The City of Bernard starts the year of 2 0 2 4 with the following unrestricted amounts
Fantastic news! We've Found the answer you've been seeking!
Question:
The City of Bernard starts the year of with the following unrestricted amounts in its general fund: cash of $ and investments of $ In addition, it holds a small building bought on January for general government purposes for $ and a related longterm debt of $ The building is depreciated on the straightline method over years. The annual interest rate on the debt is percent. The general fund has four separate functions: general government, public safety, public works, and health and sanitation. Other information includes the following:Receipts:Property taxes $ Sales taxes Dividend income Charges for general government services Charges for public safety services Charges for public works Charges for health and sanitation services Charges for landfill Grant to be used for salaries for health workers no eligibility requirementsIssued longterm note payable Sold investments mentioned aboveReceivables at yearend:Property taxes $ is expected to be uncollectiblePayments:Salary:General government Public safety Public works Health and sanitation all from grantUtilities:General government Public safety Public works Health and sanitation Insurance:General government Public safety Public works all prepaid as of the end of the yearHealth and sanitation Miscellaneous:General government Public safety Public works Health and sanitation Interest on previous debt Principal payment on previous debt Interest on new debt Building public worksEquipment public safetyPublic works supplies still heldInvestments Ordered but not received:Equipment Supplies Due at end of year:Salaries:General government Public safety Public works On the last day of the year, the city borrows $ from a local bank and uses the money to buy a truck. The first payment on the loan plus interest will be made at the end of the next year.The city opens a landfill this year that it records within its general fund. It is a public works function. Closure costs today is estimated as $ although officials do not expect the landfill to be filled for nine more years. The city has incurred no costs to date. The landfill is now percent filled.For the equipment and supplies that were ordered but not yet received, the City Council the highest decisionmaking body in the government has voted to honor the commitment when the items arrive.The new building is depreciated over years using the straightline method and no residual value. Depreciation of the equipment is similar except that its life is only years. Assume the city records a full years depreciation in the year of acquisition.The investments have a market value of $ at yearend.Required:Prepare a statement of net position for governmental activities in governmentwide financial statements for December and the year then ended.
Related Book For
Advanced Accounting
ISBN: 978-0077431808
10th edition
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
Posted Date: