The City of Madison,a general purpose government,reported fund balances in the amount of $18,700,000 in the governmental funds balance sheet dated December 31,2014.In addition,the following information is relevant:
A.General government capital assets amounted to $28,000,000.Accumulated depreciation of those capital assets amounted to $12,000,000.Enterprise fund capital assets amounted to $ 17,000,000 with accumulated depreciation of $ 8,400,000.
B.Internal service fund's net assets amounted to $2,500,000.These were reported in the proprietary funds fund basis statements but serve departments in the General Fund.
C.Deferred Property Taxes,which should be recognized as revenue in the government-wide statements,amounted to $ 200,000.The balance of deferred property taxes from the previous year was $ 170,000.
D.Liabilities,in addition to the amount reported in the governmental funds balance sheet included accrued interest payable,$300,000;
E.General long-term liabilities of the government amounted to (1)general obligation bonds of $ 6,000,000 and (2)compensated absences payable of $1,500,000.Revenue Bonds Payable in the enterprise fund totaled $ 2,000,000.
Required:
Prepare a reconciliation from the fund balances recognized in the governmental funds balance sheet to the net assets recognized in the governmental funds column of the government-wide statement of net assets.

Question

The City of Madison,a general purpose government,reported fund balances in the amount of $18,700,000 in the governmental funds balance sheet dated December 31,2014.In addition,the following information is relevant:
A.General government capital assets amounted to $28,000,000.Accumulated depreciation of those capital assets amounted to $12,000,000.Enterprise fund capital assets amounted to $ 17,000,000 with accumulated depreciation of $ 8,400,000.
B.Internal service fund's net assets amounted to $2,500,000.These were reported in the proprietary funds fund basis statements but serve departments in the General Fund.
C.Deferred Property Taxes,which should be recognized as revenue in the government-wide statements,amounted to $ 200,000.The balance of deferred property taxes from the previous year was $ 170,000.
D.Liabilities,in addition to the amount reported in the governmental funds balance sheet included accrued interest payable,$300,000;
E.General long-term liabilities of the government amounted to (1)general obligation bonds of $ 6,000,000 and (2)compensated absences payable of $1,500,000.Revenue Bonds Payable in the enterprise fund totaled $ 2,000,000.
Required:
 Prepare a reconciliation from the fund balances recognized in the governmental funds balance sheet to the net assets recognized in the governmental funds column of the government-wide statement of net assets.

Quizplus · Accepted Answer

The Answer of The City of Madison,a general purpose government,reported fund balances in the amount of $18,700,000 in the governmental funds balance sheet dated December 31,2014.In addition,the following information is relevant:
A.General government capital assets amounted to $28,000,000.Accumulated depreciation of those capital assets amounted to $12,000,000.Enterprise fund capital assets amounted to $ 17,000,000 with accumulated depreciation of $ 8,400,000.
B.Internal service fund's net assets amounted to $2,500,000.These were reported in the proprietary funds fund basis statements but serve departments in the General Fund.
C.Deferred Property Taxes,which should be recognized as revenue in the government-wide statements,amounted to $ 200,000.The balance of deferred property taxes from the previous year was $ 170,000.
D.Liabilities,in addition to the amount reported in the governmental funds balance sheet included accrued interest payable,$300,000;
E.General long-term liabilities of the government amounted to (1)general obligation bonds of $ 6,000,000 and (2)compensated absences payable of $1,500,000.Revenue Bonds Payable in the enterprise fund totaled $ 2,000,000.
Required:
 Prepare a reconciliation from the fund balances recognized in the governmental funds balance sheet to the net assets recognized in the governmental funds column of the government-wide statement of net assets.

The City of Madison,a General Purpose Government,reported Fund Balances in the Amount