Tierney County
Total Governmental Funds
Preclosing Trial Balance
December 31,2005
Cash 1,348,200 (dr)
Investments 7,355,600 (dr)
Due from general fund 3,500 (dr)
Taxes Receivable 189,000 (dr)
Allowance for uncollectable taxes 38,500 (cr)
Interest and penalities receivable 5.250 (dr)
Allowance for uncollectable interest and penalities 476 (cr)
accounts receivable 45,500 (dr)
Allowance for uncollectable accounts 1,750 (cr)
Accrued interest receivable 191,800 (dr)
Inventory of materials and supplies 16,450 (dr)
vouchers payable 1,016,400 (cr)
accrued salaries and wages payable 17,500 (cr)
contracts payable retained percentage 350,000 (cr)
interest payable (on current debt) 1,050 (cr)
unearned operating grant revenues 360,500 (cr)
unearned capital grant revenues 525,000 (cr)
Due to enterprise fund 11,550 (cr)
due to special revenue funds 3,500 (cr)
deferred tax revenues 107,800 (cr)
fund balance (preclosing) 695,049 (cr)
Revenues:
Taxes 3,395,000 (cr)
licenses and permits 311,500 (cr)
Fines and Forfeitures 133,000 (cr)
Unrestricrted grants 367,500 (cr)
Operating Grants 420,000 (cr)
Capital Grants 7,231,000 (cr)
Investment Income 600,000 (cr)
Other Revenues 7,000 (cr)
Current operation expenditures / expenses
General government 274,400 (dr)
public safety 1,417,500 (dr)
streets and roads 861,700 (dr)
health and sanitation 162,400 (dr)
Parks and recreation 65,100 (dr)
Captial outlay expenditures:
for construction 8,890,000 (dr)
for equipment 203,700 (dr)
Debt Service Expenditures:
bond principal retirement 700,000 (dr)
interest and bonds 356,745 (dr)
fiscal agent fees 52,500 (dr)
bond issue costs 35,000 (dr)
Other Financing Sources:
bonds 6,300,000 (cr)
bond premium 42,000 (cr)
Proceeds from sale fo general capital assets 175,000 (cr)
Transfers form general fund 616,000 (cr)
Transfers from Special revenue funds 70,000 (cr)
Transfers from enterprise funds 63,000 (cr)
Other Financing uses:
Transfers to capital projects funds 56,000 (dr)
trasfers to debt service funds 560,000 (dr)
transfers to general fund 70,000 (dr)
Totals 22,860,075 both
1. the beginning trial balance of the general capital assets andgeneral long term liabilities accounts at January 1, 2015 was
land 465,500 (dr)
buildings 4,375,000 (dr)
accumulated depreciation _ buildings 2,730,000 (cr)
machinery and equipment 1,400,000 (dr)
accumulated depreciation machinery and equipment 525,000(cr)
streets and roads 7,000,000 (dr)
accumulated depreciation streets and roads 4,200,000 (dcr
bonds payable 2,800,000(cr)
premium on bonds payable 70,000(cr)
liability for claims andjudgements - long term 490,000 (cr)
compensated absences liability -long term 350,000 (cr)
net position 2,075,500(cr)
totals 13,240,500
2. the balance of the long-termclaims and judgments obligation at december 31, 2015 was 450,000.all claims and judgements of the county are related to health andsanitation.
3. the balance fo the long-termliability for compensated absences at december 31, 2015 was425,000, compensated absence liabilities are generated equally bythe general government, public safety, streets and roads, andhealth and sanitation.
4. the bons issuance occurred atyear end. the equipment purchases occurred at the beginning of theyear.
5. the january 1, 2015 balance ofaccrued salaries and wages payable was 25,000
6. the january 1, 2015 balance ofdeferred tax revenue was 84,000
7. the operating grants revenueswere associated with public safety (100,000) and health andsanitaiton. the capital grants were associated with streets androads.
8. the accrued interst associatedwith bonds at december 31,2015 was 99,000 the january 1 2015balance was 87,500
9. the remaining term of thebonds payable with the premium (70,000) is 10 years. use straightline amortization.
10. the county depereciatesmachinery and equipment over 5 years, building over 20 years, andstreets and roads over 30 years. assume zero salvagevaleus.
11. depreciation expense on thebuildings and on the machinery and equipment is associated withfunctions as follows: general government 10 %, pulbic safety 50%,streets and roads 25%, health and sanitaiton 10%, and parks andrecreation 5%.
12. the cpaital asset sold wasequipment, which cost 500,000 and had accumulated depreciation atthe january 1 sale date of 400,000
13. the county's only internalservice fund provides 75% of its services to enterprise funds andsets its billings equal to its costs of providing services. Theinternal service fund billings to general governmental departmentsduring the year totaled 100,000. billings of 25,000 were associatedwith each functional category of expenditures except parks andrecreation.
Reguired: the december 31, 2015total fund balance (postclosing) was 6,721,274. Prepare a balancesheet conversion worksheet to derive government-wide, governmentalactivities data for Tierney County.
