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derro derro
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5 years ago
Selected governmental fund data from the City of Miller’s Cove is presented below (all amounts are in thousands of dollars):

Expenditures – Capital Outlay (Furniture and Equipment)      $3,500
Expenditures – Debt Service – Principal      200
Expenditures – Debt Service – Interest      200
Other Financing Sources — Proceeds from Sale of General Capital Assets      120
Other Financing Sources — Bonds      1,000
Other Financing Sources — Bond Premium      100
Transfers from the General Fund      650
Transfer to the Debt Service Fund      650
Transfer to the Enterprise Fund      250
Revenue – Property Taxes      1,500
Increase in compensated absences reported as general long-term liabilities      23

Additional information:

1.   Land was sold that had a book value of $25.
2.   Deferred property taxes were $10 at the beginning of the year. Deferred property taxes at the end of the year were $12.
3.   All of the compensated absence liabilities relate to the public safety function.

Requirement:   Prepare the worksheet adjustments that would be needed to convert the following governmental fund data to governmental activities data for the government-wide statements.
Textbook 
Governmental and Nonprofit Accounting

Governmental and Nonprofit Accounting


Edition: 11th
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derro Author
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This calls for a celebration Person Raising Both Hands in Celebration
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Good timing, thanks!
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