Tiffany Brito

Continuing Problem
December 2, 2016
ACCT 2050
Part A
Coco City will use the following funds:

General Fund
Capital Projects Fund
Debt Services Fund
Enterprise Fund

Part B

(a)
Bal

Cash
40,000
33,000
7,000

(4)

Estimated Revenues
- Property taxes
(1) 400,000
Bal 400,000

GENERAL FUND LEDGER

Vouchers Payable
(4) 33000
35,000 (a)
33,000 (3)
35,000 Bal

(1)
Bal

Estimated Revenues Sales taxes

70,000
70,000

Unassigned Fund Balance

5,000 (a)
5,000 Bal

Estimated Revenues - Park

admission fees
(1)
10,000
Bal
10,000

Appropriations Police salaries

300,000 (1)
300,000 Bal

Appropriations Police supplies

40,000 (1)
40,000 Bal

Appropriations - Park
salaries
80,000 (1)
80,000 Bal

Appropriations Transfer to Debt

Service Fund
45,000 (1)
45,000 Bal

Budgetary fund
balance
15,000 (1) (2)
15,000 Bal Bal

Encumbrances - Police
supplies
39,000
35,000
4,000

Budgetary fund
balance reserved for
encumbrances
(3) 35,000
39,000 (2) (3)
4,000 Bal Bal

(3)

Expenditures - police
supplies
33,000
33,000

1|Page

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050

GENERAL FUND JOURNAL

Date
Account Names
1.
Estimated Revenues - Property taxes
Estimated Revenues - Sales taxes
Estimated Revenues - Park admission fees
Appropriations - Police salaries
Appropriations - Police supplies
Appropriations - Park salaries
Appropriations - Transfer to Debt Service Fund
Budgetary fund balance
To adopt 2013 budget.
2.

3.

4.

Debit
400,000
70,000
10,000

Credit

300,000
40,000
80,000
45,000
15,000

Encumbrances - Police supplies

Budgetary fund balance reserved for encumbrances
To record purchase orders.

39,000

Budgetary fund balance reserved for encumbrances

Encumbrances - Police supplies
To reverse encumbrance.

35,000

Expenditures - police supplies

Vouchers payable
To record expenditure for police supplies.

33,000

Vouchers payable
Cash
To record payment of vouchers.

33,000

39,000

35,000

33,000

33,000

Coco City
General Fund
Appropriations Ledger
2013
Object Code: Police Supplies
Appropriation
Item
#
Item
Cr
1
Budget
40,000.00
2
Order supplies
3
Receive supplies
3
Record expenditures

Encumbrances
Dr
Cr
9,000.00

Expenditures
Dr

35,000.00
33,000.00

Available Appropriation
Cr
40,000.00
1,000.00
36,000.00
3,000.00
2|Page

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050

Part C

GENERAL FUND JOURNAL

Account Names

Date
1.
Property taxes receivable
Allowance for uncollectible taxes
Revenues - Property taxes
To record levy of property taxes.
2.

3.

Allowance for uncollectible taxes

Property taxes receivable
To record written off account.
Cash

Debit
404,000

4,000
400,000

3,000
3,000

370,000

Property taxes receivable

To record receipt of property tax payments.
4.

5.

Allowance for uncollectible taxes

Revenues - Property taxes
To close allowance account.

Credit

370,000

1,000
1,000

Property taxes receivable - delinquent

Property taxes receivable
To reclassify taxes as delinquent.

31,000

Revenues - Property taxes

Deferred revenues - Property taxes
To record deferral of property taxes expected to be collected after the
first 60 days of 2014.

10,000

Cash
Due from State
Revenues - Sales taxes
To record receipt of sales taxes.

68,000
6,000

31,000

10,000

74,000

3|Page

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050

6.

Cash

18,000

Revenues - Park admission fees

To record receipt of park admission fees.
7.

8.

9.

18,000

Vouchers payable
Cash
To record payment of vouchers.

35,000

Expenditures - Police salaries

Expenditures - Park salaries
Cash
To record payment of salaries.

290,000
70,000

Expenditures - Police salaries

Expenditures - Park salaries
Accrued salaries payable
To record accrual of salaries.

8,000
5,000

Beg
(3)
(5)
(6)
Bal

Cash
7,000
35,000
370,000
360,000
68,000
18,000
68,000

Beg
Bal

Estimated Revenues Property taxes

400,000
400,000

35,000

360,000

13,000

GENERAL FUND LEDGER

Unassigned Fund
Balance
5,000 Beg
5,000 Bal

(7)
(8)

Beg
Bal

Estimated Revenues Sales taxes

70,000
70,000

Beg
Bal

Estimated Revenues Park admission fees

10,000
10,000

4|Page

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050

Appropriations Police salaries

300,000 Beg
300,000 Bal

Appropriations - Police
supplies
40,000 Beg
40,000 Bal

Appropriations Transfer to Debt

Service Fund
45,000 Beg
45,000 Bal

Budgetary fund
balance
15,000 Beg
15,000 Bal

Budgetary fund
balance reserved for
encumbrances
4,000 Beg Beg
4,000 Bal Bal

(4)

Revenues - Property
taxes
10,000
400,000 (1) (4)
1,000 (4) Bal
391,000 Bal

(5)
Bal

Due from State

6,000
6,000

(8)
(9)
Bal

Expenditures - Park
salaries
70,000
5,000
75,000

Expenditures - police
supplies
33,000
33,000
Property taxes
receivable - delinquent
31,000
31,000

Revenues - Sales taxes

74,000
(5)
74,000 Bal

(8)
(9)
Bal

Appropriations - Park
salaries
80,000 Beg
80,000 Bal

Beg
Bal

Encumbrances Police supplies

4,000
4,000

Accrued salaries
payable
13,000
(9)
13,000 Bal
Deferred revenues Property taxes
10,000
(4)
10,000 Bal

Revenues - Park
admission fees
18,000
(6)
18,000 Bal

Expenditures - Police
salaries
290,000
8,000
298,000

5|Page

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050
Part D

CAPITAL PROJECTS FUND JOURNAL

1.

Cash

500,000

Other financing sources - long-term debt issued

To record issuance of bonds.
2.

(1)
Bal

500,000

Expenditures - Capital outlay

Cash
To record purchase of police station.

Cash
500,000 500,000
0

(2)

500,000
500,000

CAPITAL PROJECTS FUND LEDGER

Other financing sources
- long-term debt issued
500,000 (1) (2)
500,000 Bal Bal

Expenditures - Capital outlay

500,000
500,000

DEBT SERVICES FUND JOURNAL

3.

Cash

45,000

Transfer from General Fund

To record transfer in from General Fund.
4.

5.

(3)
Bal

45,000

Expenditures - Bond principal

Matured bonds payable
To record matured bond principal

25,000

Matured bonds payable

Cash
To record payment of bond principal.

25,000

DEBT SERVICES FUND LEDGER

Transfer from
Cash
General Fund
45,000 25,000 (5)
45,000 (3) (4)
20,000
45,000 Bal Bal

25,000

25,000

Expenditures Bond principal

25,000
25,000
6|Page

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050

GENERAL FUND JOURNAL

3.

Beg
Bal

Beg
Bal

Transfer to Debt Services Fund

Cash
To record transfer to Debt Services Fund.

Cash
68,000
45,000
23,000

Estimated Revenues Park admission fees

Beg
10,000
Bal
10,000

Appropriations - Police
supplies
40,000 Beg
40,000 Bal

Budgetary fund
balance
15,000 Beg Beg
15,000 Bal Bal

Beg
Bal

Expenditures - police
supplies
33,000
33,000

Property taxes
receivable - delinquent
Beg
31,000
Bal
31,000

45,000

GENERAL FUND LEDGER

Unassigned Fund
Balance
5,000 Beg Beg
5,000 Bal Bal

(3)

Estimated Revenues Sales taxes

70,000
70,000

45,000

Appropriations - Park
salaries
80,000 Beg
80,000 Bal

Estimated Revenues Property taxes

400,000
400,000
Appropriations Police salaries
300,000 Beg
300,000 Bal
Appropriations Transfer to Debt
Service Fund
45,000 Beg
45,000 Bal

Encumbrances Police supplies

4,000
4,000

Budgetary fund
balance reserved for
encumbrances
4,000 Beg
4,000 Bal

Accrued salaries
payable
13,000 Beg
13,000 Bal

Revenues - Property
taxes
391,000 Beg
391,000 Bal

Deferred revenues Property taxes

10,000 Beg Beg
10,000 Bal Bal

Due from State

6,000
6,000
7|Page

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050

Revenues - Park
admission fees
18,000 Beg Beg
18,000 Bal Bal

Revenues - Sales taxes

74,000 Beg
74,000 Bal

Beg
Bal

Expenditures - Park
salaries
75,000
75,000

(3)
Bal

Expenditures - Police
salaries
298,000
298,000

Transfer to Debt
Services Fund
45,000
45,000

Part E

ENTERPRISE FUNDS JOUNAL

2.

Cash

70,000

Revenues - Admission fees

To record receipt of admission fees.
3.

4.

5.

Expenses - Salaries
Cash
To record payment of salaries.

70,000

8,000
8,000

Bond payable
Expenses - Interest
Cash
To record payment of bond interest and principal.

40,000
24,000

Expenses - Depreciation
Accumulated depreciation - Capital assets
To record depreciation on swimming pool.

30,000

64,000

30,000

8|Page

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050

ENTERPRISE FUND LEDGER

Beg
(2)
Bal

(4)

(4)
Bal

Cash
5,000
8,000
70,000 64,000
3,000

Capital assets
(3) Beg 600,000
(4) Bal 600,000

Bonds payable
40,000 480,000 Beg
440,000 Bal

Revenues admission fees

70,000 (2) (3)
70,000 Bal Bal

Expenses Interest
24,000
24,000

Expenses Depreciation
30,000
30,000

(5)
Bal

Accumulated
depreciation - Capital
assets
90,000 Beg
30,000 (5)
120,000 Bal

Expenses - Salaries
8,000
8,000

Net Position
35,000
35,000

Beg
Bal

9|Page

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050
Part F

Coco City
General Fund
Preclosing Trial Balance
December 31, 2013
Cash
Unassigned fund balance
Due from State
Property taxes receivable -delinquent
Accrued salaries payable
Revenues - Property taxes
Revenues - Sales taxes
Revenues - Park admission fees
Deferred revenues - Property taxes
Expenditures - Police supplies
Expenditures - Police salaries
Expenditures - Park salaries
Transfer to Debt Services Fund
Encumbrances - Police supplies
Budgetary fund balance reserved for encumbrances
Estimated revenues - Property taxes
Estimated revenues - Sales taxes
Estimated revenues - Park admission fees
Appropriations - Police salaries
Appropriations - Police supplies
Appropriations - Park salaries
Appropriations - Transfer to Debt Services Fund
Budgetary fund balance

Debits
$
23,000

Credits
$

5,000

6,000
31,000
13,000
391,000
74,000
18,000
10,000
33,000
298,000
75,000
45,000
4,000
4,000
400,000
70,000
10,000

995,000

300,000
40,000
80,000
45,000
15,000
995,000

10 | P a g e

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050

Coco City
Capital Projects Fund
Preclosing Trial Balance
December 31, 2013
Debits
Other financing sources - long-term debt issued
Expenditures - Capital outlay
$ 500,000
$ 500,000

Credits
$ 500,000
$

500,000

Coco City
Debt Services Fund
Preclosing Trial Balance
December 31, 2013
Debits
Credits
Cash
$ 20,000
Transfer from General Fund
$ 45,000
Expenditures - bond principal
25,000
$ 45,000 $ 45,000
Coco City
Enterprise Fund
Preclosing Trial Balance
December 31, 2013
Debits
Credits
Cash
$
3,000
Capital assets
600,000
Net position
$
35,000
Accumulated depreciation - Capital assets
120,000
Bonds payable
440,000
Revenues - Admission fees
70,000
Expenses - Salaries
8,000
Expenses - Interest
24,000
Expenses - Depreciation
30,000
$ 665,000 $ 665,000

11 | P a g e

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050

Coco City
Balance Sheet
Governmental Fund
December 31, 2013
General
Assets
Cash
Property taxes receivable delinquent
Due from other governments
Capital assets (net of
accumulated depreciation)
Total assets
Liabilities
Accrued salaries payable
Bands payable
Total liabilities
Deferred Inflows of Resources
Deferred revenue - Property taxes
Fund Balances
Unrestricted
Assigned
Unassigned
Total fund balances
Total liabilities, deferred
inflows of resources, and
fund balances

23,000

Enterprise
$

31,000
6,000

60,000

13,000
13,000

3,000

Capital
Projects

480,000
483,000
440,000
440,000

Debt
Services
$

20,000

Total
$

46,000

31,000
6,000

20,000

480,000
563,000

$
$

13,000
440,000
453,000

10,000

10,000

37,000
37,000

43,000
43,000

20,000
20,000

43,000
20,000
37,000
100,000

60,000

483,000

20,000

563,000

12 | P a g e

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050

Coco City
Statement of Revenues, Expenditures, and Changes in Fund Balance
Governmental Funds
For the year ended December 31, 2013
Capital
Debt
General
Enterprise Projects Services
Revenues
Property taxes
Sales taxes
Park admission fees
Admission fees
Total revenues
Expenditures
Current:
Police supplies
Police salaries
Park salaries
Salaries
Depreciation
Debt service:
Principal
Interest
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other Financing Sources (Uses)
Transfers in
Transfers out
Proceeds - bond issuance
Total other financing
sources (uses)
Net change in fund balance
Fund balance, beginning of year
Fund balance, end of year

391,000
74,000
18,000
483,000

70,000
70,000

Total
$

391,000
74,000
18,000
70,000
553,000

33,000
298,000
75,000
-

8,000
30,000

33,000
298,000
75,000
8,000
30,000

406,000

25,000
24,000
500,000
62,000 500,000
25,000

25,000
24,000
500,000
993,000

77,000

8,000 (500,000) (25,000)

(440,000)

(45,000)
-

500,000

45,000
-

45,000
(45,000)
500,000

(45,000)
32,000
5,000

8,000
35,000

500,000
-

45,000
20,000
-

500,000
60,000
40,000

37,000

$ 43,000

$20,000

100,000

13 | P a g e

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050

Coco City
Budgetary Comparison Statement - General Fund
Year Ended December 31, 2013
Budget
Actual
Revenues
Property taxes
Sales taxes
Park admission fees
Total revenues
Expenditures
Current:
Police supplies
Police salaries
Park salaries
Total expenditures
Other Financing Sources (Uses)
Transfers out
Total other financing
sources (uses)
Net change in fund balance
Fund balance, beginning of year
Fund balance, end of year

400,000
70,000
10,000
480,000

391,000
74,000
18,000
483,000

Variance
$

(9,000)
4,000
8,000
3,000

40,000
300,000
80,000
420,000

33,000
298,000
75,000
406,000

7,000
2,000
5,000
14,000

(45,000)

(45,000)

(45,000)
15,000

(45,000)
32,000

17,000

5,000
37,000

14 | P a g e

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050

Coco City
Enterprise Fund
Municipal Swimming Pool
Statement of Net Position
December 31, 2013
Assets
Cash
Capital assets (net of accumulated depreciation of $120,000)
Total assets
Liabilities
Current:
Current portion of bonds payable
Noncurrent liabilities:
Bonds payable
Total liabilities
Net Position
Unrestricted

3,000
480,000
$

483,000

40,000
400,000
440,000
$

43,000

Coco City
Enterprise Fund
Municipal Swimming Pool
Statement of Revenues, Expenses, and Changes in Net Position
for the Year Ended December 31, 2013
Operating Revenues
Admission fees
$ 70,000
Operating Expenses
Salaries
$ 8,000
Depreciation
30,000
Total operating expenses
38,000
Operating income
32,000
Nonoperating expenses
Interest expense
(24,000)
Increase in net position
8,000
Total Net Position at Beginning of Year
35,000
Total Net Position at End of Year
$ 43,000

15 | P a g e

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050
Part G

1.

2.

3.

4.

5.

6.

7.

Deferred revenues - Property taxes

Revenues - Property taxes
To recognize 2013 property taxes on accrual basis of accounting.
Other financing sources - long-term debt issued
Bonds payable
To record liability.

10,000
10,000

500,000
500,000

Bond payable
Expenditures - bond principal
To reduce expenditures and record repayment of liability.

25,000

Transfer from General Fund

Transfer to Debt Services Fund
To eliminate transfers among governmental funds.

45,000

Capital assets
Expenditures - capital outlay
To reverse expenditures and record capital assets.

500,000

25,000

45,000

500,000

Depreciation expense
Accumulated depreciation
To record depreciation for 2013.

10,000

Interest expense
Accrued interest payable
To record interest accrued.

22,500

10,000

22,500

16 | P a g e

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050

Cash
Property taxes receivable delinquent
Deferred tax revenues
Unassigned fund balance
Assigned fund balance
Revenues:
Property taxes
Sales taxes
Park admission fees
Expenditures:
Police supplies
Police salaries
Park salaries
Bond principal
Capital outlay
Other financing items:
Proceeds of bonds
Transfers in
Transfers out
Capital assets
Accumulated depreciation
Due from State
Accrued salaries payable
Accrued interest payable
Bonds payable
Net position
Depreciation expense
Interest expense

Aggregated Balances
of Fund Statements
Debit
Credit
43,000

Adjustments
Debit
Credit

31,000

Adjusted Balances
Debit
Credit
43,000
31,000

10,000
5,000

10,000
5,000

391,000
74,000
18,000

10,000

33,000
298,000
75,000
25,000
500,000

401,000
74,000
18,000
33,000
298,000
75,000

25,000
500,000
500,000
45,000

500,000
45,000

45,000

45,000
500,000

500,000
10,000

6,000

10,000
6,000

13,000
25,000

22,500
500,000

13,000
22,500
475,000

10,000
10,000
22,500
22,500
1,056,000 1,056,000 1,112,500 1,112,500 1,018,500 1,018,500

17 | P a g e

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050
Coco City

Statement of Net Position

December 31,2013
Government
Activities
Assets
Cash

Property taxes receivable - delinquent

Capital assets, net of $10,000 accumulated depreciation
Due from other governments
Total assets
Liabilities
Accrued salaries payable
Accrued interest payable
Bonds payable:
Due within 1 year
Due in more than 1 year
Total liabilities
Net Position
Assigned
Unassigned
Net position

43,000
31,000
490,000
6,000
570,000
13,000
22,500
50,000
425,000
510,500
20,000
39,500

59,500

18 | P a g e

Tiffany Brito
Continuing Problem
December 2, 2016
ACCT 2050
Coco City
Statement of Activities
For the Year Ended December 31, 2013
Charges for
Expenses
Services
Programs
Police
Parks
Interest on long-term debt
Total governmental activities

341,000
75,000
22,500

18,000

438,500

18,000

Net (Expense)
Revenue
$

(420,500)

General revenues:
Property taxes
Sales taxes
Total general revenues
Change in net position
Net position, beginning
Net position, ending

(341,000)
(57,000)
(22,500)

401,000
74,000
475,000
54,500
5,000
$

59,500

19 | P a g e