loader  Loading... Please wait...

Question(s) / Instruction(s):

35.     (Preparation of Government-Wide Financial Statements)     

On the following page is the government-wide adjusted trial balance for the Town of Trinketville as of June 30, 2009, the end of the fiscal year. The adjustments needed to convert accounting information from the current financial resources measurement focus and modified accrual basis of accounting to the economic resources measurement focus and accrual basis of accounting have been made.

The Town government performs three functions, general government, public safety and roads and bridges. The Town has no business-type activities nor any component units. Program revenues include charges for services (related to the general government and public safety functions), operating grants (for public safety) and capital grants (for roads and bridges). General revenue sources are property taxes, other taxes, investment revenues, and miscellaneous revenues.

 

 


Using this information, prepare in good form (a) the government-wide statement of net assets (in classified format), and (b) the government-wide statement of activities as of, and for the year ended, June 30, 2009. There are no restricted assets or liabilities; the long-term debt (both portions) is the only debt related to the Town=s capital assets.

Town of Trinketville

Government-Wide Adjusted Trial Balance

June 30, 2009

Cash and investments

 

$380,500 380,500

 

Taxes receivable, net

 

 

871,000

 

Accounts receivable, net

 

189,000

 

Inventories

 

74,950

 

Other assets

 

18,900

 

Capital assets

 

20,000,000

 

Accumulated depreciation, capital assets

 

 

 

$10,500,000

Accounts payable

 

 

 

87,500

Deferred revenues

 

 

 

144,000

Current portion of long-term debt

 

 

 

100,000

Noncurrent portion of long-term debt

 

 

 

400,000

Net assets

 

 

 

10,000,000

RevenuesBproperty taxes

 

 

 

3,650,000

Revenues--other taxes

 

 

 

417,000

Investment revenues

 

 

 

94,500

Miscellaneous revenues

 

 

 

 

61,350

Program revenuesBcharges for servicesBgeneral government

 

 

 

350,000

Program revenuesBcharges for services B public safety

 

 

 

30,000

Program revenuesB public safetyBoperating grants

 

 

 

275,000

Program revsBroads and bridgesBcapital grants

 

 

 

1,050,000

General government expenses

 

1,000,000

 

Public safety expenses

 

2,500,000

 

Roads and bridges expenses

 

2,100,000

 

Interest expense on long-term debt

 

25,000 25,000

 

Totals

 

$27,159,350

 

$27,159,350

Find Similar Answers by Subject


Student Reviews

Rate and review your solution! (Please rate on a Scale of 1 - 5. Top Rating is 5.)


Expert's Answer
Download Solution:
$2.00

This solution includes:

  • Plain text
  • Cited sources when necessary
  • Attached file(s)
  • Solution Document(s)



Reach Us

408-538-8534

20-3582-4059

39-008-4233

+1-408-904-6494