Complete the following activities and submit your answers to your instructor in a Word document formatted to proper APA specifications. Include any relevant supporting computations and explanations.
Part One:
Review the financial information pertaining to the City of Northern Pines in problem 2-8 on pages 52 and 53 of your text. Prepare, in good form, a Statement of Activities for the city of Northern Pines for the year ended June 30, 2015. Northern Pines has no component units.
The following information is available for the preparation of the government-wide financial statements for the City of Northern Pines for the year ended June 30, 2015:
Expenses:
General government $10,100,000
Public safety 22,900,000
Public works 11,890,000
Health and sanitation 6,210,000
Culture and recreation 4,198,000
Interest on long-term debt, governmental type 1,021,000
Water and sewer system 11,550,000
Parking system 419,000
Revenues:
Charges for services, general government 1,110,000
Charges for services, public safety 1,210,000
Operating grant, public safety 698,000
Charges, for services, health and sanitation 2,555,000
Operating grant, health and sanitation 1,210,000
Charges for services, culture and recreation 2,198,000
Charges for services, water and sewer 12,578,000
Charges for services, parking system 398,000
Property taxes 27,112,000
Sales taxes 20,698,000
Investment earnings, business-type 319,000
Other Financing Sources (Uses):
Special item-gain on sale of unused land, governmental type 1,250,000
Transfers from government activities to business-type activities 688,000
Net position, July 1, 2014, governmental activities 11,222,000
Net position, July 1, 2014, business-type activities 22,000,000 22,333,000
Required: From the information given above, prepare, in good form, a Statement of Activities for the City of Northern Pines for the year ended June 30, 2015. Northern Pines has no component units.
Part Two:
Review the financial information pertaining to the city of Eastern Shores in problem 2-9 on page 53 of your text. From the information given, prepare in good form, a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the city of Eastern Shores General Fund for the Year Ended September 30, 2015.
The following General Fund information is available for the preparation of the financial statements for the city of Eastern Shores for the year ended September 30, 2015.
Revenues:
Property taxes $28,120,000
Sales taxes 13,216,000
Fees and fines 1,124,000
License and permits 1,921,000
Intergovernmental 1,368,000
Investment earnings 654,000
Expenditures:
Current:
General government 10,252,000
Public safety 24,444,000
Public works 6,211,000
Health and sanitation 1,163,000
Culture and recreation 2,154,000
Debt service-principal 652,000
Debt service-interest 821,000
Proceeds of long-term, capital-related debt 2,210,000
Transfer to special revenue fund 1,119,000
Special item-proceeds from sale of land 821,000
Fund balance, October 1, 2014 1,812,000
From the information given above, prepare, in good form, a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the city of Eastern Shores General Fund for the Year Ended September 30, 2015.
Part Three:
Review the financial transactions pertaining to the City of Springfield in problem 3-12 on pages 82 and 83.
1. Record the transactions using appropriate journal entries.
2. Prepare a budgetary comparison schedule for the General Fund
Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2015.
1. Estimated revenues (legally budgeted)
Property taxes $5,700,000
Sales taxes $4,300,000
Licenses and permits $1,500,000
Miscellaneous $500,000
2. Appropriations
General government $5,400,000
Culture and recreation $4,500,000
Health and welfare $1,000,000
3. Revenues received (cash)
Property taxes $5,285,000
Sales taxes $4,500,000
Licenses and permits $1,700,000
Miscellaneous $800,000
4. Encumbrances issued (includes salaries and other recurring items)
Estimated
General government $5,300,000
Culture and recreation $4,650,000
Health and welfare $905,000
5. Goods and services received (paid in cash)
Estimated Actual
General government $5,300,000 $5,296,000
Culture and recreation $4,650,000 $4,610,000
Health and welfare $905,000 $891,550
6. Budget revisions
Increase appropriations:
General government $140,000
Culture and recreation $110,000
Fund balance on January 1, 2015, was $753,000. There were no outstanding encumbrances at that date.
a. Record the transactions using appropriate journal entries.
b. Prepare a budgetary comparison schedule for the General Fund.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more