changes in Fund Balance / Statement of Activities
Cherokee Library District – Governmental Funds
Statement of Revenues, Expenditures and Changes in Fund Balance / Statement of Activities
Cherokee Library District- Governmental Funds
Balance Sheet / Statement of Net Position
as of 12/31/2015
General Fund
Capital Projects
Fund
Total
Governmental
Funds
Adjustments to
Government-
wide
Statement of Net
Position
Assets
Cash 11,034,232$ 4,825,591$ 15,859,823$ 15,859,823$
Investments 683,722 683,722 683,722
Taxes Receivable – Gross 131,534 131,534 131,534
Interest Receivable 2,487 2,487 2,487
Prepaid Items 596,901 596,901 596,901
Capital Assets – 27,494,632 27,494,632
Accumulated Depreciation – (6,748,000) (6,748,000)
Total Assets 12,448,876$ 4,825,591$ 17,274,467$ 20,746,632$ 38,021,099$
Liabilities, Deferred Inflows and Fund Balances
Liabilities
Accounts Payable 877,468 324,609 1,202,077 1,202,077
Accrued Liabilities 400,602 400,602 400,602
Contracts payable – Retained % 259,782 259,782 259,782
Long-term Notes Payable – 15,730,000 15,730,000
Total Liabilities 1,278,070 584,391 1,862,461 15,730,000 17,592,461
Deferred Inflows
Deferred Inflows – Property Taxes 94,000 94,000 (94,000) –
Fund Balances
Nonspendable
Prepaid Items 596,901 596,901
Assigned –
Library purchases 585,220 585,220
Capital projects 4,241,200 4,241,200
Unassigned 9,894,685 9,894,685
Total Fund Balances 11,076,806 4,241,200 15,318,006
Net Position
Net investment in capital assets 4,756,850 *
Unrestricted 15,671,788
Cherokee Library District- Governmental Funds
Balance Sheet / Statement of Net Position
Exercise 9-8 General Ledger
JOURNAL ENTRIES CASH SHORT TERM LONG TERM UNRESTRICTED check totals: total total
1
Accounts Receivable 18,350 bb 430 ACCOUNTS RECEIVABLE INVESTMENTS INVESTMENTS INTEREST RECEIVABLE debits credits
Operating Revenues-Student Tuition and Fees 18,350 115,700 1,000 10 bb 1,200 bb 2,400 bb 8,000 bb 50 Beginning balances 45,890 45,890
Operating Revenue Deduction-Scholarship Allowances 1,490 313,020 36,878 11 118,350 18 2,650 2,400 18 18 120 925 50 8Ending balances 98,869 98,869
Accounts Receivable 1,490 512,100 2,145 14 5350 1,490 118 40
Operating Expenses-Scholarships and Fellowships Expense 1,420 6650 326 15 1,420 125
Accounts Receivable 1,420 850 800 15 15,700 1
Cash and Cash Equivalents 15,700 9175 100 16 DEPOSITS: BOND TRUSTEE
Accounts Receivable 15,700 18 2,450 2,650 18 bb 1,800
16 100
2
Deferred Revenues 500 676 1,290 2,690 8,120
Operating Revenues-Student Tuition and Fees 500 1,900
Operating Revenues-Student Tuition and Fees 720 RESTRICTED CASH
Deferred Revenues 720 bb 210 ENDOWMENT RESTRICTED ACCUMULATED
3800 600 7 CAPITAL ASSETS INVESTMENTS INTEREST RECEIVABLE DEPRECIATION
Cash and Cash Equivalents 13,020 43,200 4,612 12 bb 22,500 bb 9,100 bb 200 9,010 bb
Restricted Cash and Cash Equivalents 800 6800 1,050 14 14 3,195 7600 9250 200 81,370 14
Nonoperating Revenues-State Appropriations 13,020 7600 18 61
Capital Appropriations 800 8200
91,250
4
Restricted Cash and Cash Equivalents 3,200 798 25,695 9,761 250 10,380
Operating Revenues-Restricted-Federal Grants & contracts 2,310
Operating Revenues-Restricted-State & Local Grants & Contracts 890 ACCOUNTS PAYABLE & COMPENSATED CURRENT PORTION
ACCRUED LIABILITIES DEFERRED REVENUES
CAPITAL BONDS PAYABLE
ABSENCES PAYABLE CAPITAL BONDS PAYABLE
5
Cash and Cash Equivalents 12,100 1,000 bb 500 bb 5,000 bb 900 bb 800 bb
Accounts Receivable 350 10 1,000 1,100 11 2500 720 215 300 88 17 15 800 300 15
Operating Revenues-Auxiliary Enterprises 12,450 358 12
22 15
6 Cash and Cash Equivalents
650
650
Nonoperating Revenues-Restricted-Gifts-Other
500 RESTRICTED NET UNRESTRICTED NET
Capital Grants and Gifts
300 POSITION POSITION (this includes net investment in capital assets)
Restricted Cash and Cash Equivalents 600 14 1,050 1,050 14
Additions to Permanent Endowments 600 100 16 16 100
Endowment Investments 600 18,550 10,130
Restricted Cash and Cash Equivalents 600
50 2720 500 250 18
200 18,130 890 13,020 40 18 800
Cash and Cash Equivalents 175 OPERATING REVENUES OPERATING REVENUES NONOPERATING REVENUES 120 18
Interest Receivable-Unrestricted 25 FEDERAL GRANT AUXILLIARY ENTERPRISES GIFTS 61 18 CAPITAL GRANTS AND GIFTS
Nonoperating Revenues-Investment Income 200 2,310 412,450 5650 6300 6
Restricted Cash and Cash Equivalents 1,250 500 61,971
Interest Receivable-Restricted 250 2,310 12,450 1,150 300
Nonoperating Revenues-Restrct’ Expendable- investment income 1,500
SCHOLARSHIP ALLOWANCE
Accounts Payable and Accrued Liabilities 1,000 11,490 11 14,123 11 10,111 11 6,532 600 7
Cash and Cash Equivalents 1,000 12 2,256 12 745 12 213
Operating Expenses-Salaries-Faculty 14,123 1,490 16,379 10,856 6,745
Operating Expenses-Salaries-Exempt Staff 10,111
Operating Expenses-Nonexempt Wages 6,532
Operating Expenses-Benefits 6,112 OPERATING EXPENSES OPERATING EXPENSES OPERATING EXPENSES OPERATING EXPENSES NONOPERATING EXPENSE
Operating Expenses-Other 1,100 EMPLOYEE BENEFITS DEPRECIATION SCHOLAR & FELLOWSHIPS OTHER INTEREST ON CAPITAL DEBT
Cash and Cash Equivalents 36,878 11 6,112 13 1,370 11,420 11 1,100 15 348
Accounts Payable and Accrued Liabilities 1,100 17 88 12 1,100
Capital Assets 3,195
Restricted Cash and Cash Equivalents 1,050
Cash and Cash Equivalents 2,145
Net Position restricted for capital outlay 1,050
Unrestricted Net Position 1,050
Nonoperating Expenses-Interest on Capital Asset related debt 348
Cash and Cash Equivalents 326
Accounts Payable and Accrued Liabilities 22
Bonds Payable – current portion 800
Cash and Cash Equivalents 800
Bonds Payable (LT) 300
Bonds Payable-Current Portion 300
Deposits With Bond Trustee 100
Cash and Cash Equivalents 100
Net Position-Unrestricted 100
Net Position-Restricted-Debt Service 100
Exercise 9-8 General Ledger
18
Cash and Cash Equivalents 2,450
Short-Term Investments 2,400
Non-Operating Revenues-Investment Income 50
Short-Term Investments 2,650
Cash and Cash Equivalents 2,650
Short-Term Investments 40
Long-Term Investments 120
Endowment Investments 61
Nonoperating Revenues-Investment Income 40
Nonoperating Revenues-Restrct’ Expendable- investment income 120
Nonoperat’g Revenues-Restrct’ Nonexpendable- investment inc. 61
128,870 128,870
CLOSING ENTRIES debits credits
Net
investment in
capital assets
un-
restricted
(plug)
Total
Unrestricted Net Position capital assets (net) 15,315 15,315
Operating Revenues-Student Tuition and Fees 18,130
bond payable – current
(300) (300)
Nonoperating Revenues-State Appropriations 13,020 bond payable – LT (4,700) (4,700)
Operating Revenues-Auxiliary Enterprises 12,450 –
Nonoperating Revenues-Gifts 650 Plug 1,661 1,661
Nonoperating Revenues-Investment Income 290 10,315 – 1,661 11,976
Operating Revenue Deduction-Scholarship Allowances 1,490
Scholarships and Fellowships Expense 1,420 UNRESTRICTED NET POSITION
Operating Expenses-Salaries-Faculty 14,123 10,130 balance per general ledger
Operating Expenses-Salaries-Exempt Staff 10,111 1,846 closing entry
Operating Expenses-Nonexempt Wages 6,532
Operating Expenses-Benefits 6,200 11,976
Net Position-Restricted-Nonexpendable 661 closing entries 661 1,100 350 2,111
9,761 1,900 550 8,450 20,661
Restricted – Expendable Other
Operating Revenues-Restricted-Federal Grants and Contracts 2,310
Operating Revenues-Restricted-State and Local Grants and Contracts 890
Nonoperating Revenues-Restricted-Gifts-Other 500
Nonoperating Revenues-Restricted-Expendable Investment Income 1,620
Operating Expenses-Restricted-Other 1,100
Restricted – Expendable Capital Outlay
Net Position-Restricted-Expendable-Capital Outlay 1,100
UNRESTRICTED NET POSITION
EASTERN STATE COLLEGE
STATEMENT OF NET POSITION
June 30 2015
(in thousands)
Assets:
Current Assets:
Cash and Cash Equivalents $ 676
Short-Term Investments 2,690
Accounts Receivable 1,290
Interest Receivable 25
Deposits With Bond Trustee 1,900
Total Current Assets 6,581
Noncurrent Assets:
Restricted Cash and Cash Equivalents 798
Endowment Investments 9,761
Long-Term Investments 8,120
Interest Receivable-Restricted 250
Capital Assets, Net of Accumulated Depreciation 15,315
Total Noncurrent Assets 34,244
Total Assets $ 40,825
Liabilities:
Current Liabilities:
Accounts Payable and Accrued Liabilities 1,480
Deferred Revenue 720
Bonds Payable –Current Portion 300
Total Current Liabilities 2,500
Noncurrent Liabilities:
Bonds Payable 4,700
Compensated Absences Payable 988
Total Noncurrent Liabilities 5,688
Total Liabilities 8,188
Net Position:
Net Investment in Capital Assets 10,315
Restricted for:
Nonexpendable 9,761
Expendable:
Debt Service 1,900
Capital Outlay 550
Other 8,450
Unrestricted 1,661
Total Net Position $ 32,637
EASTERN STATE COLLEGE
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION
for the year ended June 30 2014
(in thousands)
Revenues:
Operating Revenues:
Student Tuition and Fees net of Scholarship Allowances $16,640
Federal Grants and Contracts 2,310
State and Local Grants and Contracts 890
Auxiliary Enterprises 12,450
Total Operating Revenues 32,290
Expenses:
Operating Expenses:
Salaries:
Faculty 16,379
Exempt Staff 10,856
Nonexempt Wages 6,745
Benefits 6,856
Depreciation 1,370
Scholarships and Fellowships 1,420
Other 2,200
Total Operating Expenses 45,826
Operating Income (Loss) (13,536)
Nonoperating Revenues (Expenses):
State Appropriations 13,020
Gifts 1,150
Investment Income 1,971
Interest on Capital Related Debt (348)
Net Nonoperating Revenues 15,793
Income (Loss) Before Other Revenues, Expenses, Gains, or Losses 2,257
Capital Appropriations 800
Capital Grants and Gifts 300
Additions to Permanent Endowments 600
Increase in Net Position 3,957
Net Position:
Net Position – Beginning of Year 28,680
Net Position – End of Year $32,637