govnmt wide statements net assets journals

Part 1
“The City of South Pittsburgh maintains its books so as to prepare fund ac- counting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations:
1. Deferred inflows of resources—property taxes of $69,400 at the end of the previous fiscal year were recognized as property tax revenue in the current year’s Statement of Revenues, Expenditures, and Changes in Fund Balance.
2. The City levied property taxes for the current fiscal year in the amount of $10,000,000. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $600,000 of the taxes had not been collected. It was estimated that $320,000 of that amount would be collected during the 60-day period after the end of the fiscal year and that $80,000 would be collected after that time. The City had recognized the maximum of property taxes allowable under modified accrual accounting.
3. In addition to the expenditures recognized under modified accrual ac- counting, the City computed that $175,000 should be accrued for com- pensated absences and charged to public safety.
4. The City’s actuary estimated that pension expense under the City’s pub- lic safety employees pension plan is $229,000 for the current year. The City, however, only provided $207,000 to the pension plan during the current year.
5. In the Statement of Revenues, Expenditures, and Changes in Fund Bal- ances, General Fund transfers out included $500,000 to a debt service fund, $600,000 to a special revenue fund, and $900,000 to an enterprise fund.”
Part 2
“Southern State University had the following account balances as of June 30, 2015. Debits are not distinguished from credits, so assume all accounts have a “normal” balance:
Accounts receivable $ 354,000
Accounts payable 265,000
Cash and cash equivalents 120,000
Accrued interest payable 225,000
Endowment investments 6,126,000
General obligation bonds payable (related to capital acquisition) 1,350,000
Inventories 333,000
Short-term investments—unrestricted 1,444,000
Net position—restricted—nonexpendable 6,126,000
Restricted cash and cash equivalents 92,000
Capital assets, net of depreciation 7,223,000
Revenue bonds payable (related to capital acquisition) 2,200,000
Long-term investments 1,683,000
Long-term liabilities—current portion (related to capital acquisition) 200,000
Net position—restricted—expendable 1,900,000
Net investment in capital assets?
Net positions—unrestricted?
Required: Prepare, in good form, a Statement of Net Position for Southern State Uni- versity as of June 30, 2015.”
Part 3.
“On January 1, 2015, a foundation made a pledge to pay $30,000 per year at the end of each of the next five years to the Cancer Research Center, a non- profit voluntary health and welfare organization as a salary supplement for a well-known researcher. On December 31, 2015, the first payment of $30,000 was received and paid to the researcher.

On the books of the Cancer Research Center, record the pledge on January 1 in the temporarily restricted asset class, assuming the appropriate discount rate is 5 percent on an annual basis. The appropriate discount factor is 4.33.”
“Record the increase in the present value of the receivable in the temporarily restricted net asset class as of December 31.
3. Record the receipt of the first $30,000 on December 31 and the payment to the researcher. Indicate in which asset class (unrestricted, temporarily restricted) each account is recorded.”

Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount! Use Discount Code “Newclient” for a 15% Discount!NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.

The post govnmt wide statements net assets journals appeared first on Custom Nursing Help.