The newly created State Recreation District established the following funds, each of which is a separate fiscal and accounting entity(general fund, debt service fund and capital project fund. A summary of the district's first-year transactions follows (all dollar amounts in millions). 

1. It levies taxes of S70,000, of which it collects S50,000. It expects to collect the remaining shortly after year-end. 

2. It incurs $25000 in general operating expenditures, of which it pays5,000. 

3. It issues long-term bonds of $30,000. The bonds must be used to finance the acquisition of recreational facilities (equipment). 

4. The district acquires $25000 of recreational facilities using the resources available in the capital projects fund. useful life 10 years 

5. The district transfers $6000 from the general fund to the fund specially created to account for resources restricted for debt service. 

6. The debt service fund paid the first installment on bonds 5500 which includes 500 for interest and 5000 for the principal 

7. The repair service (ISF) acquires $10000 of equipment, giving a long-term note in exchange (useful life of equipment 5 years). 

8. The repair service bills the general fund for S12000 and collects 9000, remaining on account. The(ISF) incurs cash operating expenses of $8000 , recognizes depreciation ON equipment 2000 and accrued interest on note 1000. 

Required

Prepare fund statements for the governmental type funds ( statement of revenues and expenditures and balance sheet) 

Prepare fund statements for the internal service fund ( statement of revenues and expenses and balance sheet) 

Prepare a government-wide statement of activities (statement of revenues and expenses)? . 

Prepare a government-wide statement of net position (balance sheet) ?

Answer rating: 100% (QA)

Answer 1 General Fund Statement of Revenues and Expenditures For the Year Ended December 31 20X1 Revenues Taxes levied 70000 Taxes collected 50000 Tot... View the full answer