Topic: Governmental and Non profit Accounting

Detailed Question: I have done this already but I am not sure of my answers. I need someone to check and re do it if needed. I am attaching the questions.

Completed file is the one I have done second excel sheet is the one that was provided in order to finish the assignment

As one of the accountants for the City of Springfield, you will record the following transactions into the accompanying workbook-sheet GF WS. Note that some transactions have already been recorded in the workbook. The city has other accountants who also record transactions.

1. The city levied its general property taxes for the year of $1,580,000. The city estimates that $30,000 of the taxes will prove uncollectible. Record the taxes assuming the city will collect the remaining balance later during the fiscal year.

2. The city collected $1,300,000 of property taxes before the due date for taxes. The remainder of the taxes receivable became delinquent.

3. The city received and vouchered the materials and supplies that were on order from the previous year. The actual cost equaled the estimated cost of these materials and supplies, $19,000. The city records expenditures for materials and supplies when they are consumed. A perpetual inventory system is used.

4. The city incurred and paid salary expenditures as follows:

Accrued salaries payable, January 1 ........................................................................ $ 50,000

General government .............................................................................................................. 180,000

Public safety ................................................................................................................................ 580,000

Highways and streets ........................................................................................................... 175,000

Health and sanitation ............................................................................................................ 150,000

Parks and recreation ............................................................................................................. 220,000

Total ................................................................................................... $1,355,000

5. Billings were received from the Central Communications Network Internal Service Fund for communications services used by general government agencies and departments as follows:

General government ........................................................ $ 18,000

Public safety ....................................................... 15,000

Highways and streets ............................................................ 3,500

Health and sanitation .............................................................. 6,630

Parks and recreation ............................................................ 13,940

Total ................................................................ $ 57,070

6. $61,000 was paid on the amounts owed to the Central Communications Network Internal Service Fund.

7. Other unencumbered expenditures incurred during the year were vouchered as follows:

General government ............................................................. $ 11,420

Public safety ................................................................................... 41,280

Total .......................................................................... $ 52,700

8. $500,000 was loaned from the General Fund to the Addiction Prevention Special Revenue Fund to provide working capital for that fund. The loan is to be repaid within a year.

9. The General Fund transferred resources to other funds as follows:

Addiction Prevention Special Revenue Fund ............................................. $ 60,000

Parks and Recreation Capital Projects Fund ............................................. 200,000

Total .............................................................................................. $260,000

10.The General Fund received a transfer of $100,000 from the Water and Sewer Enterprise Fund.

11. The city levied interest and penalties of $35,000 on the overdue taxes receivable. Interest and penalties of $5,600 are expected to prove uncollectible.

12.The city wrote off uncollectible taxes receivable of $23,000.

13. General government equipment with an original cost of $300,000 and accumulated depreciation of $187,000 was sold for $72,000, which was deposited in the General Fund.

14. Materials and supplies were used by General Fund departments during the year as follows:

General government ............................................................. $ 11,000

Public safety ............................................................................................................. 35,000

Highways and streets ......................................................................................... 75,300

Health and sanitation ........................................................................................... 39,400

Parks and recreation ............................................................................................ 30,000

Total ...................................................................................... $190,700

15.The city entered into a capital lease for parks and recreation equipment on December 31. The capitalizable cost of the equipment was $90,000, including a down payment of $10,000.

16.The city contributed $60,200 to the city Police and Fire Pension Trust Fund. 17.The General Fund received $250,000 from the Addiction Prevention Special Revenue Fund in partial repayment of the interfund loan.

18.The city paid vouchers payable of $235,800.

Special Revenue Fund

The Addiction Prevention Special Revenue Fund was established in 20X4 to account for federal grants intended to help communities prevent and battle drug and alcohol addictions. Because this is the first year for this fund, there is no beginning trial balance for the Addiction Prevention Special Revenue Fund.

You are given the completed transaction worksheet (tab APSFR). From the worksheet:

A. Prepare the 20X4 Statement of Revenues, Expenditures, and Changes in Fund Balance for the Addiction Prevention Special Revenue Fund (tab AP OP).

B. Prepare the 20X4 balance sheet for the Addiction Prevention Special Revenue Fund (tab AP BS).

Parks and Recreation Capital Projects Fund Record the following transactions to tab P&R CPF

1. The city approved a major capital improvement project to construct a recreational facility. The project will be financed by a bond issue of $1,500,000, transfers from the General Fund of $500,000, and a contribution from the county of $300,000. Record the budget assuming these amounts, along with an equal appropriation for the project, were adopted for 20X4.

2. The city received the county's contribution of $300,000. These resources are required to be used for the construction project. The grant is expenditure-driven. The city's policies indicate that resources restricted for a given purpose are considered expended prior to any unrestricted resources available for that purpose.

3. The city transferred $200,000 from the General Fund to the Parks and Recreation Capital Projects Fund.

4. The city issued bonds with a face (par) value of $1,500,000 at a premium of $50,000 on January 1. Bond issue costs of $15,000 were incurred. Interest of 8% per year and $100,000 of principal are due each December 31.

5. The city signed a $2,190,000 contract for construction of the new recreational facility. The process to establish the contract qualifies as a commitment under the city's commitments policy.

6. The city purchased land as the site for the facility at a cost of $110,000. Payment was made for the land.

7. The contractor billed the city $1,200,000. The city paid all but a 5% retainage.

8. The outstanding encumbrances were closed (use the transactions columns for this entry).

9. The budgetary accounts were closed at year end. Appropriations do not lapse at year end. Close the budgetary accounts in the transactions columns.

General Debt Service Fund

You are given the completed transaction worksheet (tab GEN DSF). From the worksheet,

A. Prepare the 20X4 Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Debt Service Fund (tab GEN DSF OS).

B. Prepare the 20X4 balance sheet for the General Debt Service Fund (tab GEN DSF BS).

General Capital Assets

You are given the completed transaction worksheet CGA WS; prepare the General Capital Asset Note Disclosure (tab CGA Note).

General Long-Term Liabilities

You are given the completed transaction worksheet GLTL; prepare the General Long­term Liabilities Note Disclosure (tab GLTL Note).

Water and Sewer Enterprise Fund

You are given the completed transaction worksheet (tab W&S EF). From the worksheet,

A. Prepare the 20X4 Statement of Revenues, Expenditures, and Changes in Net Position (tab W&S OS).

B. Prepare the 20X4 Statement of Net Position (tab W&S SNP).

Central Communications Network Internal Service Fund Record the following transactions to tab CCN ISF:

1. Billings to departments for communications network services during 20X4 were as follows:

General Fund departments .................................................................................. $57,070

Water and Sewer Department ................................................... 33,000

Total .............................................................................................. $90,070

2. The department collected $61,000 from the General Fund and $30,000 from the Enterprise Fund.

3. Payroll of $60,000 was paid, and $3,000 was contributed to the statewide retirement system.

4. The department purchased materials and supplies costing $14,000 and a voucher was approved.

5. Materials and supplies costing $17,700 were used by the Central Communications Network during 20X4.

6. Vouchers payable of $15,000 were paid.

7. Depreciation for the year was $8,370.

8. Salaries and wages of $1,000 were accrued at the end of the year.

Police and Fire Pension Trust Fund

You are given the completed transaction worksheet (tab PTF WS). From the worksheet,

A. Prepare the 20X4 Statement of Changes in Net Position (tab PTF OS).

B. Prepare the 20X4 Statement of Net Position (tab PTF SNP).

Fund and Government-Wide Financial Statements

The tabs colored purple are the fund and government-wide statements. If all of your previous work is correct, your statements will be complete and will balance. Review the purple tabs to ensure all of your statements are complete and correct. Once they are correct, you are done with the assignment and may submit the entire workbook to your instructor.

Attachment:- Project.rar