Waiting for answer This question has not been answered yet. You can hire a professional tutor to get the answer.

QUESTION

Chapter 9 Adjusting and Closing Entries for Governmental Activities, Government-wide Level; Preparation of Government-wide and Major Fund Financial...

Chapter 9 Adjusting and Closing Entries for Governmental Activities,Government-wide Level; Preparation of Government-wideand Major Fund Financial Statementsa.Prior to preparing financial statements at the end of FY 2014, it is necessary to recorddepreciation expense for the year for governmental activities at the government-widelevel.Based on general capital assets assigned to specific functions, depreciation expenserelated to equipment and infrastructure is allocated to functions as shown below:General GovernmentPublic SafetyPublic WorksCulture and RecreationTotalsEquipment$ 42,348220,21284,69676,224$423,480Infrastructure$118,344$118,344Buildings$37,60065,80041,36043,240$188,000Required: [Para. 9-a] Record depreciation expense for the year 2014 in thegovernmental activities general journal at the government-wide level. Verify accuracyof the adjusting entries and post to the general ledger by clicking [Post Entries].b. Although closing entries were made in each fund in Chapters 4 through 6 of thiscumulative problem, they have not yet been recorded at the government-wide level.Required: Closing Entries. Record the journal entries required on December 31,2014 to close all temporary accounts for governmental activities at the governmentwide level. These entries should also recognize changes in the accounts Net Position—Net Investment in Capital Assets (decrease of $720,668), Net Position—Restrictedfor Public Safety (increase of $15,000), Net Position—Restricted for Capital Projects(increase of $390,000), and Net Position—Restricted for Debt Service (increase of$28,000). For each account to be closed or reclassified, be sure and click on thecheck mark for [Closing Entry] and that “Closing Entries” appears in the[Transaction Description] box. Post the closing entries to the general ledger byclicking on [Post Entries].Please remember that before closing the City of Smithville, you mustclick on [File], and [Save/Save As] to save your work. Your work isNOT automatically saved.c. Use the exportable trial balances used in Chapters 2 through 7 of this problem, andthe exportable pre-closing trial balance and post-closing trial balance forgovernmental activities, to prepare required government-wide and governmental fundfinancial statements and reconciliations that the City of Smithville must present for itsbasic financial statements to be in conformity with generally accepted accounting35principles. (See Illustrations A2-1 through A2-6 of the Reck, Lowensohn, and Wilsontextbook for examples of these statements.) We recommend that you use Excel toprepare these financial statements; however, your instructor may want you to do thesemanually. (Note: The City of Smithville is a primary government and has no otherorganizations for which it is accountable as component units.)36Appendix A - Adobe Flash Player Security SettingsWhen first starting the Smithville program in a browser, an Adobe Flash PlayerSecurity warning pop-up might show up:Click on "Settings..." button to be directed to the Adobe Flash Player™ SettingsManager and select "Always allow" radio button to allow the player workingproperly:Comment: The above screenshots are result of the default features of the Flashplayer and it is common across all the platforms. Whenever user is getting a popup message, the setting needs to be changed as shown in the above screenshot.--The End--

a) Entry for recording DepreciationParticulars Amount $ Depreciation expense ( Equipment)Accumulated Depreciation ( General Government)Accumulated Depreciation ( Public Safety)Accumulated...
Show more
LEARN MORE EFFECTIVELY AND GET BETTER GRADES!
Ask a Question