Please I need help with the Smithville project full versionChapter 9 and the complete instructions are below. Thank you
Chapter 9 Adjusting and Closing Entries for GovernmentalActivities, Government-wide Level; Preparation of Government-wideand Major Fund Financial Statements
Prior to preparing financial statements at the end of FY 2014,it is necessary to record depreciation expense for the year forgovernmental activities at the government-wide level.
Based on general capital assetsassigned to specific functions, depreciation expense related toequipment and infrastructure is allocated to functions as shownbelow:
Equipment Infrastructure
GeneralGovernment $ 42,348
PublicSafety 220,212
PublicWorks 84,696 $118,344
Health andWelfare 21,168
Culture andRecreation 55,056
Totals $423,480 $118,344
In addition, depreciation expense forbuildings in the amount of $188,000 is allocated to functionsaccording to the percentage of total floor space of buildings usedby each function. The Public Works director has provided thefollowing information for the current year:
Percentage of Building
Floor Space Used
GeneralGovernment 20%
PublicSafety 35
PublicWorks 22
Health andWelfare 10
Culture andRecreation 13
Total 100%
Required:[Para. 9-a] Record depreciation expense for theyear 2014 in the governmental activities general journal at thegovernment-wide level. Round all amounts to the nearest wholedollar. Verify accuracy of the adjusting entries and post to thegeneral ledger by clicking [Post Entries].
b. Although closing entries were made in each fund in Chapters 4through 7 of this cumulative problem, they have not yet beenrecorded at the government-wide level.
Required: ClosingEntries. Record the journal entries required on December31, 2014, to close all temporary accounts for governmentalactivities at the government-wide level. These entries should alsorecognize changes in the accounts Net PositionâNet Investment inCapital Assets, Net PositionâRestricted for Public Safety (seeGeneral Fund), Net PositionâRestricted for Capital Projects, andNet PositionâRestricted for Debt Service. (Note: Be sure todeduct accrued interest on long-term debt in calculating theDecember 31, 2014 balance of Net PositionâRestricted for DebtService.) For each account to be closed or reclassified,be sure and click on the check mark for [ClosingEntry] and that âClosing Entriesâ appears in the[Transaction Description] box. Post the closingentries to the general ledger by clicking on [PostEntries].
Please remember that beforeclosing the City of Smithville, you must click on [File],and [Save/Save As] to save your work. Your work is NOTautomatically saved.
Usethe exportable trial balances used in Chapters 2 through 7 of thisproblem and export the pre-closing trial balance and post-closingtrial balance for governmental activities to prepare allgovernment-wide and fund financial statements that the City ofSmithville must present for its basic financial statements to be inconformity with generally accepted accounting principles. (SeeIllustrations A2-1 through A2-11 of the Reck, Lowensohn, and Wilsontextbook for examples of these statements.) We recommend that youuse Excel to prepare these financial statements; however, yourinstructor may want you to do these manually. Since the Solid WasteDisposal Fund is the only fund in the proprietary funds category,you may reprint the statement of net assets; statement of revenues,expenses, and changes in net assets; and the statement of cashflows prepared for the Solid Waste Disposal Fund as the requiredstatements for the proprietary fund basic financial statements,with appropriate changes to the titles of the statements. Theinformation for the Solid Waste Disposal Fund can also be used tocomplete the Business-type Activities columns of thegovernment-wide financial statements.
(Notes: The City ofSmithville is a primary government and has no other organizationsfor which it is accountable as component units. Also, the FY 2015financial information for the Street Improvement Debt Service Fundis not included in any of the basic financial statements you arepreparing, as the statements you are preparing pertain only to FY2014.)
