Stores & Services Fund STORES AND SERVICES INTERNAL SERVICE FUND INVENTORY OF XXXXXXXXXXDUE FROM reference XXXXXXXXXXAccount Titles DebitsCredits XXXXXXXXXXCASH XXXXXXXXXXSUPPLIES XXXXXXXXXXOTHER...

Continuous Problems ch5-6 attached is the rubric and templates. Work off of the first part submission


Stores & Services Fund STORES AND SERVICES INTERNAL SERVICE FUND INVENTORY OF DUE FROM reference Account TitlesDebitsCredits CASH SUPPLIES OTHER FUNDS LAND bb28,000bb27,500bb27,000bbbb18,000 6-C-11type debit accounts in this column type credit accounts in this column 28,00027,50027,00018,000 ACCUMULATED DEPR'ACCUMULATED DEPR' BUILDINGS BUILDINGS EQUIPMENT EQUIPMENT bb84,00030,000bbbb46,00025,000bb 84,00030,00046,00025,000 ADVANCE FROM NET POSITION ACCOUNTS PAYABLE ENTERPRISE FUND ( beginning) 19,000bb30,000bb126,500bb 19,00030,000126,500 REVENUES - CHARGESOPERATING EXPENSESOPERATING EXPENSESOPERATING EXPENSES FOR SALES & SERVICESCOST OF SALES & SERVs ADMINISTRATION DEPRECIATION ---- Total Debits 230,500 Total Credits230,500 - &16City of Monroe Stores & Services Internal Service Fund&16 Water & Sewer Fund WATER AND SEWER ENTERPRISE FUND CASH CUSTOMER ESTIMATED DUE FROM reference Account TitlesDebitsCreditsbb98,000ACCOUNTS RECEIVABLEUNCOLLECTIBLE ACCNTS GENERAL FUND bb84,0004,000bbbb 6-C-21type debit accounts in this column type credit accounts in this column 98,00084,0004,000- MATERIALS & SUPPLIESADVANCE TO SUPPLIES WATER TREATMENTACCUMULATED DEPR' INVENTORIES AND STORES FUND PLANT - WATER PLANT bb28,000bb30,000bb4,200,0001,200,000bb 28,00030,0004,200,0001,200,000 CONSTRUCTION PAYROLL IN PROCESSRESTRICTED ASSETSACCOUNTS PAYABLE TAXES PAYABLE bb203,000bb117,00097,000bb-bb 203,000117,00097,000- DUE TO STORES REVENUE NET POSITION REVENUES - CHARGES RESERVE FOR ENCUMBRANCES & SERVICES FUND BONDS PAYABLE ( beginning)FOR SALES & SERVICES -bb2,500,000bb959,000bb -2,500,000959,000- OPERATING EXPENSESOPERATING EXPENSESOPERATING EXPENSESOPERATING EXPENSES COST OF SALES & SERVs SELLING ADMINISTRATION DEPRECIATION ---- NON- OPERATING EXPENSES INTEREST Total Debits 4,760,000 Total Credits4,760,000 - - - &"Arial,Bold"&14City of Monroe - Water and Sewer Enterprise Fund Closing Entries Stores and Services Internal Service Fund Closing Entry Account TitleDebitsCreditsNET POSITION 126,500Preclosing closing entry 126,500 Net Investment in Capital Assets Restricted UnrestrictedTotal Net Investment in Capital Assets Capital Assets- Less: Accumulated Depreciation- Less: Advance from Enterprise fund- Restricted- Unrestricted- ---- Water and Sewer Enterprise Fund Closing Entry Account TitleDebitsCreditsNET POSITION 959,000Preclosing closing entry 959,000 Net Investment in Capital Assets Restricted UnrestrictedTotal Net Investment in Capital Assets Capital Assets- Less: Accumulated Depreciation- Less: Revenue Bond Payable- Restricted- Unrestricted- ---- &14City of Monroe&14 PROPRIETARY FUNDS- Closing Entries Stmt of revenues & expenses Business-Type Activities Enterprise Funds Water and SewerGovernmental Activities Internal Service Funds Operating Revenues Charges for Services Total Current Assets-- Operating Expenses Cost of Sales and Services Selling Administration Depreciation Total Operating Expenses-- Operting Income-- Nonoperating Expenses Interest Expense- Change in Net Position-- Net Position, January 1 Net Position, December 31$ -$ - &"Times New Roman,Regular"&14City of Monroe Statement of Revenues, Expenses and Changes in Fund Net Position Proprietary-type Funds For the year ended December 31, 2017 Stmt of net position Business-Type Activities Enterprise Funds Water and SewerGovernmental Activities Internal Service Funds Assets Current Assets Cash Customer Accounts Receivable (Net) Due from Other Funds Inventories Total Current Assets-- Noncurrent Assets Advance to Stores and Services Fund Restricted Assets (Cash) Capital Assets, Net of Accumulated Depreciation Total Noncurrent Assets-- Total Assets-- Liabilities Current Liabilities Accounts Payable Payroll Taxes Payable Due to Internal Service Fund Total Current Liabilities-- Noncurrent Liabilities Revenue Bonds Payable Advance from Water Utility Fund Total Noncurrent Liabilities-- Total Liabilities-- Net Position Net Investment in Capital Assets Restricted Unrestricted Total Net Position$ -$ - &"Times New Roman,Regular"&14City of Monroe Statement of Net Position Proprietary-type Funds As of December 31, 2017 Stmt of Cash Flows Business-Type Activities Enterprise Funds Water and SewerGovernmental Activities Internal Service Funds Cash Flows from Operating Activities Cash Received from Customers and Departments Cash Paid to Suppliers and Employees Net Cash Provided by Operating Activities-- Cash Flows from Capital Related Financing Activities Acquisition of Capital Assets Interest Paid on Long-term Debt Partial Repayment of Advance from Enterprise Fund Net Cash Used in Capital Related Financing Activities-- Cash Flows from Investing Activities Partial Receipt of Advance to Internal Service Fund Net Cash Provided from Investing Activities-- Net Increase (Decrease) in Cash-- Cash and Restricted Cash, January 1 Cash and Restricted Cash, December 31$ -$ - Reconciliation of Operating Income to Net Cash Provided by Operating Activities Operating Income Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Actitities Depreciation (Increase) Decrease in Customer Accounts Receivable (Increase)Decrease in Interfund Receivables (Increase) Decrease in Inventories Increase (Decrease) in Accounts Payable Increase (Decrease) in Payroll Taxes Payable Increase (Decrease) in Interfund Liabilities Net Cash Provided by Operating Activities$ -$ - Non-cash investing, capital, and financing activities:00 &"Arial,Bold"City of Monroe Statement of Cash Flows Proprietary-type Funds For the year ended December 31, 2017 Continuous Problem Continuous Problem – City of Monroe Continuous Problem – City of Monroe to Accompany Essentials of Accounting for Governmental and Not-for-Profit Organizations: Thirteenth Edition Chapters 2 through 8 describe accounting and financial reporting by state and local governments. A continuous problem is presented to provide an overview of the reporting process, including preparation of fund basis and government-wide statements. The problem assumes the government is using fund accounting for its internal record-keeping and then at year-end makes necessary adjustments to prepare the government-wide statements. The problem that follows is presented in the same order as the textbook (beginning with Chapters 3, and 4). Each chapter requires the preparation of journal entries to record the events and transactions of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds, use separate accounts for each type of revenue and expenditure/expense. At appropriate stages, preparation of the fund and government-wide statements are required. The following funds are included in this series of problems: Governmental Funds · General · Special revenue—Street and Highway Fund · Capital projects—City Hall Annex Construction Fund · Debt service—City Jail Annex Debt Service Fund · Debt service—City Hall Debt Service Fund Proprietary Funds · Internal service—Stores and Services Fund · Enterprise—Water and Sewer Fund Fiduciary Funds · Private-purpose—Student Scholarship Fund · Pension trust—Fire and Police Retirement Fund Chapters 3 & 4 The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe as of December 31, 2016, follow. These (beginning) balances have been entered in the proper general ledger accounts, as of 1/1/2017. CITY OF MONROE General Fund Balance Sheet As of December 31, 2016 Assets Cash $497,000 Taxes receivable $210,000 Less: Estimated uncollectible taxes (37,000) net 173,000 Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties (950) net 4,250 Due from state government 210,000 Total assets $884,250 Liabilities, Deferred Inflows, and Fund Equity Liabilities: Accounts payable $ 99,000 Due to other funds 27,000 Total liabilities 126,000 Deferred inflows – Property taxes 21,000 Fund equity: Fund balance—assigned (for outstanding encumbrances) $17,000 Fund balance—unassigned 720,250 Total fund balance 737,250 Total liabilities, deferred inflows and fund equity $884,250       CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2016 Assets Cash $23,000 Investments 59,000 Due from state government 107,000 Total assets $189,000 Liabilities and Fund Equity Liabilities: Accounts payable $9,000 Fund equity: Fund balance—assigned for streets and highways 180,000 Total liabilities and fund equity $189,000 3–C. This portion of the continuous problem continues the General Fund and special revenue fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts