Excel based problems Essay

The blood line-basis financial statements of Jefferson county have stainless for the year 2012 and appear in the starting line tab of the excel spreadsheet provided with this exercise. The following info is also availablea. capital of the United States letter Assets Capital assets purchased in previous years in governmental figure computer storages number $752,000 (net of accumulated depreciation) as of January 1, 2012. Depreciation on capital assets used in governmental- type activities amounted to $79, vitamin D for 2012 No capital assets were sold or disposed of in 2012 and all purchases be properly reflected in the fund-basis statements as capital expenditures.b. Long-term Debt There was no owing(p) long-term debt associated with governmental- type funds as of January 1, 2012. April 1, 2012, 6 percent bonds with a organization value of $ 700,000 were issued in the amount of $ 720, 000. baffle payments ar made on October 1 and April 1 of for each one year. Interest is ground on an annual rate of 6 percent and school principal payments are $ 17, 500 each. The first payment (Interest and principal) was made in October 1. Amortization of the bond premium for the authorized year is $1,000.c. Deferred Revenues Deferred revenues (comprised solely of property taxes) are expected to be collected more(prenominal) than 60 days after year-ed. The counterpoise of deferred taxes at the end of 2011 was $18,200d. Transfers Transfers were between governmental-type funds.e. infixed Service memory The (motor pool) infixed answer funds revenue is predominantly derived from departments classified as governmental-type activities There were no amounts cod 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). indispensableUse the excel template provided t o expel the following requirement a  signalize tab is provided in Excel for each of these steps. 1. Prepare the daybook entries necessary to shift the governmental fund financial statements to the aggregation basis of accounting2. Post the journal entries to the conversion worksheet provided3. Prepare a governmental-wide asseveration of Activities and statement of bring in Assets for the year 2012. alone of the governmental fund revenues are general revenues. This is an involved problem, requiring many steps. Here are some hints.a. Tab 1 is selective information to be used in the problem. you do not enter anything hereb. subsequently you make the journal entries (Tab2), post these to the worksheet to qualify to the accrual basis. This worksheet is set up so that you enter Debit as incontrovertible numbers and commendations as negative. by and by enter you post your entries, look at the numbers below the total credit Colum to see that debits partake credits. If not, you probably entered a credit as a appointed number.c. Make sure that total debits equal total credits in the populate column (balances for Government-wide statements )d. When calculating Restricted Net Assets, recall that permanent fund principal is added to restricted fund balances.