Excel based problems Essay

The line-basis financial statements of Jefferson county have completed for the year 2012 and appear in the first tab of the excel spreadsheet provided with this exercise. The following information is also availablea. Capital Assets Capital assets purchased in previous years in governmental type funds totaled $752,000 (net of accumulated depreciation) as of January 1, 2012. Depreciation on capital assets used in governmental- type activities amounted to $79,500 for 2012 No capital assets were sold or disposed of in 2012 and all purchases be the right way reflected in the fund-basis statements as capital expenditures.b. Long-term Debt There was no outstanding long-term debt associated with governmental- type funds as of January 1, 2012. April 1, 2012, 6 percent bonds with a calculate value of $ 700,000 were issued in the amount of $ 720, 000. Bond payments are made on October 1 and April 1 of each year. Interest is based on an annual outrank of 6 percent and whiz payments are $ 1 7, 500 each. The first payment (Interest and principal) was made in October 1. Amortization of the bond premium for the current year is $1,000.c. Deferred Revenues Deferred revenues (comprised only of property taxes) are expected to be collected more than 60 days after year-ed. The balance of deferred taxes at the end of 2011 was $18,200d. Transfers Transfers were between governmental-type funds.e. Internal armed service Fund The (motor pool) internal service funds revenue is predominantly derived from departments classified as governmental-type activities There were no amounts due to the internal service fund from the General fund. The outstanding balance of due to other funds was with the Enterprise Fund and is not capital related. The enterprise fund provided a long-term ascent to the internal service fund (not capital related). RequiredUse the excel template provided to complete the following requirement aseparate tab is provided in Excel for each of these steps. 1. Prepare t he journal entries necessary to convert the governmental fund financial statements to the accrual basis of accounting2. Post the journal entries to the passage worksheet provided3. Prepare a governmental-wide Statement of Activities and statement of Net Assets for the year 2012. All of the governmental fund revenues are general revenues. This is an involved problem, requiring many steps. Here are some hints.a. Tab 1 is information to be used in the problem. you do not enter anything hereb. After you make the journal entries (Tab2), bet these to the worksheet to convert to the accrual basis. This worksheet is set up so that you enter Debit as positive numbers and credits as negative. After enter you emplacement your entries, look at the numbers below the total credit Colum to see that debits equal credits. If not, you probably entered a credit as a positive number.c. nurse sure that total debits equal total credits in the last column (balances for Government-wide statements )d. W hen calculating Restricted Net Assets, recall that permanent fund principal is added to restricted fund balances.