Question

The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the general fund holds $123,000 cash and a new school building costing $1 million. The city utilizes straight-line depreciation. The building has a 20-year life and no salvage value. The enterprise fund has $62,000 cash and a new $600,000 civic auditorium with a 30-year life and no salvage value. The enterprise fund monitors just one activity, the rental of the civic auditorium for entertainment and other cultural affairs The following transactions for the city take place during 2017. Assume that the city's fiscal year ends on December 31. a. Decides to build a municipal park and transfers $70,000 into a capital projects fund and immediately expends $20,000 for a piece of land. The creation of this fund and this transfer were made by the highest level of government authority b. Borrows $110,000 cash on a long-term bond for use in creating the new municipal park. c. Assesses property taxes on the first day of the year. The assessment, which is immediately enforceable, totals $600,000. Of this amount, $510,000 will be collected during 2017 and another $50,000 is expected in the first month of 2018. The remainder is expected about halfway through 2018. d. Constructs a building in the park in (b) for $80,000 cash so that local citizens can play basketball and other sports. It is put into service on July 1 and should last 10 years with no salvage value. e. Builds a sidewalk around the new park for $10,000 cash and puts it into service on July 1. It should last for 10 years, but the city plans to keep it up to a predetermined quality level so that it will last almost indefinitely f. Opens the park and charges an entrance fee of only a token amount so that it records the park, therefore, in the general fund Collections during this first year total $8,000. g. Buys a new parking deck for $200,000, paying $20,000 cash and signing a long-term note for the rest. The parking deck, which is to go into operation on July 1, is across the street from the civic auditorium and is considered part of that activity. It has a 20-year life and no salvage value. h. Receives a $100,000 cash grant for the city school system that must be spent for school lunches for the poor. Appropriate spending of these funds is viewed as an eligibility requirement of this grant. During the current year, $37,000 of the amount received was properly spent.

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City of Pfeiffer Statement of Net Position Government-Wide Financial Statements December 31,2017 Governmental Business Type Activities Activities Total 10 02 ADD 90.000 42,00 90,000 Pyperty Tax Receivable 20,000 Rent Receivable Supplies 5.000 20.000 5,000 20,000 10.000 96,300 35 10.000 96.900 116 Sidewalk School Bus Parkin Decknet Buildings (net) Total Assets 1.006.000 1. 90 590.000 925,000 1.605.000 2,475,500 300.000 1, 50,900 119 2.000 33,000 28,000 23.000 Ilabilities Salary Payable Vacation Payable Interest Dayable Detered Revenues Bands & Notes Dayable Total ilabilities 5.000 13,000 63.000 105.000 221,000 210000 190.000 201,000 000 Net Position Capital Assets less related Debt Unrestricted Total Net Assets 1.647.900 22.000 1,320,000 582,000 142,000 72,000 1,639.900 4,000 2,05 1,00 114,000

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