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Chapter 13 HOMEWORK

Chapter 13 HOMEWORK. Exercise 13-3. Clemens County had the following revenue sources in 20X5: Required: Prepare a schedule computing the amount of general revenues and of program revenues that Clemens County should report in its government-wide statement of activities for the 20X5

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Chapter 13 HOMEWORK

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  1. Chapter 13 HOMEWORK

  2. Exercise 13-3

  3. Clemens County had the following revenue sources in 20X5: Required: Prepare a schedule computing the amount of general revenues and of program revenues that Clemens County should report in its government-wide statement of activities for the 20X5 fiscal year.

  4. GENERAL PROPERTY TAXES…………..$8,000,000 GENERAL REVENUE • INCLUDES all taxes imposed, even those levied for a specific • purpose. They are reported by TYPE OF TAX.

  5. Restricted (for education) PROPERTY TAXES………. $570,000 GENERAL REVENUE

  6. Meals tax (restricted for economic development and tourism)….. $200,000 GENERAL REVENUE

  7. Fines and forfeits……….. $82,000 Program Revenues

  8. Federal Grant restricted for police protection……… $132,000 Program Revenues

  9. Federal Grant restricted for specific general government construction projects for specific functions………… $600,000 Program Revenues

  10. Unrestricted Investment Income………….. $75,000 GENERAL REVENUE

  11. The total of gr and pr GENERAL REVENUE Program Revenues $814,000 $8,845,000

  12. Exercise 13-4

  13. The following information was drawn from the accounts and records of Mosser Township: Required: Prepare a schedule computing the amounts to be reported in each of the threeminimumprogramrevenue classifications by Mosser Township. The (3) Classifications are: Revenues from charges to customers, applicants, or others who purchase, use, or directly benefit from the goods, services, or privileges provided or are otherwise directly affected by the services. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS

  14. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS LOCAL GAS TAX RESTRICTED TO STREET MAINTENANCE

  15. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS LOCAL GAS TAX RESTRICTED TO STREET MAINTENANCE GENERAL REVENUE

  16. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS GRANT FROM STATE FOR WIDENING AND REPAVING MAIN STREET

  17. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS GRANT FROM STATE FOR WIDENING AND REPAVING MAIN STREET

  18. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS UNRESTRICTED CHARGES FOR AMBULANCE SERVICES PROVIDED BY FIRE DEPARTMENT

  19. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS UNRESTRICTED CHARGES FOR AMBULANCE SERVICES PROVIDED BY FIRE DEPARTMENT

  20. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS CONTRIBUTIONS FROM LOCAL BUSINESSES- RESTRICTED FOR YOUTH RECREATION PROGRAMS

  21. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS CONTRIBUTIONS FROM LOCAL BUSINESSES- RESTRICTED FOR YOUTH RECREATION PROGRAMS

  22. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS INCOME FROM PERMANENT FUND ENDOWMENT RESTRICTED TO ECONOMIC DEVELOPMENT PURPOSES

  23. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS INCOME FROM PERMANENT FUND ENDOWMENT RESTRICTED TO ECONOMIC DEVELOPMENT PURPOSES

  24. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS FINES THAT ARE UNRESTRICTED AS TO USE

  25. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS FINES THAT ARE UNRESTRICTED AS TO USE

  26. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS PROPERTY TAXES RESTRICTED FOR EDUCATION PURPOSES

  27. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS PROPERTY TAXES RESTRICTED FOR EDUCATION PURPOSES General Revenues

  28. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS SHARED REVENUES FROM THE STATE- RESTRICTED FOR EDUCATION

  29. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS SHARED REVENUES FROM THE STATE- RESTRICTED FOR EDUCATION

  30. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS FEDERAL GRANT REVENUES- RESTRICTED FOR HIRING POLICEMEN

  31. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS FEDERAL GRANT REVENUES- RESTRICTED FOR HIRING POLICEMEN

  32. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS FEDERAL GRANT TO REPLACE WATER AND SEWER LINES

  33. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS FEDERAL GRANT TO REPLACE WATER AND SEWER LINES

  34. CHARGES FOR SERVICES: OPERATING GRANTS AND CONTRIBUTIONS CAPITAL GRANTS AND CONTRIBUTIONS $9,000,000 $281,000 $1,825,000

  35. Exercise 13-5

  36. Dorrian County’s fund structure is as follows: General Fund 3 Special Revenue Funds 1 Capital Projects Fund 2 Debt Service Funds 4 Private Purpose Trust Funds 3 Internal Service Funds 5 Enterprise Funds GCA and GLTL accounts Assume that Dorrian County determines that Special Revenue Fund A, its Capital Projects Fund, Enterprise Fund C, and Enterprise Fund D are its only major funds. • What column headings would the county need to present in its Governmental • Funds statement of Revenues, Expenditures and Changes in Fund Balance?

  37. What column headings would the county need to present in its Governmental • Funds statement of Revenues, Expenditures and Changes in Fund Balance? 1) A column for the GENERAL FUND 2) A column for EACH MAJOR FUND 3) An OTHER GOV column for total of nonmajor funds. 4) A total column GENERAL FUNDSPECIAL REV. FUND ACAPITAL PROJECTSOTHER GOVTOTAL

  38. What column headings would the county need to present in its Proprietary • Funds statement of Revenues, Expenditures and Changes in Fund Balance? 1) A column for EACH MAJOR FUND 2) An OTHER column for total of nonmajor funds. 3) A total column 4) An Internal Service Column FUND CFUND DOTHER FUNDSTOTAL INTERNAL SERVICE

  39. Problem 13-1

  40. Prepare the NET ASSETS section for GOVERNMENTAL ACTIVITIES in the GOVERNMENT-WIDE Statement of Net Assets for the city of Josiah at June 30, 20X6, given the following information as of that date. THE NET ASSETS SECTION IS MADE UP OF? Invested in capital assets, net of related debt Restricted net assets Unrestricted net assets

  41. Answer: NET ASSETS: Invested in capital assets, net of related debt…………….. $4,925,000 Restricted for: Debt Service………………………………… $2,000,000 Capital Projects ($400,000 - $300,000) 100,000 Specific Programs………………………….. 2,000,000 4,100,000 Unrestricted…………………………………………….. 7,175,000 Total Net Assets……………………………………. $16,200,000

  42. Answer: NET ASSETS: Invested in capital assets, net of related debt…………….. $4,925,000 Restricted for: Debt Service………………………………… $2,000,000 Capital Projects ($400,000 - $300,000) 100,000 Specific Programs………………………….. 2,000,000 4,100,000 Unrestricted…………………………………………….. 7,175,000 Total Net Assets……………………………………. $16,200,000 Find UNRESTRICTED: Begin with adding up all the GOVERNMENTAL FUND BALANCES whether restricted or not. GF… $8M + SRF (rest) $2M + CPF (1/2 rest) $800K + DSF (rest) $2M = $12,800,000

  43. Begin with adding up all the GOVERNMENTAL FUND BALANCES whether restricted or not. GF… $8M + SRF (rest) $2M + CPF (1/2 rest) $800K + DSF (rest) $2M = $12,800,000 Now take out any liabilities and/or restrictions related to these fund balances - SRF all restricted……………………………. $2,000,000 RESTRICTIONS - CPF ½ restricted…………………………….. 400,000 - DSF all restricted……………………………. 2,000,000 - Long-term claims/judgments payable…. 1,750,000 LIABILITIES On unrestricted NA - Long-term compensated absence pay.. 750,000

  44. Begin with adding up all the GOVERNMENTAL FUND BALANCES whether restricted or not. GF… $8M + SRF (rest) $2M + CPF (1/2 rest) $800K + DSF (rest) $2M = $12,800,000 Now take out any liabilities and/or restrictions related to these fund balances - SRF all restricted……………………………. $2,000,000 RESTRICTIONS - CPF ½ restricted…………………………….. 400,000 - DSF all restricted……………………………. 2,000,000 - Long-term claims/judgments payable…. 1,750,000 LIABILITIES On Unrestricted NA - Long-term compensated absence pay.. 750,000 Now add in INTERNAL SERVICE FUND which services only the General Fund Equity of ISF (given).......................................... $1,900,000 TOTAL UNRESTRICTED NET ASSETS $7,175,000 • Subtract capital assets of ISF (these will get shown in • Capital Asset section) $3M x 3.0....................... ($900,000) + Add debt related to capital assets because it will be taken out in Capital Asset Section $1.1M x .25............... $275,000

  45. Calculate Restricted Net Assets: Begin by listing out the restricted net assets: Special Revenue Fund…………………… $2,000,000 (all restricted) Restricted for CPF (other ½)……………. $400,000 (total 800K x ½) Debt Service Fund………………………. $2,000,000 (all restricted) Now take out any debt related to these assets Unexpended bond proceeds *given as “*” in problem must be subtracted from the restricted assets……… ($300,000) The cash is in the restricted for CPF above. TOTAL RESTRICTED NET ASSETS….. $4,100,000

  46. Calculate Invested in Capital Assets net of related debt. First list out the capital assets General capital assets……………… +$12,000,000 Subtract accumulated depreciation Accumulated Depreciation…………..(5,000,000) Add in Capital ISF assets $3,000,000 x .30 capital = …………..+ $900,000 Subtract General LONGTERM capital debt Bonds payable…………………. ($3,000,000) + add back in the unexpended bond proceeds +$300,000 (we already added the restricted cash and subtracted unexpended proceeds in the restricted section). THIS part of the LTD of $3M should NOT be subtracted here. Subtract the ISF capital debt related to capital assets $1,100,000 x .25 = $275,000 Total Invested in Capital Assets net of related debt $4,925,000

  47. Problem 13-2

  48. Presented in the table below is selected information from the 20X5 financial • statements of the various individual funds of Alderman City. • Prepare a schedule computing the threshold amounts that should • be used to determine which of Alderman’s City’s funds must be reported • as major funds. (b) Identify which funds are major funds. • Quantitative MAJOR FUND CRITERIA: • Total assets, liabilities, revenues or expenditures/expenses • (excluding extraordinary items) of that individual governmental fund • (or Enterprise Fund) are at least 10%of the corresponding total for all • funds of that category type. • The same element that met the 10% criterion in (a) • is at least 5%of the corresponding element total for • all governmental funds and enterprise funds combined.

  49. FundAssetsLiabilitiesRevenuesExpenditures Expenses General $23,302,450 $14,281,850 $181,338,000 $114,376,000 Grants SR 7,636,000 6,500,000 5,700,000 5,736,000 School SR 14,000,000 8,910,000 65,068,000 68,000,000 Debt Serv 13,934,000 800,000 545,250 9,360,000 Cap Proj 48,090,000 1,028,000 4,135,000 21,200,000 Transit EF 11,350,000 177,533 3,650,000 $5,000,000 W&S EF 165,000,000 36,300,000 25,700,000 21,250,000 Civ CenEF 10,800,000 504,000 2,800,000 3,540,000 Pub Pk EF 22,100,000 9,160,000 1,800,000 1,820,000 Fleet Man ISF 9,637,000 265,000 3,200,000 3,950,000 Risk Man ISF 11,951,000 8,900,000 7,700,000 8,000,000

  50. FundAssetsLiabilitiesRevenuesExpendituresExpenses General $23,302,450 $14.281,850 $181,338,000 $114,376,000 Grants SR 7,636,000 6,500,000 5,700,000 5,736,000 School SR 14,000,000 8,910,000 65,068,000 68,000,000 Debt Serv 13,934,000 800,000 545,250 9,360,000 Cap Proj 48,090,000 1,028,000 4,135,000 21,200,000 Transit EF 11,350,000 177,533 3,650,000 $5,000,000 W&S EF 165,000,000 36,300,000 25,700,000 21,250,000 Civ CenEF 10,800,000 504,000 2,800,000 3,540,000 Pub Pk EF 22,100,000 9,160,000 1,800,000 1,820,000 Fleet Man ISF 9,637,000 265,000 3,200,000 3,950,000 Risk Man ISF 11,951,000 8,900,000 7,700,000 8,000,000 G G G G G Column totals: $256,786,250 $ $218,672,000 $31,519,850 $106,962,450 x .10 .10 .10 .10 -------------------------------------------------------------------------------------------------------------- $10,696,245 $3,151,985 $25,678,625 $21,867,200 Governmental Funds 10% TEST

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