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Chapter$8$Government$-$wide Statements$8-$C Assenble the following from previous continuous problems: $(1)$ the governmentalfunds Balance Sheet and Statement of Revenes, Expenditures, and Changes in FundBalances from Section SC $(3)$ the proprietaty fmds Statement of Net position andStatement of Revenoes Expenses and $($hanges in Fnd Net position fro Secticn $6$CRequired$1$ Starta worksheet far adjustments, using the trial balance format ilfustrated in the textGe list accounts with debit balances first. then accounts with eredit balances$).$ Enterthe balances from the governmental finds financial statements prepared for Section$C$.$ When doing this, follow the following guidelinesNet position: Use a single account for iet postionthe beginning balance of all fund balance accounts$)$Intergovernmental Revenues: When setting up the worksheet, set upseparate lines for the intergovernmental revenues as follows:State Grant for Highway and Street MaintenanceOperational GrantGeneral GovernmentCapital Gtant Public Safetytion $($which will inciudetotalConfirm that the total debits and credits equal.S L$\mathrm{.}067500$CostL$335,000$$$2,734,500$Capital ASsets: It is not necessary to set up separate Lnes tor dhueretclasses of capital $($fixed$)$ assets or accumulated depreciation $($simplyone row for Capital Assets and another for Accumulated Depreciation$)332,000$different$2.$ Prepare worksheet entries and post to the worksheet for the following items. ldentify eachadjustment by the letter used in the problema Record the January $1,2024$ balances of general fixed asset and relatedaccumulacoCiation accounts The City of Monroe had the followingbalances $($excluding Internal Service Funds$).$AccumulatedDepreciatioaTotalsS$67\mathrm{.}900\mathrm{.}00032\mathrm{.}000\mathrm{.}000$Elininate the capital expenditures shown in the governmental funds Staternentof Revenues, Expenditures, and Changes in Fund Balances.Galaxy S$22$preciation expense $($governmental activities$)$ for the year totaledS$5,130,000$Prepare, in good forhm,a Statement of Net position for the City ofMonroe as of Decenber$31,2024$ Group all capital assets, net of dereciation Inchide a breakdoun in the Netposition section for $($a$)$ captal assets, net of related debt $($b$)$ testricted, and $($c$))$unrestricted For puposes of classifying net position for the govermental activities,assume:For the govemmental activities ner pos ition imvested in capital assets, net ofated deht the related d$$ebt includes the bonds payable, the premium onrelated det, ethe advance from the water utility fandbonds payable, and tfnd resources are restricted by the granting agency forThe special revenuestreet and highway maintenance. Assurne S$204,500$ are the only restrictedresources in the overnmental activities$\mathrm{.}5.$ Prepare the reconciliation necessary to convert from the fund balance reported in thegovernmental funds Balance Sheet to the net position in the government$-$wide Statementof Net position$6.$ Prepare the reconciliation necessary to convert from the change in fund balances in thegovernmental fundsunds SratChapter $13-$ Financial Statement AnahsisAssemble the finanicial statements pepaeoCity of Montoe. These financialstatepents will be in the solutions to tCnt of $$)7$s miltion Compute thed C Assume apopulation of $32,0002$nd $1$ar Value os PPe Vllage of Elizabeth in ths chapterfollowing ratios, $1$oiownen$)$ Fmancial Position$-$Governmental Activities$(2)$ Financial Position General Fund.$(3)$ Quick Ratio$-$Govemental Activities$(4)$Leverage$-$ Primary Government$()$ Det Coverage $-$ Enterprise Funds$(6)$ Debt Service to Total Expenditures$)$ Debt per Capital$-$Pramary CGovenmeatGalaxy S$22(8)$ Debt to Assessed Value of Property$-$ Primay GovemmentStylesliability for bonds payable and the related premium.d Eliminate the other financing sources from the sale of bonds by recording ae$.$ As of January $1,2024,$ the City of Moroe had $$12,000,000$ in generalobligation bonds outstanding$$ Eliminate the expenditures fot bond principalEdtingR Accrue interest in the amount of $$328,000.($Two bond issues were outstanding:interest payments for both were last made on Juty $1,2024.$ The computation is$$ Amortize bond premium in the amount ofs $10,000.$Vojceas folows: $($$$1$L$200,000$ x $03$ x$612)+($$$4,000,000\mathrm{.}086$t$)-$ $$328,000)$Adjust for the interest acenied in the prior year government$-$ wide statements, butrecorded as an expenditure in the $2024$ fund basis statements, $($S$12,000,00003$ x $612)-$$$180,000$Make adjustments for additional revenue accrual. The only adjustment is forproperty taxes to eliminate the current year deferral of property taxes.$*$ Adjust for the S$21,000$ of property taxes that was deferred in $2023$ andrecognized as revenue in the $2024$ fund$-$basis statements$\mathrm{.}1$ Assume the City adopted a policy in $2024$ of allowing employees to accumulatecompensated absences$.$ Make an adjustnent accruing the expense of S $42,000$Charge compensated absences expense.m Bring in the balances off the internal service fund balance sheetSueet acCounts. Againuse a single account for all capital assets and a second account for allaccumulated depreciation balances $($use a sep

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