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3 Feb
2020

journal entries needed to convert the governmental AssignmentTutorOnline | Good Grade Guarantee!

Prepare journal entries needed to convert the governmentalThis problem is a continuation of Continuing Problem 2 at the end of Chapter 9. The following additional information is furnished to complete this part of the problem.1. Croton has no activities other than governmental activities. The city government wide statement of net position for the year ended December 31, 2012, showed general capital assets of $ 14,000 and related accumulated depreciation of $ 6,400.2. Depreciation expense on Croton general capital assets for 2013 (including assets acquired in 2013) was $ 700, all of which was applicable to public safety.3. The city government wide statement of net position for the year ended December 31, 2012, showed bonds payable of $ 5,500. All the debt had been issued to finance capital assets. Analysisof Croton debt service requirements showed that $ 700 of the total bonds payable as of December 31, 2013, should be reported as current because it is due to be paid during 2014.4. The city government wide statement of net position for the year ended December 31, 2012, showed accrued interest payable of $ 120 on its outstanding long- term debt. Analysis of the city debt service requirements showed accrued interest payable of $ 135 on all outstanding long term debt as of December 31, 2013, including the debt sold by the city during 2013.5. Croton government wide statement of net position for the year ended December 31, 2012, showed accrued vacation pay of $ 75. Vacation leave records showed that, as of December 31, 2013, accumulated vacation leave had increased to $ 87, exclusive of the $ 10 due to be paid to retired police officers early in 2014. (Assume vacation leave applies only to the public safety function.)Use the preceding information to do the following:a. Prepare journal entries needed to convert the governmental funds financial statements to the governmental activities columns of the government wide financial statements. Post the journal entries to a six column work sheet similar to that shown in Table 10- 8.b. Prepare Croton City government wide financial statements a statement of net position and a statement of activities.c. Prepare Croton financial statement reconciliations the funds balance sheet to the government wide statement of net position and the funds statement of revenues, expenditures, and changes in fund balances to the government- wide statement of activities.Prepare journal entries needed to convert the governmentalAccounting Basics

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