Excel based problems Essay

The ancestry-basis financial statements of Jefferson county have perfect for the year 2012 and appear in the first check-out procedure of the excel spreadsheet provided with this exercise. The following information is also uncommitteda. Capital As pin downs Capital assets purchased in previous years in governmental type descents add up $752,000 (net of accumulated depreciation) as of January 1, 2012. Depreciation on smashing assets used in governmental- type activities add togethered to $79,500 for 2012 No with child(p) assets were sold or disposed of in 2012 and either purchases are properly reflected in the fund-basis statements as detonating device expenditures.b. Long-term Debt There was no outstanding semi immutable debt associated with governmental- type funds as of January 1, 2012. April 1, 2012, 6 per centum bonds with a face value of $ 700,000 were issued in the amount of $ 720, 000. Bond payments are do on October 1 and April 1 of each year. Interest is based on an annual rate of 6 percent and maven payments are $ 17, 500 each. The first payment (Interest and principal) was made in October 1. Amortization of the bond premium for the afoot(predicate) year is $1,000.c. Deferred Revenues Deferred revenues (comprised solely of property taxes) are judge to be collected more than 60 eld after year-ed. The agreement of deferred taxes at the end of 2011 was $18,200d. Transfers Transfers were mingled with governmental-type funds.e. Internal Service investment trust The (motor pool) congenital redevelopment funds revenue is predominantly derived from departments sort out 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 advance to the internal service fund (not capital related). RequiredUse the excel guide provided to complete the follow ing requirement a breach tab is provided in Excel for each of these steps. 1. take a leak the journal entries necessary to convert the governmental fund financial statements to the accrual basis of accounting2. built in bed the journal entries to the conversion worksheet provided3. Prepare a governmental-wide narration 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 numerous steps. Here are some hints.a. Tab 1 is information to be used in the problem. you do not enter anything hereb. subsequently you demonstrate the journal entries (Tab2), post these to the worksheet to convert to the accrual basis. This worksheet is set up so that you enter Debit as positive numbers game and credits as negative. After enter you post your entries, look at the numbers below the total credit Colum to see that debits extend to credits. If not, you probably entered a credit as a positi ve number.c. Make sure that total debits satisfactory total credits in the last tower (balances for Government-wide statements )d. When calculating Restricted Net Assets, recall that permanent fund principal is added to restricted fund balances.