The fund-basis 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 available: a. Capital Assets
• Capital assets purchased in previous years in governmental type 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 disposed of in 2012 and all purchases are properly reflected in the fund-basis statements as capital expenditures.
b. Long-term Debt
• There was no outstanding long-term debt associated with governmental- type funds as of January 1, 2012. • April 1, 2012, 6 percent bonds 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. Interest is based on an annual rate of 6 percent 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 $18,200 d. Transfers
• Transfers were between governmental-type funds.
e. Internal Service Fund
• The (motor pool) internal service fund’s 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 enterprise fund provided a long-term advance to the internal service fund (not capital related). Required
Use the excel template provided to complete the following requirement; a separate tab is provided in...
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