City of Hope Project

City of Hope Project

City of Hope Project

The 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 Chapter 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: Blue– represents practice sets with accompanying solutions (not graded) Green – represents assignments (graded) Week 4 - Governmental Funds (GF, SRF)  General  Special revenue—Street and Highway Fund Week 5 - Governmental Funds (CPF, DSF)  Capital projects—City Hall Annex Construction Fund  Debt service—City Jail Annex Debt Service Fund  Debt service—City Hall Debt Service Fund Week 6- Proprietary Funds (ISF, EF)  Internal service—Stores and Services Fund  Enterprise—Water and Sewer Fund Week 7- Fiduciary Funds (PPT, PT)  Private-purpose Trust—Student Scholarship Fund Pension Trust Week 8- Government-wide Conversion Week 10- Financial Analysis & Written Narrative

The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Hope as of December 31, 2014, follow. These (beginning) balances have been entered in the proper general ledger accounts, as of 1/1/2015.

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City of Hope Project CITY OF HOPE General Fund Balance Sheet As of December 31, 2014 Assets Cash...