8-C Assemble the following from previous continuous problems: (1) the governmental funds Baiance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balances from Section 5-C; (3) the proprietary funds Statement of Net Position and Staternent of Revenues, Expenses, and Changes in Fund Net Position from Section 6-C. (Please right click on the attached document and select open in new window. Then, download the template and enter the required values in the appropriate fields. Save your completed template to your computer and then upload it here by clicking "Browse," Next, click"Save." Required: 1. Stort a worksheet for adjustments, using the trial balance format illustrated in the text (i.e. list accounts with debit balances first, then accounts with credit balances). Enter the balances from the governmental funds financial statements prepared for Section 5 -C. When doing this, follow the foilowing guidelines: - Net Position: Use a single account for net position (which will include the beginning balance of all fund balance accounts). - Intergovernmental Revenues: When setting up the worksheet, set up separate lines for the intergovernmental revenues as follows: - Capital Assets. It is not necessary to set up separate lines for different classes of capital (fored) assets or accumulated depreciation fsimply use one row for Capital Assets and another for Accumulated Depreciation). - Cocifirm that the total debits and credits equal. 4. Prepare a Statement of Net Position for the City of Monfoe as of December 31,2020. Group all capital assets, net of depreciation, Include a breakdown in the Net Position section for (a) Capital Assets, net of related debt, (b) Restricted, and (c) Unrestricted, For purposes of classifying net position for the governmental activities, assume: - For the governmental activities net position invested in capital assets, net of related debt, the related debt includes the bonds payable, the premium on bonds payable, and the advance from the water utility fund. - The special revenue fund resources are restricted by the granting agency for street and highway maintenance. Assume $204,500 are the only restricted resources in the governmental activities. 5. Prepare the reconciliation necessary to convert from the fund balance reported in the governmental funds Balance Sheet to the Net Position in the government-wide Statement of Net Position. 6. Prepare the reconciliation necessary to convert from the change in fund balances in the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the change in net position in the government-wide Statement of Activities. download reference file ch_B_Government_wido_Statements_student_template 1.xisx upload a response file (15MB max) No file chosen Coepensated atences, not dae and payable in the current period are aot ruported is the fusds. Nin Pouthon of Covernmonal Activitien 5. CTY OP MONROE in Fend Anlance to the Stetrment of Activicis For be yar eded December 31, 2020 Amoena reported for geversactial activities in the Statement of Acticises we different herane rather ain aserts Oevznmental fubls do sol report depecciation rxperse terrivenenal fonds. Propenty taxes det move bes 60 days wher year end as aof itatrmath. n. No revenues from internal service funds were with external parties. Assume $3,200 of the $11,200 "Due from Other Funds" in the internal service. accounts represents a recelvable from the Goneral Fund and the remaining $8,000 is due from the enterprise fund. Eliminate the $3,200 interfund recelvables. o. Reduce governmental fund expenses by the net operating profit of internal service funds. As the amount is small, reduce general government expenses for the entire amount. p. Eliminate transfers that are between departments reported within governmental activities. 3. Prepare a Statement of Activities for the City of Monroe for the Year Ended December 31,2020 . For purposes of this statement, assume: - $332,000 in the General Fund is a state grant specifically to support general government programs. - $1,067,500 in the Street ond Highway Fund is an operating grant specifically for highway and street maintenance expenses. - $1.335,000 in the City Jall Construction Fund 15 a capital grant that applies to public safety. Use the balances computed from the worksheet completed in part 2 for the governmental activities portion of the statement. Use the solution to P6- C (Enterprise fund) to prepare the business activities portion (net any short-term interfund poyables/receivabies). 4. Prepare a Statement of Net Position for the City of Monroe as of December 31, 2020. Group all capital assets, net of depreciation. Include a breakdown in the Net Position section for (a) Capital Assets, net of related debt, ( b ) Restricted, and ( G ) Unrestricted. For purposes of classifying net position for the governmental activities, assume: - For the governmental activities net position invested in capiral assets, net of related debc, the related debt includes the bonds payable, the premium on bonds payable, and the advance from the water utality fund. - The special revenue fund resources are restricted by the granting agency for street and highway maintenance. Assume $204,500 are the only restricted resources in the governmental activities. 5. Prepare the reconciliation necessary to convert from the fund balance reported in the governmentai funds Balance Sheet to the Net Position in the government-wide Statement of Net Position. 2. Prepare worksheet entries and post to the worksheet for the following items, Identify each adjustment by the letter used in the problem: a. Record the January 1,2020 balances of general fixed asset and related accumulated depreciation accounts. The City of Monroe had the following balances (excluding Internal Service Funds): b. Eliminate the capital expenditures shown in the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances. c. Depreciation Expense (governmental activities) for the year totaled $5,130,000. d. Eliminate the other financing sources from the sale of bonds by recording a liability for bonds payable and the related premlum. e. As of January 1,2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding. f Eliminate the expenditures for bond principal. 9. Accrue interest in the amount of $328,000. (Two bond issues were outstanding: interest payments for both were last made on July 1, 2020 . The computation is as follows: ($11,200,0000.036/12)+($4,000,0000.086/12)=$328,000). h. Adjust for the interest accrued in the prior year government-wide statements, but recorded as an expenditure in the 2020 fund basis statements. ($12,000,0000.036/12)=$180,000. 1. Amortize bond premium in the amount of $10,000. 1. Make adjustments for additional revenue accrual, The only adjustment is for property taxes to oliminote the current year deferral of property taxes. k. Adjust for the $21,000 of property taxes that was deferred in 2019 and recognized as revenue in the 2020 fund-basis statements 1. Assume the City adopted a policy in 2020 of allowing employees to occumulate compensoted absences. Make an adjustment accruing the expense of 542,000 Charge compensated absences expense. m. Bring in the balances of the internal service fund baiance sheet accounts. Agoin, use a single account for all capital assets and a second account for all accumulated deprecietion balances (use a separate column of the worksheet to enter internal Service Fund entries). n. No revenues from internal service funds were with externol paities. Assume $3,200 of the $11,200 Due from Other Funds" in the internal service