8C. Assemble the following from previous continuous problems: (1) the governmental funds Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balances from Section 5C; (3) the proprietary funds Statement of Net Position and Statement of Revenues, Expenses, and Changes in Fund Net Position from Section 6C. (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. Start 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 following 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: State Grant for Highway and Street Maintenance $ 1,067,500 Operational GrantGeneral Government 332,000 Capital GrantPublic Safety 1,335,000 Total $ 2,734,500 Capital Assets: It is not necessary to set up separate lines for different classes of capital (fixed) assets or accumulated depreciation (simply use one row for Capital Assets and another for Accumulated Depreciation). Confirm that the total debits and credits equal. 2. Prepare worksheet entries and post to the worksheet for the following items. Identify each adjustment by the letter used in the problem:

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): Cost Accumulated Depreciation Totals $ 67,900,000 $ 32,000,000 Eliminate the capital expenditures shown in the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances. Depreciation Expense (governmental activities) for the year totaled $5,130,000. Eliminate the other financing sources from the sale of bonds by recording a liability for bonds payable and the related premium. As of January 1, 2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding. Eliminate the expenditures for bond principal. 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: ($11,200,000 0.03 6/12) + ($4,000,000 0.08 6/12) = $328,000). Adjust for the interest accrued in the prior year government-wide statements, but recorded as an expenditure in the 2020 fund basis statements, ($12,000,000 0.03 6/12) = $180,000. Amortize bond premium in the amount of $10,000. Make adjustments for additional revenue accrual. The only adjustment is for property taxes to eliminate the current year deferral of property taxes. Adjust for the $21,000 of property taxes that was deferred in 2019 and recognized as revenue in the 2020 fund-basis statements. Assume the City adopted a policy in 2020 of allowing employees to accumulate compensated absences. Make an adjustment accruing the expense of $42,000 Charge compensated absences expense. Bring in the balances of the internal service fund balance sheet accounts. Again, use a single account for all capital assets and a second account for all accumulated depreciation balances (use a separate column of the worksheet to enter Internal Service Fund entries). 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 receivable from the General Fund and the remaining $8,000 is due from the enterprise fund. Eliminate the $3,200 interfund receivables. 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. 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 and Highway Fund is an operating grant specifically for highway and street maintenance expenses. $1,335,000 in the City Jail Construction Fund is 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 P6C (Enterprise fund) to prepare the business activities portion (net any short-term interfund payables/receivables). 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 (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.

5-C info: \

6-C Info:

What I need :

CITY OF MONROE Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 2020 General Street and City Hall Debt City Jail Debt Highway Service Service City Jail Construction Total Governmental Funds Revenues S $ Property Taxes Sales Taxes 6,848,000 2,938,000 1,900 16.100 800,000 Interest & Penalties Licenses and Permits Intergovernmental Revenues Miscellaneous Revenues Total Revenues 6,846,000 2,938,000 18,000 800,000 2.734,500 350,000 13,686,500 332,000 1.087.500 1.335.000 22 350.000 11,282.100 $ s 1,069.400 $ 0 1,335.000 09 1.649,000 3,066,000 Expenditures Current: General Government Public Safety Highways and Streets Sanitation Health Welfare 1.040,500 1,849,000 3,068.900 1,441,400 591,400 724,100 374,300 2,481,900 591,400 724,100 374,300 917,300 917.300 492.800 5,328,300 5,821,100 Culture and Recreation Capital Outlay Service Principal F 800.000 354,000 800,000 514,000 1,154.000 9,257,200 2,024,900 16.940,000 160.000 180,000 (160.000) 1.040.500 28.900 5,328,300 (3.993.300) 7 (1.154.000 (3.253.500) 4.000.000 200.000 Interest Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses) Proceeds of Bonds Premium on Bonds Sold Transfers in Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 1,142.000 726,700 (1.662.000) (1.662.000) P (200.700) F 3.993.300 4,000,000 200,000 1,868,700 (1.868.700) 4,200,000 946.500 1,328,250 0 726,700 362,900 28,900 566,700 F 1,142,000 (12.000) 412,000 400,000 737,250 179.000 207,900 $ 1.100.150 s S S 566,700 S 0$ 2,274,750 CITY OF MONROE PROPRIETARY FUNDS Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended December 31, 2020 Business-Type Activities Governmental Activities Enterprise Funds Internal Service Funds Water and Sewer Stores and Service Fund Operating Revenues: Charges for Sales and Services $ 1,055,500 $ 371,200 Total Operating Revenues 1,055,500 371,200 347,560 Operating Expenses: Cost of Sales and Services Selling Administration Depreciation Total Operating Expenses Operating Income (loss) 445,800 58,900 109,400 267,000 881,100 174,400 8,000 14.600 370.160 1,040 F Nonoperating Expenses: Interest Expense Change in Net Position Net Position, January 1, 2020 Net Position, December 31, 2020 162,500 11,900 959,000 970,900 $ 1,040 128,500 129,540 FI $ CITY OF MONROE PROPRIETARY FUNDS Statement of Net Position December 31, 2020 Business-Type Activities Enterprise Funds Governmental Activities Internal Service Funds Water and Sewer Stores and Service Fund Assets $ S S 36,500 83,400 111,000 Current Assets Cash Customer Accounts Receivable (Net) Due from General Funds Materials and Supplies Total Current Assets 37,000 11,200 84,000 315.400 42.540 90.240 Noncurrent Assets Advance to Stores and Services Fund Restricted Assets (Cash) Capital Assets, Net of Accumulated Depreciation Total Noncurrent Assets 15,000 142.000 76,400 3,035,300 3.192.300 3.507.700 P 76.400 166.640 Total Assets 22,100 Liabilities Current Liabilities Accounts Payable Payroll Taxes Payable Due to Stores and Services Fund Total Current Liabilities 25,500 3,300 8.000 36,800 22.100 2,500,000 Noncurrent Liabilities Revenue Bonds Payable Advance from Water Utility Fund Total Noncurrent Liabilities 2.500,000 15,000 15,000 37.100 Total Liabilities FI 2.536.800 F Net Position Net Investment in Capital Assets 535,300 61,400 Restricted Unrestricted 142.000 293.600 970,900 88,140 Total Net Position S 129.540 Gov'tal Fund Balances mental Funds Adjusted Balances for Gov't-wide Stmts Adjustments & Eliminations Debits Credits Internal Service Funds Debits Credits DEBITS: Cash Cash with Fiscal Agent Investments Taxes Receivable, net Interest Receivable, net Inventories Due from State Govt. Due from Other Funds Capital Assets both rows 541,400 760,000 263,000 457,500 16,850 541,400 760,000 263,000 457,500 16,850 541,400 760,000 263,000 457,500 16,850 557,500 557,500 557,500 1,649,000 3,066,900 2,481,900 591,400 724,100 374,300 917,300 1,649,000 3,066,900 2,481,900 591,400 724,100 374,300 917,300 1,649,000 3,066,900 2,481,900 591,400 724,100 374,300 917,300 Expenditures (expenses) Current General Govt. Public Safety Highway and Streets Sanitation Health Welfare Culture and Recreation Compensated Absences Exp Other Expenditures (expenses) Debt Service Principal - Interest (expenditure/expense) both rows - Capital Outlay - Depreciation Other Fin. Uses - Transfers Out 800,000 514,000 800,000 514,000 800,000 514,000 5,821,100 5,821,100 5,821,100 1,868,700 1,868,700 1,868,700 21,404,950 21,404,950 263,800 40,200 263,800 40,200 263,800 40,200 Total Debits CREDITS: Accounts Payable Due to Other Funds Accrued Interest Payable Bonds Payalbe both rows Premium on Bonds Compensated Absence Payable Advance from Water Utility Fund Deferred Inflows: Property Taxes 17,500 17,500 17,500 17,500 17,500 17,500 Accrued Interest Payable Bonds Payalbe both rows Premium on Bonds Compensated Absence Payable Advance from Water Utility Fund Deferred Inflows: Property Taxes Accumulated Depreciation both rows Revenues Property Taxes Sales Taxes Interest Licenses & Permits Miscellaneous State Grant for Highway Street Expen Capital Grant-Gen Govt Capital Grant- Public Safety 6,846,000 2,938,000 18,000 800,000 350,000 1,067,500 332,000 1,335,000 6,846,000 2,938,000 18,000 800,000 350,000 1,067,500 332,000 1,335,000 6,846,000 2,938,000 18,000 800,000 350,000 1,067,500 332,000 1,335,000 Other Financing Sources Proceeds of Bonds Premium on Bonds Transfers In Net Position at beginning of year three rows 4,000,000 200,000 1,868,700 4,000,000 200,000 1,868,700 4,000,000 200,000 1,868,700 1,328,250 1,328,250 21.404,950 1,328,250 21.404.950 Total Credits Program Revenues Net (Expense) Revenue and Change in Net Position Operational Capital Charges for Grants and Grants and Services Contributions Contributions Governmental Business- Activities Type Activities Expenses Total S S Functions/Programs Governmental Activities: General Government Public Safety Highways and Streets Sanitation Health Welfare Culture and Recreation Depreciaiton Interest Compensated Absneces Total Governmental Activities Business Type Activities Water and Sewer Total Government S $ S - S S General Revenues Taxes: Property Taxes Sales Taxes Interest licenses and Permits Miscellaneous Total General Revenues Change in Net Position Net Position, Beginning Net Position. Ending S Governmental Activities Business-Type Activities Total $ Assets Cash Cash with Fiscal Agents Investments Accounts Receivable (Net) Taxes Receivable (Net) Interest Receivable Internal Balances Current Due from Other Governments Inventories Internal Balances Long-Term Restricted Assets Capital Assets, Net of Accumulated Depreciation Total Assets Net the amounts: due from and (due to other funds $ $ Liabilities Accounts Payable Payroll Taxes Payable Accrued Interest Payable Revenue Bonds Payable General Obligation Bonds Payable Premium on Bonds Sold Compensated Absences Payable Total Liabilities Net Position Net Investment in Capital Assets Restricted Unrestricted Total Net Position $ $ $ CITY OF MONROE Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position As of December 31, 2020 Fund balances reported in governmental funds Balance Sheet Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are not financial resources and therefore not reported in the funds. Amount does not include capital assets of internal service funds (reported in following row). The assets and liabilities of internal service funds are included in governmental funds in the Statement of Net Position Deferred revenue for property taxes reported in the funds but accrued as revenue in the government-wide statements and added to Net Position. Accrued interest payable is reported as a liability in the Statement of Activities; interest is not accrued in the governmental funds. Bonds payable, not due and payable in the current period are not reported in the funds. Compensated absences, not due and payable in the current period are not reported in the funds. Net Position of Governmental Activities $ CITY OF MONROE Reconciliation of the Statement of Revenues. Expenditures and Changes in Fund Balance to the Statement of Activities For the year ended December 31, 2020 Net change in fund balances - Governmental funds Amounts reported for governmental activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures rather than assets Governmental funds do not report depreciation expense The net revenue of internal service funds is not reported with the governmental funds Property taxes due more than 60 days after year end is not accrued in the governmental funds. Bond proceeds are reported as other financing sources in the governmental funds but as liabilities in the government- wide statements Repayment of bonds is reported as an expenditure in the governmental funds Interest is not accrued at year end in the governmental funds Increases in compensated absences, not due and payable in the current period are not reported in the funds. Change in Net Position of Governmental Activities $ CITY OF MONROE Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 2020 General Street and City Hall Debt City Jail Debt Highway Service Service City Jail Construction Total Governmental Funds Revenues S $ Property Taxes Sales Taxes 6,848,000 2,938,000 1,900 16.100 800,000 Interest & Penalties Licenses and Permits Intergovernmental Revenues Miscellaneous Revenues Total Revenues 6,846,000 2,938,000 18,000 800,000 2.734,500 350,000 13,686,500 332,000 1.087.500 1.335.000 22 350.000 11,282.100 $ s 1,069.400 $ 0 1,335.000 09 1.649,000 3,066,000 Expenditures Current: General Government Public Safety Highways and Streets Sanitation Health Welfare 1.040,500 1,849,000 3,068.900 1,441,400 591,400 724,100 374,300 2,481,900 591,400 724,100 374,300 917,300 917.300 492.800 5,328,300 5,821,100 Culture and Recreation Capital Outlay Service Principal F 800.000 354,000 800,000 514,000 1,154.000 9,257,200 2,024,900 16.940,000 160.000 180,000 (160.000) 1.040.500 28.900 5,328,300 (3.993.300) 7 (1.154.000 (3.253.500) 4.000.000 200.000 Interest Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses) Proceeds of Bonds Premium on Bonds Sold Transfers in Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 1,142.000 726,700 (1.662.000) (1.662.000) P (200.700) F 3.993.300 4,000,000 200,000 1,868,700 (1.868.700) 4,200,000 946.500 1,328,250 0 726,700 362,900 28,900 566,700 F 1,142,000 (12.000) 412,000 400,000 737,250 179.000 207,900 $ 1.100.150 s S S 566,700 S 0$ 2,274,750 CITY OF MONROE PROPRIETARY FUNDS Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended December 31, 2020 Business-Type Activities Governmental Activities Enterprise Funds Internal Service Funds Water and Sewer Stores and Service Fund Operating Revenues: Charges for Sales and Services $ 1,055,500 $ 371,200 Total Operating Revenues 1,055,500 371,200 347,560 Operating Expenses: Cost of Sales and Services Selling Administration Depreciation Total Operating Expenses Operating Income (loss) 445,800 58,900 109,400 267,000 881,100 174,400 8,000 14.600 370.160 1,040 F Nonoperating Expenses: Interest Expense Change in Net Position Net Position, January 1, 2020 Net Position, December 31, 2020 162,500 11,900 959,000 970,900 $ 1,040 128,500 129,540 FI $ CITY OF MONROE PROPRIETARY FUNDS Statement of Net Position December 31, 2020 Business-Type Activities Enterprise Funds Governmental Activities Internal Service Funds Water and Sewer Stores and Service Fund Assets $ S S 36,500 83,400 111,000 Current Assets Cash Customer Accounts Receivable (Net) Due from General Funds Materials and Supplies Total Current Assets 37,000 11,200 84,000 315.400 42.540 90.240 Noncurrent Assets Advance to Stores and Services Fund Restricted Assets (Cash) Capital Assets, Net of Accumulated Depreciation Total Noncurrent Assets 15,000 142.000 76,400 3,035,300 3.192.300 3.507.700 P 76.400 166.640 Total Assets 22,100 Liabilities Current Liabilities Accounts Payable Payroll Taxes Payable Due to Stores and Services Fund Total Current Liabilities 25,500 3,300 8.000 36,800 22.100 2,500,000 Noncurrent Liabilities Revenue Bonds Payable Advance from Water Utility Fund Total Noncurrent Liabilities 2.500,000 15,000 15,000 37.100 Total Liabilities FI 2.536.800 F Net Position Net Investment in Capital Assets 535,300 61,400 Restricted Unrestricted 142.000 293.600 970,900 88,140 Total Net Position S 129.540 Gov'tal Fund Balances mental Funds Adjusted Balances for Gov't-wide Stmts Adjustments & Eliminations Debits Credits Internal Service Funds Debits Credits DEBITS: Cash Cash with Fiscal Agent Investments Taxes Receivable, net Interest Receivable, net Inventories Due from State Govt. Due from Other Funds Capital Assets both rows 541,400 760,000 263,000 457,500 16,850 541,400 760,000 263,000 457,500 16,850 541,400 760,000 263,000 457,500 16,850 557,500 557,500 557,500 1,649,000 3,066,900 2,481,900 591,400 724,100 374,300 917,300 1,649,000 3,066,900 2,481,900 591,400 724,100 374,300 917,300 1,649,000 3,066,900 2,481,900 591,400 724,100 374,300 917,300 Expenditures (expenses) Current General Govt. Public Safety Highway and Streets Sanitation Health Welfare Culture and Recreation Compensated Absences Exp Other Expenditures (expenses) Debt Service Principal - Interest (expenditure/expense) both rows - Capital Outlay - Depreciation Other Fin. Uses - Transfers Out 800,000 514,000 800,000 514,000 800,000 514,000 5,821,100 5,821,100 5,821,100 1,868,700 1,868,700 1,868,700 21,404,950 21,404,950 263,800 40,200 263,800 40,200 263,800 40,200 Total Debits CREDITS: Accounts Payable Due to Other Funds Accrued Interest Payable Bonds Payalbe both rows Premium on Bonds Compensated Absence Payable Advance from Water Utility Fund Deferred Inflows: Property Taxes 17,500 17,500 17,500 17,500 17,500 17,500 Accrued Interest Payable Bonds Payalbe both rows Premium on Bonds Compensated Absence Payable Advance from Water Utility Fund Deferred Inflows: Property Taxes Accumulated Depreciation both rows Revenues Property Taxes Sales Taxes Interest Licenses & Permits Miscellaneous State Grant for Highway Street Expen Capital Grant-Gen Govt Capital Grant- Public Safety 6,846,000 2,938,000 18,000 800,000 350,000 1,067,500 332,000 1,335,000 6,846,000 2,938,000 18,000 800,000 350,000 1,067,500 332,000 1,335,000 6,846,000 2,938,000 18,000 800,000 350,000 1,067,500 332,000 1,335,000 Other Financing Sources Proceeds of Bonds Premium on Bonds Transfers In Net Position at beginning of year three rows 4,000,000 200,000 1,868,700 4,000,000 200,000 1,868,700 4,000,000 200,000 1,868,700 1,328,250 1,328,250 21.404,950 1,328,250 21.404.950 Total Credits Program Revenues Net (Expense) Revenue and Change in Net Position Operational Capital Charges for Grants and Grants and Services Contributions Contributions Governmental Business- Activities Type Activities Expenses Total S S Functions/Programs Governmental Activities: General Government Public Safety Highways and Streets Sanitation Health Welfare Culture and Recreation Depreciaiton Interest Compensated Absneces Total Governmental Activities Business Type Activities Water and Sewer Total Government S $ S - S S General Revenues Taxes: Property Taxes Sales Taxes Interest licenses and Permits Miscellaneous Total General Revenues Change in Net Position Net Position, Beginning Net Position. Ending S Governmental Activities Business-Type Activities Total $ Assets Cash Cash with Fiscal Agents Investments Accounts Receivable (Net) Taxes Receivable (Net) Interest Receivable Internal Balances Current Due from Other Governments Inventories Internal Balances Long-Term Restricted Assets Capital Assets, Net of Accumulated Depreciation Total Assets Net the amounts: due from and (due to other funds $ $ Liabilities Accounts Payable Payroll Taxes Payable Accrued Interest Payable Revenue Bonds Payable General Obligation Bonds Payable Premium on Bonds Sold Compensated Absences Payable Total Liabilities Net Position Net Investment in Capital Assets Restricted Unrestricted Total Net Position $ $ $ CITY OF MONROE Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position As of December 31, 2020 Fund balances reported in governmental funds Balance Sheet Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are not financial resources and therefore not reported in the funds. Amount does not include capital assets of internal service funds (reported in following row). The assets and liabilities of internal service funds are included in governmental funds in the Statement of Net Position Deferred revenue for property taxes reported in the funds but accrued as revenue in the government-wide statements and added to Net Position. Accrued interest payable is reported as a liability in the Statement of Activities; interest is not accrued in the governmental funds. Bonds payable, not due and payable in the current period are not reported in the funds. Compensated absences, not due and payable in the current period are not reported in the funds. Net Position of Governmental Activities $ CITY OF MONROE Reconciliation of the Statement of Revenues. Expenditures and Changes in Fund Balance to the Statement of Activities For the year ended December 31, 2020 Net change in fund balances - Governmental funds Amounts reported for governmental activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures rather than assets Governmental funds do not report depreciation expense The net revenue of internal service funds is not reported with the governmental funds Property taxes due more than 60 days after year end is not accrued in the governmental funds. Bond proceeds are reported as other financing sources in the governmental funds but as liabilities in the government- wide statements Repayment of bonds is reported as an expenditure in the governmental funds Interest is not accrued at year end in the governmental funds Increases in compensated absences, not due and payable in the current period are not reported in the funds. Change in Net Position of Governmental Activities $