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Question (3 points) 1. Which groups are the major external users of governmental financial reports? 2. Define the term reporting entity. 3. What is the purpose of management's discussion and analysis? Exercise #1 (20 points) The following information is available for the governmental funds of Tom's Village. Prepare the governmental funds balance sheet for Tom's Village. The village officials do not consider either Special Revenue Fund as particularly important to financial statement users. Special Revenue General Debt Fund Fund Service A Cash $10,000 $5,000 $600 $1,000 Taxes receivable 5,000 Due from other funds 2,000 Account payable 9,000 200 400 Due to other funds 2,000 Assig ned fund balance 400 600 Restricted fund balance 7,000 Unassigned fund balance 3,000 1,000 Exercise #2 (10 points) The following information comes from the General Fund trial balance of West Chester County as of December 31, 2012. Prepare the county's General Fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2012. Consider the proceeds from the sale and leaseback of an office building as a special item. Sales tax revenues $2,200,000 Property tax revenues 2,000,000 Expenditures - county sheriff 1,500,000 Expenditures - all other departments 2,600,000 Fund balance, January 1, 2012 300,000 Transfer out to Debt Service Fund 1,000,000 Proceeds, sale and leaseback of office building 1,500,000