Government Non Profit Accounting Worksheet

Complete the following problems and exercises, showing all work and submit in the classroom.1. Long-term Liability Transactions. Following are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. None of the transactions have been recorded yet.Using this information2. Serial Bond Debt Service Fund Journal Entries and Financial Statements. As of December 31, 2016, Sandy Beach had $9,500,000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund’s only asset as of December 31, 2016, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments.3. Central Garage Internal Service Fund. The City of Ashville operates an internal service fund to provide garage space and repairs for all city-owned-and-operated vehicles. The Central Garage Fund was established by a contribution of $300,000 from the General Fund on July 1, 2016, at which time the land and building were acquired. The post-closing trial balance at June 30, 2016, was as follows:DebitsCredits$110,000Due from Other Funds$9,000Inventory of Supplies$90,000$50,000Building$250,000Allowance for Depreciation–Building$20,000Machinery and Equipment$65,000Allowance for Depreciation– Machinery and Equipment$12,000Vouchers Payable$31,000Net Position–Net Investment in Capital Assets$333,000Nets Position–Unrestricted$178,000Total$574,000$574,000The following information applies to the fiscal year ended June 30, 2017:General Fund$270,000Special Revenue Fund127,0006/30/166/30/17General Fund$2,500$3,000Special Revenue Fund6,5009,000Using this information4. Enterprise Fund Journal Entries and Financial Statements. Following is the June 30, 2016, statement of net position for the City of Bay Lake Water Utility Fund.CITY OF BAY LAKEWater Utility FundStatement of Fund Net PositionJune 30, 2016Assets Current assets: Cash and investments$1,775,019 Accounts receivable (net of $13,367 provision for uncollectible accounts) $306,869 Accrued utility revenue$500,000 Due from General Fund$29,311 Interest receivable$82,000 Total current assets$2,693,199 Restricted assets: Cash$9,193 Capital assets: Land$1,780,945 Buildings (net of $3,420,000 in accumulated depreciation)$5,214,407 Machinery and equipment (net of $5,129,928 in accumulated depreciation)$8,488,395 Total capital assets (net)$15,483,747 Total Assets $18,186,139 Liabilities Current liabilities: Accounts payable$532,047 Interest payable$131,772 Current portion of long-term debt$400,000 Total current liabilities$1,063,819 Liabilities payable from restricted assets: Customer deposits$9,193 Long-term liabilities: Revenue bond payable$11,600,000 Total Liabilities$12,673,012 Net Position Net investment in capital assets$3,483,747 Unrestricted$2,029,380$5,513,127