Excel based problems Essay

The fund-basis financial statements of Jefferson county have completed for the twelvemonth 2012 and face in the first tab of the excel spreadsheet provided with this exercise. The following information is besides availablea. Capital Assets Capital assets purchased in previous years in political type funds checked $752,000 (net of accumulated depreciation) as of January 1, 2012. disparagement on seat of government assets used in governmental- type activities amounted to $79, five hundred for 2012 No capital assets were sold or disposed of in 2012 and all purchases are decently reflected in the fund-basis statements as capital expenditures.b. Long-term Debt thither was no majuscule long-term debt associated with governmental- type funds as of January 1, 2012. April 1, 2012, 6 percent 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 princi pal payments are $ 17, 500 each. The first payment (Interest and principal) was made in October 1. Amortization of the bond aid for the current year is $1,000.c. Deferred Revenues Deferred revenues (comprised solely 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 Service Fund The (motor pool) congenital aid 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 cracking 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 scout provided to complete the following requirement aseparate tab is provided in Excel for each of these steps. 1. Pr epare the daybook entries necessary to convert the governmental fund financial statements to the accrual basis of accounting2. Post the journal entries to the conversion 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 an(prenominal) steps. Here are some hints.a. Tab 1 is information to be used in the problem. you do not enter anything hereb. aft(prenominal) you make 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 meter and attribute as negative. After enter you post 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. Make sure that total debits equal total credits in the last column (balances for Gov ernment-wide statements )d. When cypher Restricted Net Assets, recall that permanent fund principal is added to qualified fund balances.