One-Worksheet ConversionGovernmental ActivitiesAppendix Soucy Township Total Governmental Funds Preclosing Trial Balance December 31, 20X7 Soucy Township General
Question:
Soucy Township
Total Governmental Funds
Preclosing Trial Balance
December 31, 20X7
Soucy Township
General Capital Assets and General Long-Term Liabilities Accounts
Trial Balance
January 1, 20X7
Additional Information
1. Deferred Revenues (other than for grants) at the beginning of the year were $2,200,000all associated with taxes.
2. The operating grants were for Health and Sanitation.
3. Accrued interest payable at January 1, 20X7, was $50,000; at December 31, it was $47,500.
4. Depreciation expense on the buildings and on the equipment is associated with functions as follows: General Government, 10%; Public Safety, 50%; Highways and Streets, 25%; and Health and Sanitation, 15%. Assume zero salvage value.
5. The county and state own all of the roads in the township, but the township is responsible for most ongoing maintenance.
Required
The December 31, 20X7, total fund balance (postclosing) was $6,764,000. Prepare a balance sheet conversion worksheet to derive government-wide, governmental activities data for SoucyTownship.
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi