Chapter8HomeworkAssignmentwithoutSolutions.xlsx

    Instructions

    Use the following information to complete the yellow highlighted areas on worksheets 8-25a and 8-25b. (These highlighted areas default to 1 until you type in the correct amount.)
    As you complete each cell on the worksheet, the cells to the far right will indicate whether your entry is correct or not.
    8-25 19e
    Fiduciary Fund Financial Statements (LO8-4) The following are the trial balances for the fiduciary funds administrered by the City of Mariville as of its year-end June 30, 2023. The net position amounts provided are as of the beginning of the fiscal year, July 1, 2022. Only those amounts that must be reported in the fiduciary fund financial statements are included in the trial balances.
    Required:
    8-25 a. Prepare the statement of changes in fiduciary net position for the year ended June 30, 2023.
    8-25 b. Prepare the statement of fiduciary net position as of June 30, 2023.

    8-25 a

    Solution
    8-25 a Check here for Feedback
    CITY OF MARIVILLE
    Statement of Revenues, Expenses and Changes in Fiduciary Net Position
    For the Year Ended
    Private- Purpose Trust Funds
    Pension Trust Funds Total Trust Funds Custodial Funds
    ADDITIONS
    Contributions:
    Employer 1 1 2 1
    Members 1 1 2 1
    Donations 1 1 2 1
    Tax collections 1 1 2 1
    Investment Earnings: 1 1 2 1
    Interest & dividends 1 1 2 1
    Total additions 6 $6 $12 $6
    DEDUCTIONS
    Benefits paid 1 1 2 1
    Payments to participants 1 1 2 1
    Payments of Property Taxes to Other Governments 1 1 2 1
    Administrative expenses & other 1 1 2 1
    Total deductions $4 $4 $8 $4
    Net increase (decrease) in fiduciary net position
    1 1 1 1
    Net position beginning 41,123,848 164,082 41,287,930 240,932
    Net position ending $41,123,849 $164,083 $41,287,931 $240,933

    8-25 b

    Check here for Feedback
    Solution
    8-25 b
    Statement of Fiduciary Net Position
    As of Year End
    Private- Purpose Trust Funds
    Pension Trust Funds Total Trust Funds Custodial Funds
    ASSETS
    Cash & cash equivalents $1 $1 $2 $1
    Receivables 1 1 2 1
    Investments 1 1 2 1
    Total assets $3 $3 $6 $3
    LIABILITIES
    Accounts payable 1 1 2 1
    Due to other funds 1 1 2 1
    Total liabilities 2 $2 $4 $2
    NET POSITION
    Restricted for:
    Pensions 1 1 2 1
    Other governments 1 1 2 1
    Other purposes 1 1 2 1
    Total net position $3 $3 $6 $3

    8-25a Feedback

    Solution
    8-25 a
    CITY OF MARIVILLE
    Statement of Revenues, Expenses and Changes in Fiduciary Net Position
    For the Year Ended
    Private- Purpose Trust Funds
    Pension Trust Funds Total Trust Funds Custodial Funds
    ADDITIONS
    Contributions:
    Employer Try Again Try Again Try Again Try Again
    Members Try Again Try Again Try Again Try Again
    Donations Try Again Try Again Try Again Try Again
    Tax collections Try Again Try Again Try Again Try Again
    Investment Earnings: Try Again Try Again Try Again Try Again
    Interest & dividends Try Again Try Again Try Again Try Again
    Total additions $0 $0 $0 $0
    DEDUCTIONS
    Benefits paid Try Again Try Again Try Again Try Again
    Payments to participants Try Again Try Again Try Again Try Again
    Payments of Property Taxes to Other Governments Try Again Try Again Try Again Try Again
    Administrative expenses & other Try Again Try Again Try Again Try Again
    Total deductions $0 $0 $0 $0
    Net increase (decrease) in fiduciary net position
    Try Again Try Again Try Again Try Again
    Net position beginning 41,123,848 164,082 41,287,930 240,932
    Net position ending Try Again Try Again Try Again Try Again

    8-25 b Feedback

    Solution
    8-25 b
    Statement of Fiduciary Net Position
    As of Year End
    Private- Purpose Trust Funds
    Pension Trust Funds Total Trust Funds Custodial Funds
    ASSETS
    Cash & cash equivalents Try Again Try Again Try Again Try Again
    Receivables Try Again Try Again Try Again Try Again
    Investments Try Again Try Again Try Again Try Again
    Total assets Try Again Try Again Try Again Try Again
    LIABILITIES
    Accounts payable Try Again Try Again Try Again Try Again
    Due to other funds Try Again Try Again Try Again Try Again
    Total liabilities Try Again Try Again Try Again Try Again
    NET POSITION
    Restricted for:
    Pensions Try Again Try Again Try Again Try Again
    Other governments Try Again Try Again Try Again Try Again
    Other purposes Try Again Try Again Try Again Try Again
    Total net position Try Again Try Again Try Again Try Again

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