Use the transactions in problem 40 but prepare a statement of net assets for the government-wide financial statements. Assume that the General Fund had $180,000 in cash on the first day of the year and no other assets or liabilities. No amount was restricted, committed, or assigned.
In problem 40 The following transactions relate to the General Fund of the city of Lost Angel for the year ending December 31, 2010.
a. Collected property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be collected within 30 days, and the remainder will be received in about five months after the end of the year.
b. Spent $200,000 on four new police cars with 10-year lives. A price of $207,000 had been anticipated when the cars were ordered. The city calculates all depreciation using the straight-line method with no salvage value. The half-year convention is used.
c. Transferred $90,000 to a debt service fund.
d. Issued a long-term bond for $200,000 on July 1. Interest at a 10 percent annual rate will be paid each year starting on June 30, 2011.
e. Ordered a new computer with a five-year life for $40,000.
f. Paid salaries of $30,000. Another $10,000 will be owed at the end of the year but will not be paid for 30 days.
g. Received the new computer but at a cost of $41,000; payment to be made in 45 days.
h. Bought supplies for $10,000 in cash.
i. Used $8,000 of the supplies in (h).