Presented below is the Governmental Funds Statement of Revenues, Expenditures, a
ID: 2566869 • Letter: P
Question
Presented below is the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances for the Trinity Parish Fire District, a special-purpose entity engaged in a single governmental activity.
Additional information:
Property taxes expected to be collected more than 60 days following year-end are deferred in the fund-basis statements. Deferred taxes totaled $41,500 at the end of 2016 and $37,250 at the end of 2017.
The current year provision for depreciation totaled $66,500.
Interest on long-term notes payable is paid monthly (no accrual is necessary).
Total Net Position on the December 31, 2016, Statement of Net Position totaled $138,000.
Prepare a combined Governmental Funds Balance Sheet/Statement of Net Position. (Amounts to be deducted should be indicated by a minus sign.)
Fund Special
Revenue Fund Total Revenues Property taxes $ 312,500 $ 312,500 Intergovernmental 33,000 $ 22,000 55,000 Miscellaneous 7,750 7,750 Total revenues 353,250 22,000 375,250 Expenditures Current Personnel services 160,000 18,250 178,250 Supplies 28,750 28,750 Capital outlay 131,000 131,000 Debt service Principal 6,750 6,750 Interest 10,250 10,250 Total expenditures $ 336,750 $ 18,250 $ 355,000 Revenues over expenditures 16,500 3,750 20,250 Other financing sources (uses): Issuance of debt 22,000 22,000 Transfers from other funds 5,500 5,500 Transfers (to) other funds (5,500 ) (5,500 ) Total other financing sources 16,500 5,500 22,000 Excess of revenues and other sources over (under)
expenditures and other uses 33,000 9,250 42,250 Fund balance—beginning of year 26,000 (8,500 ) 17,500 Fund balance—end of year $ 59,000 $ 750 $ 59,750
Explanation / Answer
TRINITY PARISH FIRE DISTRICT GOVERNMENTAL FUNDS: STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES / STATEMENT OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 2016 Revenues General fund Special revenue fund Total Adjustments to government-wide Statement of activities Property taxes $312,500 $312,500 -4250 $308,250 Intergovernmental 33,000 22,000 55,000 55,000 Miscellaneous 7,750 7,750 7,750 Total Revenues $353,250 22,000 $375,250 -4250 $371,000 Expenditures Current Personnel services 160,000 18,250 178,250 178,250 Supplies 28,750 28,750 28,750 Depreciation 66,500 66,500 Capital outlay 131,000 131,000 -131,000 - Debt Service Principal 6,750 6,750 -6750 Interest 10,250 10,250 10,250 Total expenditures 336,750 18,250 355,000 -71,250 283,750 Revenue over expenditures $16,500 3,750 $20,250 Other financing sources (uses) Issuance of debt 22,000 22,000 -22,000 Transfers from other funds 5,500 5,500 -5,500 Transfers (to) other funds -5,500 -5,500 5,500 Excess of revenue other sources 16,500 5,500 22,000 -22,000 Over (Under) expenditures and other uses 33,000 9,250 42,250 Change in net position $87,250 Fund balance/net position Beginning of year 26,000 -8500 17,500 138,000 End of year 59,000 750 59,750 $225,250
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