Review the financial information pertaining to the City of Northern Pines in problem 2-8 on pages 52 and 53 of your text.

Complete the following activities and submit your answers to your instructor in a Word document formatted to proper APA specifications.  Include any relevant supporting computations and explanations.

 

Part One:

Review the financial information pertaining to the City of Northern Pines in problem 2-8 on pages 52 and 53 of your text.  Prepare, in good form, a Statement of Activities for the city of Northern Pines for the year ended June 30, 2015. Northern Pines has no component units.

 

The following information is available for the preparation of the government-wide financial statements for the City of Northern Pines for the year ended June 30, 2015:

 

Expenses:

 

General government                                                          $10,100,000

Public safety                                                                         22,900,000

Public works                                                                         11,890,000

Health and sanitation                                                            6,210,000

Culture and recreation                                                          4,198,000

Interest on long-term debt, governmental type                     1,021,000

Water and sewer system                                                     11,550,000

Parking system                                                                        419,000

 

Revenues:

 

Charges for services, general government                           1,110,000

Charges for services, public safety                                       1,210,000

Operating grant, public safety                                                  698,000

Charges, for services, health and sanitation                         2,555,000

Operating grant, health and sanitation                                  1,210,000

Charges for services, culture and recreation                         2,198,000

Charges for services, water and sewer                               12,578,000

Charges for services, parking system                                      398,000

Property taxes                                                                      27,112,000

Sales taxes                                                                           20,698,000

Investment earnings, business-type                                          319,000

 

Other Financing Sources (Uses):

 

Special item-gain on sale of unused land, governmental type       1,250,000

Transfers from government activities to business-type activities      688,000

Net position, July 1, 2014, governmental activities                       11,222,000

Net position, July 1, 2014, business-type activities 22,000,000    22,333,000

 

Required: From the information given above, prepare, in good form, a Statement of Activities for the City of Northern Pines for the year ended June 30, 2015. Northern Pines has no component units.

 

 

 

 

Part Two:

 

 

Review the financial information pertaining to the city of Eastern Shores in problem 2-9 on page 53 of your text.  From the information given, prepare in good form, a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the city of Eastern Shores General Fund for the Year Ended September 30, 2015.

The following General Fund information is available for the preparation of the financial statements for the city of Eastern Shores for the year ended September 30, 2015.

Revenues:

 

Property taxes                                                  $28,120,000

Sales taxes                                                        13,216,000

Fees and fines                                                     1,124,000

License and permits                                            1,921,000

Intergovernmental                                               1,368,000

Investment earnings                                                654,000

 

Expenditures:

Current:

General government                        10,252,000

Public safety                                     24,444,000

Public works                                        6,211,000

Health and sanitation                         1,163,000

Culture and recreation                        2,154,000

Debt service-principal                                     652,000

Debt service-interest                                       821,000

Proceeds of long-term, capital-related debt     2,210,000

Transfer to special revenue fund                       1,119,000

Special item-proceeds from sale of land             821,000

Fund balance, October 1, 2014                            1,812,000

 

From the information given above, prepare, in good form, a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the city of Eastern Shores General Fund for the Year Ended September 30, 2015.

 

 

 

Part Three:

 

 

Review the financial transactions pertaining to the City of Springfield in problem 3-12 on pages 82 and 83.

 

  1. Record the transactions using appropriate journal entries.
  2. Prepare a budgetary comparison schedule for the General Fund

 

Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2015.

  1. Estimated revenues (legally budgeted)

 

Property taxes                    $5,700,000

Sales taxes                          $4,300,000

Licenses and permits          $1,500,000

Miscellaneous                       $500,000

 

  1. Appropriations

General government           $5,400,000

Culture and recreation        $4,500,000

Health and welfare              $1,000,000

 

  1. Revenues received (cash)

Property taxes                   $5,285,000

Sales taxes                           $4,500,000

Licenses and permits          $1,700,000

Miscellaneous                    $800,000

 

  1. Encumbrances issued (includes salaries and other recurring items)

Estimated

General government           $5,300,000

Culture and recreation        $4,650,000

Health and welfare              $905,000

  1. Goods and services received (paid in cash)

Estimated                Actual

General government           $5,300,000           $5,296,000

Culture and recreation        $4,650,000           $4,610,000

Health and welfare              $905,000               $891,550

 

  1. Budget revisions

Increase appropriations:

General government           $140,000

Culture and recreation        $110,000

 

Fund balance on January 1, 2015, was $753,000. There were no outstanding encumbrances at that date.

  1. Record the transactions using appropriate journal entries.
  2. Prepare a budgetary comparison schedule for the General Fund
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