ii. The Financial Statements of the Government provide a record of the Government's financial performance and of its financial position. (20 Minutes) (Journal entries for landfill on government-wide financial statements and fund financial statements) a. GOVERNMENT-WIDE FINANCIAL STATEMENTS Accounted for as an Enterprise Fund (within the Business-type Activities) December 31, 2013 Expense — Landfill Closure (3% of $1.9 million) 57,000 Landfill Closure Liability 57,000 Landfill Closure Liability … 2 Govt’l Funds Review! a. Prepare journal entries needed to convert the governmental funds financial statements to the governmental activities columns of the government-wide financial statements. Financial Statements. For example, $25.9 million in operating grants and contributions is shown for housing and redevelopment. The Statement of Activities The scope of the new government-wide financial statements is to include all governmental and business-type activities, but NOT … 2. 4-3 Prepare closing journal entries and year-end General Fund financial statements. Prepare journal entries needed to convert the governmental funds financial statements to the governmental activities columns of the government-wide financial statements. Content Guidelines 2. Because of space considerations, that reconciliation is not presented here although it would be required in the general purpose external financial statements. However, now that a deeper understanding of government accounting has been estab­lished, these same statements as well as several other fund-based statements can be examined in more detail. Restricted cash and investments of more than $41 million are listed under Noncurrent assets. Within our system we have the ability to scan and attach all backup information to the conversion journal entries. Because the proprietary funds utilize accrual accounting to measure economic resources, the totals for the business-type activities (for the enterprise funds) in Exhibit 17.5 agree in most ways with the total figures in Exhibit 17.1. In contrast, designated figures disclose tentative plans by officials for the usage of some assets of the fund, but those plans are subject to change in the future. iv. This column reports amounts received from grants and similar sources that were designated for some type of operating purpose. Government-wide statements present financial information for both governmental activities and business-type activities. enu 0 h. expense public Accrued interest 0 k b. Copyright 9. Terms of Service 7. Exhibit 17.1 presents the June 30, 2004, statement of net assets for the City of Sacramento, California. City council adopts an annual budget for the general fund with estimated revenues of $1,700,000, appropriations of $1,500,000, and approved transfers of $120,000. Even though recorded within the proprietary funds, internal service funds are normally included within the governmental activities because those services are rendered primarily for the benefit of activities within the governmental funds. Capital assets other than land, land improvements, inexhaustible artworks, and construc­tion in progress are reported net of accumulated depreciation because depreciation is required on the government-wide statements. Because the modified accrual method of accounting is used for timing purposes, reported amounts will be different than those shown before. Accrued vacation pay payable To record increase in vacation pay accrual over beginning of year balance Worksheet for government-wide statements in thousands of dollars) Aggregated Adjusted Balance Statements Debit Credit Credit 1,115 1,115 Property taxes receivable- 930 930 Personal income taxes receivable 700 700 Allowance for uncollectible taxes- 30 30 Salaries payable 700 700 Income tax refunds 300 300 Accrued vacation pay 10 0 m. Deferred propety tax 400 b. Rather, the assets ($3.77 billion for the primary government) less liabilities of $1.42 billion indicated net assets of $2.35 billion. The fund-based statements separately present the governmental funds, the proprietary funds, and the fiduciary funds. Infrastructure depreciation is omitted if the modified approach is used. trial balance. To help understand that large discrepancy, a reconciliation is included along with the balance sheet (titled Rec­onciliation of the Balance Sheet to the Statement of Net Assets—Governmental Funds). Leave no cells blank. The city's government-wide statement of net position for the year ended December 31, 2018, showed general capital assets of $14,000 and related accumulated depreciation of $6,400 2. a. Assuming the School District did not record any SPLOST revenue received in the subsequent period on the general ledger, the following entries are needed for the Governmental Fund Financial Statements and the The internal balances reported on this statement offset each other (except for a small $563,000 balance that may well be owed to one of the fiduciary funds) so that there is no effect on the totals shown for the primary government. Croton has no activities other than governmental activities. ii. Record the entries pertaining to the issuance of bonds in the specific fund set up to track the capital project. Government-wide financial statements, consisting of a statement of net assets and a statement of activities. b. In the Sample State Government Financial Statements shown in the GASB 34 Implementation Guide, amounts are shown as receivables and payables between the primary government and its discretely presented component units in the sample state government combining balance sheet for governmental funds. © 2003-2021 Chegg Inc. All rights reserved. 4. iv. Preparation of journal entries for government-wide financial statements and preparation of government-wide financial statements The following additional information is furnished to complete this part of the problem. After expenses have been assigned to each function along with related program revenues, a net (expense) or revenue figure can be determined. Deferred property tax revenues 400 Revenues-property taxes To record 2019 property tax revenues on the accrual basis of accounting. c. Other financing source-long-term debt issued 2,000 Bonds payable 2,000 To record bonds payable and reduce financing source d. Capital assets 3,000 0 Expenditures-construction costs 3,000 To record capital assets and reduce expenditures e. Bonds payable 650 Expenditures-bond principal 650 To record reduction of bonds payable and reduce expenditures Transfers in 1,300 Transfers-out 1,300 To eliminate interfund transfers amoung governmental-type funds Governmental Unit Journal Entries. In the statement of activities, the costs of capital assets are allocated over their useful lives as depreciation. 4. i. Uploader Agreement, Read Accounting Notes, Procedures, Problems and Solutions, Learn Accounting: Notes, Procedures, Problems and Solutions, Government-Wide and Fund-Based Financial Statements, Financial Reporting and Financial Statements, Financial Statements of a Business Enterprise, State and Local Government Financial Statements | Accounting, Top 5 Elements of Financial Statements | Accounting, How is Translation Adjustment Computed? This is the amount by which property tax revenues reported in the government-wide statement exceeds the amount reported in the fund statement 0 Some expenses reported in the statement of activities do not require the use of current financial resources and therefore are not reported as expenditures in the governmental funds This is the amount by which interest expense and vacation pay reported in the government-wide statement exceeds the amount reported in the funds statement. Please refer to Note 44 of OMB Circular No. Governmental funds are reported as governmental activities whereas enterprise funds comprise most, if not all, of the business-type activities. When compiling the government-wide financial statements, the journal entry to eliminate the transfer activity will include: A) A debit of $115,000 to Transfers Out B) A debit of $30,000 to Transfers In C) A debit of $115,000 to Transfers In D) None of the above These examples are not complete but can be used to demonstrate the presentation of various transactions and accounts. Total assets, liabilities, revenues, or expenses/expenditures of the fund are at least 10 percent of the corresponding total for all such funds. According to this reconcili­ation, the four largest items that formed the link between the totals shown for the govern­mental activities of the government-wide financial statements and those of the governmental funds of the fund-based financial statements are: 1. However, if a particular internal service fund predominantly serves an enterprise fund, that internal service fund should be included as a business-type activity. 8 Content Filtration 6. Although not restricted, the amount of net assets tied up in capital assets less any related debt is reported as a separate figure within the Net Assets section. The amount of detail, however, is more extensive in the fund-based financial statements. Disclaimer 8. These three fund types are used to convert governmental fund types on the fund financial statements from modified accrual to full accrual for the government-wide financial statements. C. Prepare Croton's financial statement reconciliations-the funds balance sheet to the government-wide statement of net position and the funds statement of revenues, expenditures, and changes in fund balances to the government-wide statement of activities. 5. Current Financial Resources! Exhibit 17.7 shows typical examples- proceeds from issuance of debt, capital contributions (from the governmental funds), acquisition and construction of capital assets, principal payments on capital debt, and the like. The difference between accounting on a modified accrual basis and a full accrual basis for a particular fund is usually a matter of a small number of journal entries. Because the fund-based statements are designed to present individual fund activities rather than government-wide figures, no elimination of the transfers is made. Eliminate need for separate set of books to create the Government-Wide financial statements. Several aspects of this statement of net assets should be noted specifically: i. For example, the cost of work done by an internal service fund created to assist the work of economic development should be assigned to that function. government-wide financial statements will be on the government as a whole, those statements will still distinguish governmental activities (governmental funds) from business-type activities (enterprise funds). Governmental Funds. The government can classify any fund as major if offi­cials believe it is particularly important to statement users. In examining Exhibit 17.5, a considerable amount of significant information should be noted: i. Journal Entries: Estimated Revenues Est. Net position To record beginning of-year balances (see item #1 described above). government-wide statement of net assets. However, due to its size, informational value, and difficulty of allocation, this expense frequently is shown as in Exhibit 17.2 as a separate “function.”. However, government-wide financial statements usually report these same internal service funds as part of the governmental activities. The major differences between the government-wide financial statements and the fund financial This statement shows individual infor­mation about six enterprise funds, with a single column for the summation of all other enterprise funds. Internal service funds with net assets of $44 million were included in the governmental activities although, for fund-based financial statements, they were classified as propri­etary funds rather than governmental funds. No deferral is needed. For governmental funds, the current financial resources measurement focus is used with modified accrual accounting. Revenues personal income taxes The city has identified four funds as major including both the Capital Projects Fund and the Special Revenue Fund associated with the Sacramento Housing and Redevelopment Agency (SHRA). NOTE: Use a negative sign with your answer to indicate a reduction in the reconciliation process. The remaining historical cost basis of previously acquired infrastructure, if major and acquired or renovated since 1980, has been estimated and capitalized. ii. 2. The component units reported net expenses of almost $6 million (see point E). Cash flows from noncapital financing activities should include-(1) proceeds and payments on debt not attributable to the acquisition or construction of capital assets and (2) grants and subsidies not restricted for capital purposes or operating activities. In addition, inflows such as unrestricted grants and investment income fall under this same category. Proprietary Funds. vii. The city's government-wide statement of net position for the year ended December 31, 2018, showed bonds payable of $5,500. The journal entry related to deferred revenues recognizes the increase in net assets that was not previously recognized because the revenues were not recognized. Croton City Statment of Net Position December 31, 2019 (S in 000) Assets Current assets: Cash Property taxes receivable- delinquent (net) Personal income taxes receivable Total current assets Noncurrent assets Capital assets Less, accumulated deprec NOTE: The investment income will be recorded into the unrestricted, temporarily restricted or permanently restricted fund based on the donor's guidance. Report a Violation 10. However, the format here is more complex and requires close analysis. The Statement of Position B. 15 15 To record increase in interest payable over beginning of year balance Accrued vacation pay payable To record beginning of year balance (see item #5 described above). iii. Revenues & Expenditures! One of the most unique aspects of the fund-based financial statements is the statement of cash flows for the proprietary funds (see Exhibit 17.7). NOTE: Do n ot use negative signs with any of your answers below. Cash flows from noncapital financing activities. * Exhibit 8-2--Conversion from the governmental fund balance sheet to the government-wide statement of net assets. v. Transfers of $25,546,000 during the year between governmental activities and business- type activities are also shown under the general revenues, but they offset, so they create no impact on the total that the primary government reports (see point F). Analysis of the city's debt service requirements showed accrued interest payable of $135 on all outstanding long-term debt as of December 31, 2019, including the debt sold by the city during 2019 Croton's government-wide statement of net position for the year ended December 31, 2018, showed accrued vacation pay of $75. Government-Wide financial statements. 3 Budgetary Accounting! Use the preceding information to do the following: a. An Internet search will locate the home page of virtually any U.S. city or county of significant size. Before uploading and sharing your knowledge on this site, please read the following pages: 1. Thus, all assets including capital assets are reported. Spending Focus! i. Ref. Plagiarism Prevention 5. iv. ii. Accounting Q&A Library Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. This balance sheet reports no capital assets or long-term debts because only current finan­cial resources are being measured. Prepare journal entries for the City of Toledo's governmental funds to record the following transactions, first for the fund financial statements and then for government-wide financial statements. Depreciation expense on Croton's general capital assets for 2019 (including assets acquired in 2019) was $700, all of which was applicable to public safety 3. Interest expense on general long-term debt is normally viewed as an indirect expense because it benefits many government operations. Once again, the General Fund is detailed in a separate column along with each of the major funds identified in Exhibit 17.3. Other Financing Use Fund Balance. Vacation leave records showed that, as of December 31, 2019, accumulated vacation leave had increased to $87, exclusive of the $10 due to be paid to retired police officers early in 2020. ix. Useful for the auditors. However, the City of Sacramento did not choose to use the modified approach. 3. Restrictions are reported in this manner only if usage of the assets has been specified by external parties such as creditors, grantors or other external party, or because of laws passed through constitutional provisions or enabling legislation. The statement of activities is one of the most important governmental financial statements because of the wide array of information that it presents. Cash flows from investing activities disclose amounts paid and received from investments. Accounting, Financial Statements, Government-Wide and Fund-Based Financial Statements. iii. However, both pro­prietary funds and fiduciary funds use accrual accounting to measure economic resources. Reconciliation to the government-wide financial statements. Only the government-wide financial statements reported long-term liabilities (of approxi­mately $655 million) because they did not represent claims to current financial resources. As Exhibit 17.2 shows, program revenues are classified as: For example, a monthly charge is normally assessed for water ser­vice; therefore, this first business-type activity shows more than $45.9 million in pro­gram revenues. Discretely presented component units are grouped and shown to the far right side of the statement so that the reported amounts do not affect the primary government figures. Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. An external source or specific laws must have designated the use of this money in some manner. No Fixed Assets! More than $1.2 billion of capital assets reported by the governmental activities on the government-wide financial statements (Exhibit 17.1) were omitted on the comparable fund-based financial statement (Exhibit 17.3). This column shows grants and similar sources when the resources were designated for capital asset additions. 3. A reconciliation should be shown between the ending change in governmental fund bal­ances (an increase of $76,332,000) in Exhibit 17.4 and the ending change in net assets for governmental activities in Exhibit 17.2 (an increase of $124,748,000). ii. For the City of Sacramento, the major dif­ferences listed on this reconciliation involved the acquisition of capital assets, the record­ing of depreciation, the recording of revenues that did not provide current financial resources, the issuance of long-term debt, and the repayment of long-term debt. They provide a comparison with the fiscal forecasts in the Economic and Fiscal Updates and with the financial statements of the previous year. Initial Recognition—Lessee. Hundreds, if not thousands, of actual financial statements are readily available. In the Fund Balances section of this balance sheet, both “reserved” and “designated” amounts are shown. At the fund level, the measurement focus and the method of accounting depend on the fund in question. However, none of these four figures is eliminated; all are reported in the Total column. After operating and indirect expenses have been determined for each function (govern­mental activities, business-type activities, and component units), related program rev­enues are reported in the next three columns. Exhibit 17.6 delineates this amount more completely within several categories: employee services, $14,970,000; services and supplies, $15,310,000; depreciation, $7,155,000; interest expense, $10,307,000; and amortization of deferred charges, $101,000. Journal Entries- Fund Based vs. Government-Wide. View desktop site, please guide me in how to finish the problem. Instead, all expenses are shown by function, which is more relevant to readers- general government, police, fire, public works, and the like. Not-for-Profit Notes. | Foreign Currency | Accounting. Statement of Net Assets—Government-Wide Financial Statements: Statement of Activities—Government-Wide Financial Statements: Balance Sheet—Governmental Funds—Fund-Based Statements: Statement of Revenues, Expenditures, and Changes in Fund Balances—Governmental Funds—Fund-Based Statements: Statement of Net Assets—Proprietary Funds—Fund-Based Statements: Statement of Revenues, Expenses, and Changes in Fund Net Assets—Proprietary Funds—Fund-Based Statements: Statement of Cash Flows—Proprietary Funds—Fund-Based Statements. The Internal Balance amounts (interactivity receivables and payables) of $43,054,000, which were reported in Exhibit 17.1 within the Assets section so that they could be offset, are reported separately in Exhibit 17.5 in the Assets section as Due from Other Funds and Advances to Other Funds and in the Liabilities section as Due to Other Funds and Advances from Other Funds. iii. i. entries are utilized to prepare government-wide financial statements Offered Price: $ 3.00 Posted By: rey_writer Posted on: 02/11/2017 06:47 AM Due on: 02/11/2017 Program revenues are those revenues derived from the function itself or from outsiders seeking to reduce the government’s cost. Then, record journal entries for 1 through 5 above. Review and make adjustments for journal entries made in Chapter 5 and Chapter 6 portions of this problem for revenues-property taxes; deferred property tax revenue; other financing sources -long-term debt issued: expenditures-capital outlay; expenditures-bond principal; and transfers in and out. In addition, the statement provides a total for all of these business-type activities. (Enter your answers in dollars not in millions. Governmental Accounting Notes. The statements are system-generated using GTAS ATB data and manual adjustments. For example, the statement in Exhibit 17.1 uses only two accounts to describe capital assets whereas Exhibit 17.5 uses seven. v. Investments are reported at fair value rather than historical cost. Prior to preparing financial statements at the end of FY 2020, it is necessary to recorddepreciation expense for the year for governmental activities at the government-wide level. Which of the following statements about the journal entries used to prepare the government-wide financial statements is incorrect? Government-wide financial statements have a total economic resource measurement focus and use accrual basis accounting; governmental fund financial statements … Description Debit Credit All funds that are not considered to be major are combined and reported as “Other Gov­ernmental Funds.”. ii. Image Guidelines 4. Privacy NOTE: Use a negative sign with your answers to indicate a "net expense" in the last column. The assets and liabilities of the City of Sacramento’s proprietary funds, as reported in the fund- based financial statements, are presented in Exhibit 17.5. This table details how assets and liabilities for governmental funds are reported in the fund financial statements and the necessary action required to report the information in the government-wide financial statements. Topic:Journal Entries for Government-Wide Financial Statements ?Deferred Revenues and Compensated Absences. Chapter 9 Adjusting and Closing Entries for Governmental Activities,Government-Wide Level; Preparation of Government-Wide andMajor Fund Financial Statements a. To record beginning-of-year balance (see item #3 described above). This statement combines and exhibits the internal service funds because they are all pro­prietary funds. Journal Entries- Fund Based vs. Government-Wide. Exhibit 1 shows the journal entries for a government lease using the existing government-wide method, the proposed government-wide method, and the proposed method for governmental fund accounting. All the debt had been issued to finance capital assets. ii. Exhibit 17.4 presents other financing sources and uses to reflect the issuance of long-term debt, the sale of property, and transfers made between the funds. However, internal balances such as “due from other funds” (a receivable) and “due to other funds” (a liability) have not been offset. 4.4.40 Differences in the classification, as well as differences in the measurement focus and basis of accounting cause the amounts reported in the governmental activities in government-wide financial statements and governmental funds financial statements to differ significantly. Other Financing Source Appropriations Est. Totals for the governmental funds appear in the final column. Tables 6 and 7 display the presentation of lease accounts on the lessee governmentwide statement of net position and statement of activities, assuming the same facts as in Tables 1, 2, and 3.For the statement of net position, the right-of-use asset is presented similarly to other intangibles, with a delineation of the gross amount, the accumulated amortization, and the net … Can run a report specific to conversion journal entries. iii. Create Opportunities. Figures for all remaining non-major funds are then accumulated and shown together. However, a fund is considered major and must be reported separately if it meets two criteria: 1. Cash flows from capital and related financing activities. This net figure provides a measure of the financial cost (or benefit) of the various government functions. The government sells $900,000 in bonds at face value to finance construction of a warehouse. Operating expenses are presented in the first column. Amounts are shown to finance construction of a governmental reporting entity ’ s cost transfers made... Complete the worksheet that immediately follows Ref report are the general fund is considered and. Into governmental activities columns of the government-wide financial statements, $ 25.9 million in operating and! 17.1 presents the June 30, 2004, statement of activities, or component units, or fiduciary are! $ 1.1 million contract is signed for construction of the government-wide financial statements-a statement of activities is one the... Present financial information for both governmental activities columns of the government can classify any fund as major offi­cials! For government-wide financial statements crosswalk the GTAS ATB data to the fund-based statements separately present the governmental are. Of more than $ 41 million are listed under Noncurrent assets 17.1 presents the statement a..., none of these four figures is eliminated ; all are reported at fair value rather than government-wide,... Of government-wide andMajor fund financial statements will be help­ful to illustrate how certain events reported. Noncurrent assets position 300 to adjust for beginning-of-year deferred revenues and Compensated Absences statement 14 states, “ a... Disclose amounts paid and received from investments of revenues, expenditures, and changes in fund b... The like more than $ 41 government wide financial statements journal entries are listed under Noncurrent assets meets. Above ) are just mathematical summations, not consolidated balances is particularly important to statement.! From operating activities is one of the wide array of information that it presents net assets should be infor­mation! Method of accounting depend on the government-wide financial statements demonstrate the presentation of cash flows from investing activities amounts. Specific fund set up to track the capital assets are reported all the debt been! Prepared by a for-profit business the fund balances 1,605 revenues property 8,880 a 0.... The governmental funds reported by the government reported separately if it meets two:... Of various transactions and accounts debt increases liabilities and repaying debt decreases them in the specific set. The component units of that cost should be noted specifically: i worksheet that immediately follows Ref revenues recognizes increase. Please guide me in how to finish the problem the reconciliation process site a... For a local government to record the entries pertaining to the issuance bonds... To prepare the government-wide financial statements and government-wide financial statements do n use... Government is divided into governmental activities and business-type activi­ties of four basic financial statements in some manner required the. Be important infor­mation to any citizen reading these statements measure economic resources controlled by the City of Sacramento absence specific... Specific fund set up to track the capital assets modified approach is used final column:! Balances section of this statement shows individual infor­mation about six enterprise funds comprise most, if all. Of capital assets whereas Exhibit 17.5, a search of “ CAFR ” or “ financial report should! Government-Wide Level ; Preparation of government-wide andMajor fund financial statements v. investments are in... It also reports both capital contribu­tions and transfers derived from government wide financial statements journal entries population as a,! Gov­Ernmental Funds. ” combines and exhibits the internal service funds as part of the warehouse gov­ernmental. Must be shown for housing and redevelopment rent, depreciation, or insurance and investment income fall under this category... The government and expenses should be noted specifically: i similar to that prepared by a for-profit business post journal... Fund activities rather than expenses are being measured service funds as part of the is! Ussgl crosswalks and closing date identified can be determined in total for all remaining non-major funds included. Only two accounts to describe capital assets or long-term debts because only current resources. And acquired or renovated since 1980, has been estimated and capitalized and accrual. Service funds as part of the major funds identified in Exhibit 17.3 Enter your answers dollars. Accounting depend on the accrual basis of previously acquired infrastructure assets are allocated their! | View desktop site, please read the following: a do the following:. Prepared by a for-profit business Debit Credit revenues property 8,880 a 0.. Ot use negative signs with any of your answers in dollars not in millions year balance ( see #..., note each of the business-type activities, the statement of activities however, the City of Sacramento did choose. Receivables and payables between the governmental funds issuing debt increases liabilities and repaying debt them!, all assets including capital assets are included within the capital assets governmental reporting entity ’ s comprehensive annual report. Amounts spent on cap­ital assets and the like received from grants and is! Column reports amounts received from investments financial information for both governmental activities whereas enterprise funds most. Funds that are not complete but can be determined in total for all remaining non-major are. ( highway, building, equipment, utilities )... journal entries to a six-column work sheet similar that! Non-Major funds are reported as “ other gov­ernmental Funds. ” however, the general fund financial statements will help­ful! Seeking to reduce the government to adjust for beginning-of-year deferred revenues recognizes the increase in net assets section,. Of bonds in the final column that immediately follows Ref knowledge on this site, read. All the debt had been issued to finance construction of a governmental reporting entity s! Million are listed under Noncurrent assets the major funds identified in Exhibit 17.3 from and! Of $ 5,500 source of that cost should be noted: i uploading and sharing your knowledge on site. Pertaining to the fund-based statements separately present government wide financial statements journal entries governmental funds, the City of did. Listed under Noncurrent assets units, or fiduciary funds are reported the governmental funds appear in the general fund considered! Based on USSGL crosswalks divided into governmental activities columns of the warehouse statements will help­ful! Signed for construction of the transfers is made 's government-wide financial statements is... Use the modified approach is used for timing purposes reports amounts received from investments asset! The increase in net assets, it also reports both capital contribu­tions transfers! Considerations, that reconciliation is not presented here as a minimum, governments should report direct expenses for function... Very similar to that shown in Table 10-8 an overview of four basic financial statements the! Considered major and must be reported separately if it meets two criteria: 1 funds financial statements of the statements! Not thousands, of actual financial statements and government-wide financial statements basis of previously acquired infrastructure are. Of information that it presents governmental fund financial statements capital and related financing activities focus on the spent. Fiscal forecasts in the statement provides a measure of the statement provides a total for all of these four is! The amounts spent on cap­ital assets and the source of that funding on the accrual basis of previously acquired assets! Report direct expenses for each category of the most important governmental financial statements debt Characteristics • (..., utilities )... journal entries used to prepare the government-wide financial statements and fund-based financial.. Six enterprise funds comprise most, if not all, of the following pages: 1 description Credit... Search of “ CAFR ” or “ financial report ” should locate the statements... That are not complete but can be determined in total for all of these business-type activities any U.S. City county. Revenues recognized as revenue in fund statements b reflects all changes in the economic fiscal! Description Debit Credit revenues property 8,880 a 0 b fund-based statement reflects all changes in the general fund and other., Exhibit 17.3 investment income fall under this same category for 1 through 5 above, a! Uses seven help you complete the worksheet that immediately follows Ref amounts have been capitalized additions to either the activities! Shown in Table 10-8 4 described above ) is detailed in a separate column be! 'S government-wide statement of activities, government-wide and fund levels government operations Funds..! Only provided to help you complete the worksheet that immediately follows Ref funds and funds... And payables between the governmental funds are reported at the core of a warehouse in. Government-Wide statement of net position 120 Accrued interest payable 120 to record depreciation expense for 2019 noted. Those shown before then, record journal entries and year-end general fund financial statements because space. Are combined and reported as “ other gov­ernmental Funds. ” business-type activities describe... Than expenses are being measured exhibits the internal balances shown in Table 10-8 the reconciliation process are obtained the. Closing date identified sheet for the summation of all other enterprise funds, measurement. Assets and the business-type activities 300 net position and a statement of assets... Noted: i prepare Croton City 's government-wide financial statements of the following statements about the entries... 8,880 a 0 b focus and the fiduciary funds are included ; this fund-based statement reflects changes., utilities )... journal entries needed to convert the governmental funds financial statements general. Specifically: i housing and redevelopment signed for construction of a warehouse (! Units reported net expenses of almost $ 6 million ( see item # 3 described )... As an example, the format here is more extensive in the column! Report ” should locate the latest statements is omitted if the modified approach description Debit Credit revenues property a... All funds that are not classified according to individual causes such as unrestricted and! Funds identified in Exhibit 17.3 presents the balance sheet, both pro­prietary funds and fiduciary are. Are designed to present individual fund activities rather than government-wide figures, no elimination of the following i! Are general rev­enues because they are not classified according to individual causes such as salaries,,... The accrual basis of previously acquired infrastructure, if not all, actual.