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Use of the Workbook

Project One Case Study

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For Project One, you will use the Project One Student Workbook Excel spreadsheet
provided for you.

IMPORTANT: For the transaction worksheets for each fund, in column A, the part
shaded in yellow, code the account 1 for balance sheet accounts and 2 for operating
statement accounts. For example, on sheet GF WS, cash is a balance sheet account so
in cell A1 you will put 1. These codes will allow the worksheet to automatically populate
the operating statement and balance sheet columns on the worksheets. These will
automatically populate the corresponding financial statements.

For some funds, you will be required to prepare entries for transactions. Statements will
automatically be created (if you properly code column A). You can check your work by
ensuring debits equal credits and that the corresponding statements balance.

For other funds, you will be given the completed worksheet for the funds transactions
and you will be required to prepare the appropriate statements (statements will not
automatically be populated from the completed worksheet).

Sheets you are required to complete will have white tabs. Sheets that automatically
populate or that have given information will have green tabs.

General Fund

As one of the accountants for the City of Springfield, you will record the following
transactions into the accompanying workbooksheet GF WS. Note that some
transactions have already been recorded in the workbook. The city has other
accountants who also record transactions.

1. The city levied its general property taxes for the year of $1,580,000. The city
estimates that $30,000 of the taxes will prove uncollectible. Record the taxes
assuming the city will collect the remaining balance later during the fiscal year.
2. The city collected $1,300,000 of property taxes before the due date for taxes.
The remainder of the taxes receivable became delinquent.
3. The city received and vouchered the materials and supplies that were on order
from the previous year. The actual cost equaled the estimated cost of these
materials and supplies, $19,000. The city records expenditures for materials and
supplies when they are consumed. A perpetual inventory system is used.
4. The city incurred and paid salary expenditures as follows:

Accrued salaries payable, January 1. . . . . . . . . . . . . . . . . . . . $ 50,000


General government. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,000
Public safety. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 580,000
Highways and streets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .175,000
Health and sanitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150,000
Parks and recreation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .220,000
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,355,000

5. Billings were received from the Central Communications Network Internal Service
Fund for communications services used by general government agencies and
departments as follows:

General government. . . . . . . . . . . . . . . . . $18,000


Public safety. . . . . . . . . . . . . . . . . . . . . . . . 15,000
Highways and streets . . . . . . . . . . . . . . . . 3,500
Health and sanitation . . . . . . . . . . . . . . . . 6,630
Parks and recreation. . . . . . . . . . . . . . . . . 13,940
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $57,070

6. $61,000 was paid on the amounts owed to the Central Communications Network
Internal Service Fund.
7. Other unencumbered expenditures incurred during the year were vouchered as
follows:

General government. . . . . . . . . . . . . . . . . $ 11,420


Public safety. . . . . . . . . . . . . . . . . . . . . . . . 41,280
Total.......................................................... $52,700

8. $500,000 was loaned from the General Fund to the Addiction Prevention Special
Revenue Fund to provide working capital for that fund. The loan is to be repaid
within a year.
9. The General Fund transferred resources to other funds as follows:

Addiction Prevention Special Revenue Fund . . . . . . . . .$60,000


Parks and Recreation Capital Projects Fund. . . . . . . . . . 200,000
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $260,000

10.The General Fund received a transfer of $100,000 from the Water and Sewer
Enterprise Fund.

11.The city levied interest and penalties of $35,000 on the overdue taxes receivable.
Interest and penalties of $5,600 are expected to prove uncollectible.
12.The city wrote off uncollectible taxes receivable of $23,000.

13.General government equipment with an original cost of $300,000 and accumulated


depreciation of $187,000 was sold for $72,000, which was deposited in the General
Fund.

14.Materials and supplies were used by General Fund departments during the year as
follows:

General government . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,000


Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000
Highways and streets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,300
Health and sanitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,400
Parks and recreation . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $190,700

15.The city entered into a capital lease for parks and recreation equipment on
December 31. The capitalizable cost of the equipment was $90,000, including a down
payment of $10,000.

16.The city contributed $60,200 to the city Police and Fire Pension Trust Fund.

17.The General Fund received $250,000 from the Addiction Prevention Special
Revenue Fund in partial repayment of the interfund loan.

18.The city paid vouchers payable of $235,800.

Special Revenue Fund

The Addiction Prevention Special Revenue Fund was established in 20X4 to account for
federal grants intended to help communities prevent and battle drug and alcohol
addictions. Because this is the first year for this fund, there is no beginning trial balance
for the Addiction Prevention Special Revenue Fund.

You are given the completed transaction worksheet (tab APSFR). From the worksheet:

A. Prepare the 20X4 Statement of Revenues, Expenditures, and Changes in Fund


Balance for the Addiction Prevention Special Revenue Fund (tab AP OP).
B. Prepare the 20X4 balance sheet for the Addiction Prevention Special Revenue
Fund (tab AP BS).

Parks and Recreation Capital Projects Fund

Record the following transactions to tab P&R CPF


1. The city approved a major capital improvement project to construct a recreational
facility. The project will be financed by a bond issue of $1,500,000, transfers from
the General Fund of $500,000, and a contribution from the county of $300,000.
Record the budget assuming these amounts, along with an equal appropriation
for the project, were adopted for 20X4.
2. The city received the countys contribution of $300,000. These resources are
required to be used for the construction project. The grant is expenditure-driven.
The citys policies indicate that resources restricted for a given purpose are
considered expended prior to any unrestricted resources available for that
purpose.
3. The city transferred $200,000 from the General Fund to the Parks and
Recreation Capital Projects Fund.
4. The city issued bonds with a face (par) value of $1,500,000 at a premium of
$50,000 on January 1. Bond issue costs of $15,000 were incurred. Interest of 8%
per year and $100,000 of principal are due each December 31.
5. The city signed a $2,190,000 contract for construction of the new recreational
facility. The process to establish the contract qualifies as a commitment under
the citys commitments policy.
6. The city purchased land as the site for the facility at a cost of $110,000. Payment
was made for the land.
7. The contractor billed the city $1,200,000. The city paid all but a 5% retainage.

8. The outstanding encumbrances were closed (use the transactions columns for
this entry).
9. The budgetary accounts were closed at year end. Appropriations do not lapse at
year end. Close the budgetary accounts in the transactions columns.

General Debt Service Fund

You are given the completed transaction worksheet (tab GEN DSF). From the
worksheet,

A. Prepare the 20X4 Statement of Revenues, Expenditures, and Changes in Fund


Balance for the General Debt Service Fund (tab GEN DSF OS).
B. Prepare the 20X4 balance sheet for the General Debt Service Fund (tab GEN
DSF BS).

General Capital Assets

You are given the completed transaction worksheet CGA WS; prepare the General
Capital Asset Note Disclosure (tab CGA Note).

General Long-Term Liabilities

You are given the completed transaction worksheet GLTL; prepare the General Long-
term Liabilities Note Disclosure (tab GLTL Note).
Water and Sewer Enterprise Fund

You are given the completed transaction worksheet (tab W&S EF). From the worksheet,

1. Prepare the 20X4 Statement of Revenues, Expenditures, and Changes in Net


Position (tab W&S OS).
2. Prepare the 20X4 Statement of Net Position (tab W&S SNP).

Central Communications Network Internal Service Fund

Record the following transactions to tab CCN ISF:

1. Billings to departments for communications network services during 20X4 were as


follows:

General Fund departments . . . . . . . . . . . . . . . . . . . . . .$57,070


Water and Sewer Department . . . . . . . . . . . . . . . . . . . . 33,000
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$90,070

2. The department collected $61,000 from the General Fund and $30,000 from the
Enterprise Fund.
3. Payroll of $60,000 was paid, and $3,000 was contributed to the statewide
retirement system.
4. The department purchased materials and supplies costing $14,000 and a
voucher was approved.
5. Materials and supplies costing $17,700 were used by the Central
Communications Network during 20X4.
6. Vouchers payable of $15,000 were paid.
7. Depreciation for the year was $8,370.
8. Salaries and wages of $1,000 were accrued at the end of the year.

Police and Fire Pension Trust Fund

You are given the completed transaction worksheet (tab PTF WS). From the worksheet,

A. Prepare the 20X4 Statement of Changes in Net Position (tab PTF OS).

B. Prepare the 20X4 Statement of Net Position (tab PTF SNP).

Fund and Government-Wide Financial Statements

The tabs colored purple are the fund and government-wide statements. If all of your
previous work is correct, your statements will be complete and will balance. Review the
purple tabs to ensure all of your statements are complete and correct. Once they are
correct, you are done with the assignment and may submit the entire workbook to your
instructor.