Excel based problems Essay Example for Free

Excel based problems EssayThe fund- base of operations financial statements of Jefferson county have completed for the year 2012 and appear in the first tab of the excel spreadsheet provided with this exercise. The following information is also availablea. Capital Assets Capital assets purchased in previous years in governmental part funds totaled $752,000 (net of accumulated depreciation) as of January 1, 2012. Depreciation on capital assets used in governmental- type activities amounted to $79,500 for 2012 No capital assets were sold or sell of in 2012 and all purchases are properly reflected in the fund-basis statements as capital expenditures. b. Long-term Debt Thither was no outstanding long-term debt associated with governmental- type funds as of January 1, 2012. April 1, 2012, 6 percent sequesters with a face value of $ 700,000 were issued in the amount of $ 720, 000. Bond payments are made on October 1 and April 1 of each year. quest is based on an annual rate of 6 pe rcent and principal payments are $ 17, 500 each. The first payment (Interest and principal) was made in October 1. Amortization of the bond premium 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) internal service 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 outstanding balance of due to other funds was with the Enterprise Fund and is not capital related. The green light fund provided a long-term advance to the internal service fund (not capital related). RequiredUse the excel template provided to complete the following fatality aseparate tab is provided in Excel for eac h of these steps. 1. Prepare the journal 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 authorise Assets for the year 2012. All of the governmental fund revenues are world-wide revenues. This is an involved problem, requiring many steps. Here are some hints.a. Tab 1 is information to be used in the problem. you do not enter anything hereb. After 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 numbers and ascribe as negative. After enter you post your entries, look at the numbers below the total reference work 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 (ba lances for Government-wide statements )d. When calculating Restricted Net Assets, recall that permanent fund principal is added to restricted fund balances.