ACT410 Governmental Accounting Practice Set OPTION #1: GOVERNMENTAL ACCOUNTING PRACTICE SET #1 Your portfolio project will provide specific answers to the

ACT410 Governmental Accounting Practice Set OPTION #1: GOVERNMENTAL ACCOUNTING PRACTICE SET #1

Your portfolio project will provide specific answers to the questions that follow. Apply what you have learned in this course to your answers to these questions.

Use the following templates for this project (they can be found under this assignment in Module 8):

ACT410_PortfolioTemplate_EnterpriseFunds
ACT410_PortfolioTemplate_GovernmentalTypeFunds
ACT410_PortfolioTemplate_Government-Wide

Introduction

The date is December 31, 2091. You have just risen from a three-month cryogenic sleep during which you traveled from Earth to Europa, the only inhabited moon of Jupiter.

Europa has been colonized since the early 2060’s. To encourage development, the United Earth Council (roughly equivalent to a federal government for the planet Earth) gave land grants to colonists willing to leave Earth and settle this new world. The Council also built a series of water purification and power generating plants. These plants utilize the natural geothermal resources of Europa to generate electrical power.

Most of the inhabitants are engaged in the operation of the quarter million-acre farms, which span the temperate zones on either side of the equator. The labor is performed by robots through a centralized computer under the direction of the owner/farmer and family members. Harvests are transported by freighter to Earth. It is a lonely, although profitable life with an average of 10 harvests per Earth year. All banking is performed on Earth through electronic funds transfers. A substantial business sector has developed, servicing the farming operations.

After several decades of hard work, the inhabitants of Europa are beginning to enjoy the rewards of their labors and are seeking some of the services which can only be provided by a local centralized government. They naturally sought to establish this government on Europa and petitioned the United Earth Council for admission to the Council as a member province (roughly equivalent to the 20th century state governments).

Province status was granted by a vote of the Council, and the citizens of Europa acted quickly to organize their new government, which officially began operations on January 1, 2091. One of the tasks facing the new government was to hire qualified people to carry on the day to day business of the government. You represent one of these people, having been highly trained in the subtleties of governmental accounting. Ownership of public facilities, which were constructed by the United Earth Council (Buildings, roads and the electrical power utility), was transferred to the new province as of midnight on 12-31-2090. In return, the Province issued long-term bonds payable which provide for interest and principal payments to the United Earth Council over the next 20 years.

Having no qualified governmental accountants on Europa, the province administrator has simply made notes summarizing the transactions which have occurred since the beginning of operations. Your task is to establish a fund accounting system, prepare summary journal entries recording all transactions, and prepare the year end 12-31-2091 financial statements for the Province.

Instructions:

Your completed projects should include:

Fund-basis financial statements, including a Budget Comparison Statement for the General Fund.
Ledgers (t-accounts) with journal entries for each fund and account group

Check figures:

General fund cash: $143,249
General fund unassigned fund balance: 85,229
Governmental funds: Total fund balance 1,948,249
Enterprise fund cash: 69,500
Enterprise fund net position: 54,183

A set of Excel templates (Excel) is available for your use. Please turn in the printed copy of each worksheet.

PROVINCE OF EUROPA

Transaction list for the year ended December 31, 2091.

Account Structure:

Because the Province has a limited number of revenue sources, revenue control accounts are not used. Rather, General Fund revenues are directly recorded into the following accounts: property taxes, sales taxes, fees licenses and permits, program fees, and intergovernmental grants). Similarly, expenditures are recorded directly into the following accounts: general government operations, public safety, education, capital outlay, and debt service: principal and interest.

The Province established the Bureau of Electricity and Water to operate as an enterprise fund. The enterprise fund reports expenses by object category using the following account titles: salaries, supplies, depreciation, and interest.

There are no fiduciary, special revenue, permanent, or internal service funds. The government uses account groups to record general fixed assets and general long-term debt.

Beginning Balances:

1. At 12-31-2090, the remaining cash and supplies on hand in the government offices were transferred to the new Province government. The opening trial balance for the Province for 1-1-2091 was as follows:

GENERAL FUND
Trial balance
Jan. 1, 2091
debits credits
Cash 18,000 Fund Balance:
Supplies 13,000
31,000 Assigned (Reserved for encumbrances). 11,806
Unassigned 19,194
31,000

The supplies were office supplies for general government operations. The reserve for encumbrances relates to a purchase order placed in December of 2090 for engineering services (see item # 7, below). The Province honors outstanding encumbrances from previous years, and the encumbrance should be re-established for 2091. For purposes of the Budgetary Comparison Statement, amounts are charged to the budget in the year they are initially encumbered, regardless of when the expenditure is incurred.

2. On December 31, 2090, the United Earth Council (U.E.C.) transferred the fixed assets which have been constructed with U.E.C. funds. The Province Council assigned custody of these assets to the general Province government and the Bureau of Electricity and Water as follows:

Useful Salvage
Government Bureau Life Value

Buildings, roads, and other structures

$1,395,000 $450,000 10 $0
Equipment 480,000 150,000 5 0
Geothermal Generators 0 650,000 5 0
Total $1,875,000 $1,250,000
========== ==========

In return for these assets, the Province government issued $1,875,000, 10 percent general obligation serial bonds. Principal payments of $93,750 and interest payments on the bonds are to be paid at the end of each year, starting on December 31, 2091.

Similarly, the Bureau of Electricity and Water issued (at face value) $1,250,000, 10 percent long-term revenue bonds in exchange for the capital assets listed above. The bonds call for annual interest payments on January 1 and mature on January 1, 2101. Since these events occurred on the last day of 2090, they represent beginning balances for 2091.

Current Year Transactions:

3. The government of the Europa Province established the Bureau of Electricity and Water. The Bureau of Electricity and Water is in charge of providing the power and water for residents and the Province government. On January 1, 2091, the Province government agreed to contribute $300,000 for establishment of the Bureau of Electricity and Water, and transferred cash on February 1, 2091.

4. On January 1, 2091, The Province Council approved budgets for 2091 as follows:

Budget Items Province Government (General Fund) Capital Additions Bureau of Electricity and Water
Revenue and other financing sources
Property Taxes
Sales Taxes
Fees, Licenses and Permits
Charges for Services (Bureau)
Program Fees: Education
Intergovernmental grants
Transfer from General Fund
Proceeds from Bond Issues
$3,720,000
750,000
250,000

70,000
470,000

$250,000
2,500,000

$3,250,000

300,000
1,250,000
Expenditures/expenses and other financing uses:
General government operations
Public Safety
Education
Operating expenses (Bureau)
Capital Outlays
Transfers to other funds

1,500,000
1,400,000
1,250,000

850,000

2,750,000

3,000,000
1,875,000

5. On January 10, 2091, a cash grant of $450,000 was received from the United Earth Council for operation of the Province. The grant provisions stipulate the funds are to be used for general operations of the government.

6. On January 31, 2091, $3,700,000 in property taxes were levied. Of this, $111,000 (3% of property taxes) is estimated to be uncollectible. The remaining tax bills are expected to be collected within 60 days following the end of the fiscal year. During 2091, $3,030,000 was collected and $104,000 are identified as uncollectible and written off.

7. On January 5, 2091, the engineering report ordered in December of the previous year (see item 1 above) was received along with an invoice for of $ 11,501. The invoice was immediately paid. The engineering report was for general government operations.

8. During 2091, the Province government placed orders amounting to $940,000 for supplies. All the supplies ordered were received during the year with an invoice price of $935,000 (there are no outstanding encumbrances for supplies). $900,000 was paid during the year. The supplies were distributed by major functions of government as follows:

General Public Safety Operation Education Total
Order placed $390,000 $400,000 $150,000 $940,000
Invoice prices 395,000 400,000 140,000 935,000

The government uses the consumption method of recording supplies – (i.e., expenditure is determined by the amount of supplies used – not purchased – during a period).

9. During 2091, the Bureau of Electricity and Water placed orders amounting to $1,200,000 for supplies. The supplies were received with an invoice price of $1,100,000. Of this, $1,045,000 was paid before year end.

10. The Province Council approved the construction of a new school building at an estimated cost of $2,750,000. The issuance of $2,500,000 in general obligation long-term bonds was authorized to finance the cost of construction. In addition, the Province government agreed to provide $250,000 for the construction project.

11. On March 31, 2091, the Province government transferred $250,000 to the school building capital project.

12. On April 1, 2091, $2,500,000 in 10 percent general obligation long-term bonds were issued for $2,580,000. The premium of $80,000 was reserved for redemption of the bonds, while the principal was set aside for construction of the school. The bonds call for annual interest payments on March 31, and mature on April 1, 2111.

13. On June 1, 2091, the school building contract was awarded to the lowest bidder for $2,600,000, including planning and architect’s fees.

14. On November 30, 2091, the progress billings of $1,250,000 for the school building were received from the contractor, and $ 850,000 was paid on December 31, 2091. The remaining balance is expected to be paid in January 2092. Liabilities resulting from capital additions are recorded in “Contracts Payable,” (rather than Accounts Payable).

15. The Board of the Bureau of Electricity and Water approved the construction of an office building at an estimated cost of $880,000.

16. On July 1, 2091, the office building contract was signed in the amount of $865,000, including planning and architect’s fees.

17. On October 30, 2091, construction was completed and $632,500 was paid on the contract. The remaining portion ($ 232,500) will be paid following final inspection on January 15, 2092. Liabilities resulting from capital additions are recorded in “Contracts Payable” (rather than Accounts Payable).

18. At the end of November, ground transportation units were ordered for the public safety department at an estimated cost of $167,020. The units have not been delivered as of December 31, 2091.

19. During 2091, the Province government received the following cash collections:

Sales taxes $838,000
Permits, fees and licenses 312,000
Program Fees: Education 80,000
Total $1,230,000

20. Salaries and wages of $4,150,000 were incurred and paid by the Province government and the Bureau of Electricity and Water during 2091. Salaries and wages are classified by governmental functions as follows:

Incurred & Paid
General operation $837,000
Public safety 775,000
Education 725,000
Bureau of Electricity Water 1,813,000
Total $4,150,000

21. During 2091, the Bureau of Electricity and Water billed the Province government and the residents for electricity and water services in the amounts of $920,000 and $2,120,000 respectively. The Bureau estimated that 2% of the gross revenue from the residents will be uncollectible. During 2091, $805,000 and $1,805,000 of the bills sent to the Province government and the residents, respectively, are collected. $18,500 of the bills sent to the residents are identified as uncollectible and written off.

The electricity and water services provided to the Province government were charged by government functions as follows:

General operation $350,000
Public safety 320,000
Education 250,000

22. $281,250 was removed from general government funds and set aside for payments on outstanding general obligation serial bonds.

23. On December 31, 2091, the Province government made principal payment of $93,750 and annual interest of $187,500 on the general obligation serial bonds.

24. As of December 31, 2091, physical inventories of supplies on hand report the following:

General operation $116,000
Public safety 0
Education 0
Bureau of Electricity Water 14,000

25. On December 31, 2091, the Bureau of Electricity and Water accrued annual interest on the 10% bonds ($1,250,000 face value) described in item # 2.

26. The Province government and the Bureau of Electricity and Water recorded depreciation for 2091 using the straight-line method. The new office building is estimated to have zero salvage value and 10-year useful life and is depreciated on a monthly basis, beginning with the month (November) it was placed in service.

27. On December 31, 2091, the Bureau of Electricity and Water borrowed $650,000 on a 90-day note payable to cover a temporary cash shortfall.

28. On December 31, 2091, $300,000 was borrowed on a 60-day note payable to cover a temporary cash shortfall in general government operations.

29. The bond premium is amortized using the straight-line basis over 20 years (9 months of amortization is recognized in 2091).

30. For purposes of classifying fund balances in the governmental funds, assume:

Supplies are the only nonspendable resource.
The outstanding encumbrances in the capital project fund are classified as Committed by contractual obligation.
The outstanding encumbrances in the General Fund are classified as Assigned for capital asset acquisitions.
The residual balances of the debt service and capital projects funds are classified as assigned.

31. Prepare closing entries, where appropriate.

Entries Required for Government-Wide Financial Statements:

A review of the governmental-type transactions for the year suggests the following worksheet journal entries are necessary for preparation of the government-wide statements:

The fixed assets and debt acquired in Transaction 2 should be entered in the beginning balances column on the worksheet.
Capital expenditures should be eliminated.
Depreciation expense should be recorded.
Bond proceeds should be eliminated.
The premium on the 20-year bonds in Transaction 12 should be amortized using the straight line method (9 months).
Nine months of interest should be accrued on the bonds in transaction 12.
Interfund transfers should be eliminated, but not the portion paid to Business-type funds.
Expenditures for bond principal should be eliminated.

In your analysis, include the following:

An introduction
Fund-basis financial statements, including a Budget Comparison Statement for the General Fund.
Ledgers (t-accounts) with journal entries for each fund and account group
Conclusion.

Your final paper must be formatted per the CSU-Global Guide to Writing and APA Requirements (Links to an external site.)Links to an external site.. Include a title page. Submit your final case study to the Module 8 assignment. Review the grading rubric, which can be accessed in the Module 8 folder. Reach out to your instructor if you have any questions about the portfolio project. Worksheet to convert Governmental fund basis information to accrual basis
Enter all amounts as positive numbers. The worksheet is
formatted to add debits to assets & expenses and add credits
to revenues, liabilities & equity
#
Journal Entries
debits
credits
(enter as
negatives)
Gov’tal Fund
Balances
type accounts to be debited here
type accounts to be credited here
DEBITS:
Cash
Taxes Receivable, net
Inventories
Capital Assets (net)
Adjustments & Eliminations
Debits
Credits
Balances for
Gov’t-wide
Stmts
2,123,249
559,000
116,000
2,123,249
559,000
116,000
–
1,490,501
1,495,000
1,115,000
1,490,501
1,495,000
1,115,000
93,750
187,500
93,750
187,500
– Capital Outlay
– Depreciation
Other Fin. Uses – Transfers Out
1,250,000
911,250
1,250,000
911,250
Total Debits
CREDITS:
Accounts Payable
Due to Other Funds
Contracts Payable
Accrued Interest Payable
Short Term Notes Payable
Bonds Payable
9,341,250
9,341,250
35,000
115,000
400,000
35,000
115,000
400,000
300,000
Expenditures (expenses) Current
General Govt. Operations
Public Safety
Education
Other Expenditures (expenses)
– Debt Service Principal
– Interest (expenditure/expense)
300,000
–
Premium on Bonds
Revenues
Property Taxes
Sales Taxes
Interest
Fees, Licenses & Permits
Miscellaneous
Intergovernmental Grant for
General Gov’t Operations
3,589,000
838,000
3,589,000
838,000
312,000
80,000
450,000
–
312,000
80,000
450,000
Other Financing Sources
Proceeds of Bonds
Premium on Bonds
Transfers In
2,500,000
80,000
611,250
2,500,000
80,000
611,250
Net Position at beginning of year
Total Credits
31,000
9,341,250
31,000
9,341,250
column totals for JE’s
0
0
PROVINCE OF EUROPA
STATEMENT OF ACTIVITIES GOVERNMENT-WIDE BASIS
FOR THE YEAR ENDED DECEMBER 31, 2091
Program Revenues
Net (Expense) Revenue and Change in Net Position
Operational
Capital
Charges for Grants and Grants and Governmental Business-Type
Services Contributions Contributions
Activities
Activities
Expenses
Functions/Programs
Governmental Activities:
General Government
Public Safety
Education
Interest
Depreciation
Total Governmental Activities
Business Type Activities
Water and Sewer
Total Government
$
–
$
–
–
$
–
–
$
–
–
–
$
–
General Revenues
Taxes:
Property Taxes
Sales Taxes
Fees, Licenses and Permits
Transfers
Total General Revenues
Change in Net Position
Net Position, Beginning
Net Position, Ending
Total
$
–
$
–
–
$
$
–
Page 2
–
$
–
–
–
–
$
Enter transfers out as negative and transfers in as positive amounts
PROVINCE OF EUROPA
STATEMENT OF NET POSITION
AS OF DECEMBER 31, 2091
Governmental
Activities
Business-Type
Activities
Total
Assets
Cash
Accounts Receivable (Net)
Taxes Receivable (Net)
Internal Balances Current
Inventories
Capital Assets, Net of Accumulated Depreciation
Total Assets
$
$
–
$
–
$
–
Liabilities
Accounts Payable
Contracts Payable
Accrued Interest Payable
Short Term Notes Payable
General Obligation Bonds Payable
Premium on Bonds Sold
Total Liabilities
–
–
–
Net Position
Net Investment in Capital Assets
Unrestricted
Total Net Position
–
–
–
$
$
Page 3
$
Enter payables to other funds as negative, receivables as positve amounts
General Fund – General Ledger
#
date
1 Jan. 1
Journal Entries
Encumbrances
Budgetary Fund Balance Reserve for Encumbrances
To re-establish outstanding encumbrances
debits
11.806
credits
bb
CASH
18.000
11.806
bb
ALLOWANCE FOR
UNCOLLECTIBLE TAXES
– bb
TAXES RECEIVABLE
–
–
–
bb
SUPPLIES
13.000
additional debit account
13.000
–
18.000
additional credit account
SHORT-TERM
NOTE PAYABLE
ACCOUNTS PAYABLE
–
– bb
– bb
–
–
–
FEES, LICENSES &
PERMITS REVENUE
PROPERTY
RESERVE TAX
FORREVENUE
ENCUMBRANCES
SALES TAX REVENUE
–
GENERAL GOVERNMENT
EXPENDITURES
–
PUBLIC SAFETY
EXPENDITURES
–
ENCUMBRANCES
1
–
–
–
–
BUDGETARY FUND BALANCE
RESERVE FOR ENCUMBRANCES
– bb
11.806 1
11.806
11.806
11.806
T. Debits
T. Credits
42.806
42.806
–
31.000
EDUCATION PROGRAM
FEE REVENUE
–
OTHER FINANCING USES
TRANSFERS OUT
BUDGETARY
FUND BALANCE
–
(total)
FUND BALANCE
31.000 bb
–
OTHER FINANCING
SOURCES
ESTIMATED OTHER
FINANCING USES
APPROPRIATIONS
–
INTERGOVERNMENTAL
REVENUES
EDUCATION
EXPENDITURES
BUDGETARY ACCOUNTS
ESTIMATED REVENUES
DUE TO
OTHER FUNDS
– bb
–
–
General Fund – General Ledger
#
date
Journal Entries
debits
credits
DEBT SERVICE FUND GENERAL LEDGER
type accounts to be debited here
type accounts to be credited here
CASH
bb
FUND BALANCE
–
–
–
–
OTHER FINANCING SOURCES
TRANSFERS IN
EXPENDITURES
EXPENDITURES
BOND PRINCIPAL
–
bb
BOND INTEREST
–
–
T. Debits
–
T. Credits
–
#
date
Journal Entries
debits
credits
CAPITAL PROJECTS FUND GENERAL LEDGER
type accounts to be debited here
type accounts to be credited here
DUE FROM OTHER
CASH
bb
FUNDS
–
bb
(Beginning)
FUND BALANCE
CONTRACTS PAYABLE
–
–
–
–
CAPITAL
OTHER FINANCING USES
EXPENDITURES
TRANSFERS OUT
bb
– bb
–
–
OTHER FINANCING SOURCES
TRANSFERS IN
OTHER FINANCING SOURCES
OTHER FINANCING SOURCES
PROCEEDS OF BONDS
PREMIUM ON BONDS
–
–
–
BUDGETARY ACCOUNTS
BUDGETARY FUND BALANCE
RESERVE FOR ENCUMBRANCES
–
–
T. Debits
–
T. Credits
–
ENCUMBRANCES
bb
–
#
date
Journal Entries
debits
GENERAL FIXED ASSET ACCOUNT GROUP
credits
type accounts to be debited here
type accounts to be credited here
bb
BUILDINGS & STRUCT
1.395.000
bb
1.395.000
EQUIPMENT
480.000
bb
CONSTRUCTION
IN PROCESS
–
480.000
ACCUMULATED DEPR
BUILDINGS & STRUCT
–
ACCUMULATED DEPR
EQUIP & MACHINERY
bb
bb
–
INVESTMENT IN
GEN. FIXED ASSETS
1.875.000
–
bb
1.875.000
GENERAL LONG-TERM DEBT ACCOUNT GROUP
bb
AMOUNT TO BE
PROVIDED FOR DEBT
1.875.000
BOND PREMIUM
bb
BONDS PAYABLE
1.875.000
1.875.000
–
T. Debits
3.750.000
T. Credits
3.750.000
1.875.000
bb
PROVINCE OF EUROPA
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 2091
Debt
Service
General
Total
Governmental
Funds
Capital
Projects
Revenues
Property Taxes
Sales Taxes
Fees, Licenses and Permits
Intergovernmental Revenues
Education Program Fee Revenues
$
Total Revenues
–
–
–
–
–
Expenditures
Current:
General Government Operations
Public Safety
Education
Capital Outlay
Debt Service
Principal
Interest
Total Expenditures
–
–
–
–
Excess (Deficiency) of Revenues Over Expenditures
–
–
–
–
Other Financing Sources (Uses)
Proceeds of Bonds
Premium on Bonds Sold
Transfers In
Transfers Out
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, January 1, 2091
Fund Balance, December 31, 2091
$
–
–
–
–
–
–
–
–
–
$
$
$
Enter transfers out as negative and transfers in as positive amounts
PROVICE OF EUROPA
GOVERNMENTAL FUNDS
BALANCE SHEET
AS OF DECEMBER 31, 2091
Debt
Service
General
Total
Governmental
Funds
Capital
Projects
Assets
Cash
Taxes Reveivable – Gross
Less: Allowance uncollectibles taxes
Supplies Inventory
Total Assets
$
$
Liabilities and Fund Equity
Liabilities
Accounts Payable
Contracts Payable
Short Term Notes Payable
Due to Other funds
Total Liabilities
Fund Balances
Nonspendable – supplies
Committed – contractual obligations
Assigned for:
Debt Service
Capital Acquisitions
Unassigned
Total Fund Balance
Total Liabilities and Fund Equity $
–
$
–
$
–
$
$
–
–
–
$
–
$
–
–
–
–
–
–
$
–
PROVINCE OF EUROPA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL
GENERAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2091
Budgeted Amounts
Original
Actual Amounts
(Budgetary Basis)
Final
Revenues
Property Taxes
Sales Taxes
Fees, Licenses and Permits
Intergovernmental Revenues
Education Program Fee Revenues
Variance with
Final Budget
$
Total Revenues
–
–
–
–
Expenditures
Current year Expenditures & Encumbrances:
General Government Operations
Public Safety
Education
Total Expenditures
Excess (Deficiency) of Revenues Over Expenditures
Other Financing Sources (Uses)
Transfers Out
Total Other Financing Sources (Uses)
Net Change in Fund Balance
–
–
–
–
–
–
–
–
–
–
$
–
–
$
Reconciliation:
Excess of 2090 Reserved for Encumbrances over Related Actual Expenditure in 2091
Reserve for encumbrances, December 31, 2091
Unassigned Fund Balance, January 1, 2091
Total fund balance, December 31, 2091
–
$
–
$
–
$
–
Total fund balance less encumbrances at 12/31/2090
ENTERPRISE FUND – GENERAL LEDGER
Journal Entries
3 Feb. 1
Cash
debits
credits
DUE FROM
300,000
Transfer in – capital contribution
CASH
300,000
bb
OTHER FUNDS
–
SUPPLIES
–
bb
bb
ACCOUNTS RECEIVABLE
–
bb
–
To record contribution from GF
–
–
–
ALLOWANCE FOR
UNCOLLECTIBLE ACCTS
–
BUILDINGS & STRUCT
bb
bb
EQUIPMENT
450,000
bb
450,000
GEOTHERMAL GENERATORS
150,000
bb
150,000
650,000
650,000
ACCUMULATED DEPR
ACCUMULATED DEPR
BUILDINGS & STRUCT
EQUIP & MACHINERY
bb
GEOTHERMAL GENERATORS
bb
–
–
CONTRACTS PAYABLE
–
–
bb
–
bb
OPERATING REVENUE:
bb
CHARGES FOR SERVICES
OPERATING EXPENSES
DEPRECIATION EXPENSE
–
ST NOTE PAYABLE
–
–
NONOPERATING EXPENSES
INTEREST
–
T. Debits
1,250,000
T. Credits
1,250,000
–
bb
–
NET POSITION
bb
1,250,000
OPERATING EXPENSES
INTEREST PAYABLE
bb
–
BONDS PAYABLE
1,250,000
bb
–
ACCOUNTS PAYABLE
SUPPLIES EXPENSE
ACCUMULATED DEPR
OPERATING EXPENSES
SALARIES EXPENSE
TRANSFER IN CAPITAL CONTRIBUTIONS
–
ENTERPRISE FUND – GENERAL LEDGER
PROVINCE OF EUROPA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2091
Business-Type
Activities:
Enterprise Funds Electricity and
Water
Operating Revenues
Charges for Services
Total Current Assets
–
Operating Expenses
Salaries
Supplies
Depreciation
Total Operating ExpensesNoncurrent Assets
–
Operting Income
–
Nonoperating Revenues (Expenses)
Interest Expense
Income before Contributions
–
Capital Contibutions
Change in Net Position
Net Position, January 1, 2091
Net Position, December 31, 2091
$
–
PROVINCE OF EUROPA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2091
Expenses entered as negative amounts
PROVINCE OF EUROPA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
AS OF DECEMBER 31, 2091
Business-Type
Activities:
Enterprise Funds Electricity and
Water
Assets
Current Assets
Cash
Customer Accounts Receivable (gross)
Less: Allowance Uncollectible Accounts
Due from General Fund
Inventories
Total Current Assets
–
Noncurrent Assets
Buildings and Structures
Less: Accumulated Depreciation
Equipment and Machinery
Less: Accumulated Depreciation
Geothermal Generators
Less: Accumulated Depreciation
Total Noncurrent Assets
Total Assets
–
$
Liabilities
Current Liabilities
Accounts Payable
Contracts Payable
Interest Payable
Short Term Note Payable
Total Current Liabilities
–
Noncurrent Liabilities
Revenue Bonds Payable
Total Noncurrent Liabilities
Total Liabilities
–
Net Position
Net Investment in Capital Assets
Unrestricted
Total Net Position
–
$
PROVINCE OF EUROPA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2091
Business-Type
Activities:
Enterprise Funds Electricity and
Water
Cash Flows from Operating Activities
Cash Received from Customers
Cash Paid for Supplies
Cash Paid to Employees
Net Cash Provided by Operating Activities
–
Cash Flows from Non-Capital Related Financing Activities
Borrowing for Operations
Net Cash Provided by Non-Capital Related Financing Activities
–
Cash Flows from Capital Related Financing Activities
Acquisition of Capital Assets
Contributed Capital from General Fund
Net Cash Used in Capital Related Financing Activities
–
Cash Flows from Investing Activities
Net Cash Provided from Investing Activities
–
Net Increase in Cash
–
Cash and Cash Equivalents, January 1, 2091
Cash and Cash Equivalents, December 31, 2091
$
–
Reconciliation of Operating Income to Net Cash Provided by Operating Activities
Operating Income
Adjustments to Reconcile Operating Income to Net Cash Provided
by Operating Actitities
Depreciation
(Increase) Decrease in Customer Accounts Receivable- net
(Increase)Decrease in Interfund Receivables
(Increase) Decrease in Inventories
Increase (Decrease) in Accounts Payable
Net Cash Provided by Operating Activities
$
Noncash Investing, Capital and Non-capital Related Financing Activities
Acquisition of building through contracts payable
–

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