Problem 1

Use the provided information to complete the instructions in the box below.

The Paradise Valley School District provided the following.

Property tax revenues	$48,500,000
Unrestricted grants and entitlements	11,100,000
Unrestricted contributions	85,000
Unrestricted investment income	785,000
Transfers from General Fund to Enterprise Funds	95,000
Charges for services provided by:
Instructional departments	1,000,000
Support services	445,000
Noninstructional services	9,000
Extracurricular activities	325,000
Foodservice (Enterprise Fund activity)	1,500,000
Adult and community education (Enterprise Fund activity)	844,822
Grants and contributions revenuesrestricted for specific operating costs of specific programs:
Instructional departments	805,000
Support services	750,000
Noninstructional services	490,000
Extracurricular activities	50,000
Foodservice	365,000
Grants and contributions revenuesrestricted for capital asset acquisitions for specific functions:
Instructional departments	725,000
Support services	55,000
Expenses:
Instructional departments	34,000,000
Support services	26,000,000
Noninstructional services	580,000
Extracurricular activities	1,350,000
Foodservice	1,880,000
Adult and community education	884,000
Net position, January 1, 2018:
Governmental activities	6,800,000
Business-type activities	1,400,000

Required Steps

1. Prepare a Statement of Activities for the Paradise Valley School District for the year ended December 31, 2018, given the provided information.
2. Assume that the classifications provided for expenses are the appropriate functional classifications to be presented in the statement.