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of net position and Changes in Ne d. Prepare a Statement of Revenues, Expenses.

ID: 2577863 • Letter: O

Question

of net position and Changes in Ne d. Prepare a Statement of Revenues, Expenses. pose government engaged only in governmental activitie for the year 2015 and appear in the second and sheet provided with this exercise. The following a. Capital assets Position for the year ending June 30, 2015. e been completed third tabs of the information is also cel sp 9.9. The fund-basis financial statements of Cherokee Library Captal assets purchased revius ears through epreciation of type funds totaled $19,500,000 and had accumulateddepreitmena $6,330,000 Depreciation on capital assets used in governmental.t amounted to $418,000 for 2015 No capital assets were sold or disposed of in 2015, and ,and all purchases are properly reflected in the fund-basis statem expenditures h. Long-term delbt .There was $10,700,000 of outstanding long-term notes ated with governmental-type funds as of January 1, 2015. Intere paid monthly . December 31, 2015, notes with a face value of $6,370,000 wee issued at par. In addition, principal payments totaled $1,340,000. associated with the purchase of capital assets. Deferred inflows are comprised solely of property taxes ex .The notes, and any retained percentage on construction contracts, are Deferred inflows be collected more than 60 days after year-end. The balance of deferred taxes at the end of 2014 was $87,500. ected s d. Transfers: Transfers were between governmental-type funds. e. Beginning net position for the government-wide statements $20,107,321 as of January 1, 2015. This amount has already been en in the Statement of Activities.

Explanation / Answer

Debits Credits a Capital Assets 19,500,000 Accumulated Depreciation 6,330,000 Net Position 13,170,000 Depreciation Expense 418,000 Accumulated Depreciation 418,000 Capital Assets 7,994,632 Capital Outlay Expenditure 7,994,632 b Net Position 10,700,000 Notes payable 10,700,000 OFS - Proceeds of debt 6,370,000 Notes payable 6,370,000 Notes Payable 1,340,000 Debt Service Expenditure - principal 1,340,000 c Property tax revenue 87,500 Net Position 87,500 Deferred property taxes 94,000 Property tax revenue 94,000 d OFS - Transfers In 2,500,000 OFU - Transfers Out 2,500,000

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