Question

Presented here is the total column of the governmental funds balance sheet of Ravenscroft County, Iowa, for the year ended December 31, 20X9.
Ravenscroft County
Governmental Funds
Balance Sheet
December 31, 20X9
Total
Assets  
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 850,000
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..1,890,000
Due from other governments . . . . . . . . . . . . . . . . . . . . . . . . .....600,000
Due from Capital Projects Fund . . . . . . . . . . . . . . . . . . . . . . ...56,000
Taxes receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..12,000,000
Accrued interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . .....34,000
Inventory of materials and supplies . . . . . . . . . . . . . . . . . . . ......27,200
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15,457,200
Liabilities  
Vouchers payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 324,000
Accrued salaries and wages payable . . . . . . . . . . . . . . . . . . .....99,000
Contracts payable—retained percentage . . . . . . . . . . . . . . . .....57,000
Due to Enterprise Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...12,000
Due to Special Revenue Funds . . . . . . . . . . . . . . . . . . . . . . . ...56,000
Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .......548,000
Deferred Inflows of Resources  
Deferred tax revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . .......1,526,000
Deferred capital grant revenues . . . . . . . . . . . . . . . . . . . . . . ..600,000
Total Deferred Inflows of Resources . . . . . . . . . . . . . . . ..2,126,000
Total Liabilities and Deferred Inflows of Resources . . . . ..2,674,000
Fund Balances  
Nonspendable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....27,200
Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..1,580,800
Assigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .200,000
Unassigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10,975,200
Total Fund Balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$12,783,200
Total Liabilities, Deferred Inflows or Resources, and
Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...$15,457,200

Additional Information
1. Both the deferred capital grant and the deferred tax revenues were deferred because resources were not collected soon enough to be considered available.
2. Interest payable on bonds at the beginning of the fiscal year was $100,000. At year end, it was $125,000.
3. The discount on bonds (below) is amortized over a 10-year term.
4. The ending GCA balances were:
Balance
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,000,000
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,000,000
Accumulated Depreciation—Buildings . . . . . . . . . . . . . . . . . 5,000,000
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,500,000
Accumulated Depreciation—Equipment . . . . . . . . . . . . . . . 2,500,000
Library Books . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352,000
Construction in Progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000
Balance
Bonds Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,000,000
Discount on Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000
Capital Lease Liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000
Liability for Claims and Judgments . . . . . . . . . . . . . . . . . . . . 4,500,000

Prepare the governmental activities balance sheet conversion worksheet for Ravenscroft
County, Iowa, for December 31, 20X9.



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  • CreatedOctober 25, 2014
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