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Full Essentials of Accounting For Governmental and Not For Profit Organizations 12Th Edition Copley Solutions Manual Online PDF All Chapter
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Chapter 07 - Fiduciary Funds
7-1. THE ANSWERS TO THIS EXERCISE, AND TO THE FIRST EXERCISE OF CHAPTERS 1
THROUGH 9 WILL VARY FROM STUDENT TO STUDENT, ASSUMING EACH HAS A DIFFERENT
CAFR.
AGENCY FUNDS
7-2 . GASB STANDARDS REQUIRE THAT GOVERNMENTS ACCOUNT FOR SPECIAL ASSESSMENT
ACTIVITIES IN AN AGENCY FUND IF THE GOVERNMENT HAS NO OBLIGATION (PRIMARY
OR SECONDARY) TO ASSUME RESPONSIBILITY FOR DEBT PAYMENTS, EVEN IF THE
PROPERTY OWNERS DEFAULT.
IF THE GOVERNMENT HAS ANY OBLIGATION (INCLUDING GUARANTEEING THE DEBT) FOR
THE NOTE, THEN THE SPECIAL ASSESSMENT TAX RECEIPTS SHOULD BE REPORTED IN THE
DEBT SERVICE (OR GENERAL FUND) AS FUNDS RESTRICTED FOR EXPENDITURE ON
INTEREST AND PRINCIPAL ON LONG-TERM DEBT.
2. CASH 19,544,000
TAXES RECEIVABLE FOR OTHER GOVERNMENTS-CURRENT 19,544,000
7-1
Chapter 07 - Fiduciary Funds
4. CASH 293,160
DUE FROM TAX AGENCY FUND 293,160
7-3 ( C).
TOWN OF THOMAS
GENERAL FUND
GENERAL JOURNAL
FY 2014/2015
DEBITS CREDITS
1. TAXES RECEIVABLE-CURRENT 6,400,000
ESTIMATED UNCOLLECTIBLE CURRENT TAXES 128,000
REVENUES CONTROL 6,272,000
3. DUE FROM TAX AGENCY FUND 4,008,950
EXPENDITURES CONTROL 61,050
TAXES RECEIVABLE-CURRENT 4,070,000
4. CASH 4,008,950
DUE FROM TAX AGENCY FUND 4,008,950
7-2
Chapter 07 - Fiduciary Funds
7-3
Chapter 07 - Fiduciary Funds
7-5
ALGONQUIN SCHOOL DISTRICT
SCHOLARSHIP TRUST FUND
GENERAL JOURNAL
FISCAL YEAR 2015
DEBITS CREDITS
ADDITIONS-INVESTMENT EARNINGS-INTEREST 75,400
DEDUCTIONS-INVESTMENT EARNINGS-NET
INCREASE IN FAIR VALUE OF INVESTMENTS 3,000
NET POSITION: RESTRICTED FOR SCHOLARSHIPS 400
DEDUCTIONS-ADMINISTRATIVE EXPENSES 6,000
DEDUCTIONS-DISTRIBUTIONS OF SCHOLARSHIPS 72,000
7-4
Chapter 07 - Fiduciary Funds
7-6 (A).
CITY OF BELVEDERE
COMMUNITY TRUST FUND
GENERAL JOURNAL
JULY 1, 2014 - JUNE 30, 2015
DEBITS
CREDITS
1. CASH 3,000,000
ADDITIONS-CONTRIBUTIONS 3,000,000
2. INVESTMENT IN XYZ COMPANY BONDS 2,000,000
ACCRUED INTEREST RECEIVABLE 33,333
CASH 2,033,333
3. INVESTMENT IN ABC COMPANY STOCK 950,000
CASH 950,000
4. CASH 50,000
ACCRUED INTEREST RECEIVABLE 33,333
ADDITIONS-INVESTMENT EARNINGS-INTEREST 16,667
5. CASH 30,000
ADDITIONS-INVESTMENT EARNINGS-DIVIDENDS 30,000
6. CASH 961,000
INVESTMENT IN ABC COMPANY STOCK 950,000
ADDITIONS-INVESTMENT EARNINGS-NET
INCREASE IN FAIR VALUE OF INVESTMENTS 11,000
INVESTMENT IN DEF COMPANY STOCK 965,000
CASH 965,000
7. CASH 50,000
ADDITIONS-INVESTMENT EARNINGS-INTEREST 50,000
8. DEDUCTIONS-DISTRIBUTION TO COMMUNITY
NONPROFIT ORGANIZATIONS 120,500
CASH 120,500
9. DEDUCTIONS-ADMINISTRATIVE EXPENSES 5,000
CASH 5,000
10. ACCRUED INTEREST RECEIVABLE 25,000
ADDITIONS-INVESTMENT EARNINGS-INTEREST 25,000
7-5
Chapter 07 - Fiduciary Funds
DEBITS CREDITS
ADDITIONS:
CONTRIBUTIONS $3,000,000
INVESTMENT EARNINGS:
INTEREST INCOME $91,667
DIVIDEND INCOME 30,000
NET INCREASE IN FAIR VALUE OF INVESTMENTS 8,000
TOTAL ADDITIONS
3,129,667
DEDUCTIONS:
ADMINISTRATIVE EXPENSES 5,000
DISTRIBUTION TO COMMUNITY NONPROFIT ORGANIZATIONS 120,500
7-6
Chapter 07 - Fiduciary Funds
LIABILITIES: --0--
7-7
Chapter 07 - Fiduciary Funds
7-7 (A).
MORGAN COUNTY SCHOOL DISTRICT
CIVIC SCHOLARSHIP FUND
GENERAL JOURNAL
JULY 1, 2014 - JUNE 30, 2015
DEBITS CREDITS
1. CASH 30,000
ADDITIONS-CONTRIBUTIONS 30,000
INVESTMENTS 30,000
CASH 30,000
2. CASH 4,250
ADDITIONS-INVESTMENT EARNINGS-INTEREST 1,250
INVESTMENTS 3,000
3. DEDUCTIONS-SCHOLARSHIP AWARDS 4,250
CASH 4,250
4. ADDITIONS-CONTRIBUTIONS 30,000
ADDITIONS-INVESTMENT EARNINGS-INTEREST 1,250
DEDUCTIONS-SCHOLARSHIP AWARDS 4,250
FIDUCIARY NET POSITION: RESTRICTED FOR 27,000
SCHOLARSHIP AWARDS
(B).
MORGAN COUNTY SCHOOL DISTRICT
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
CIVIC SCHOLARSHIP FUND
FOR THE YEAR ENDED JUNE 30, 2015
ADDITIONS:
CONTRIBUTIONS $30,000
INVESTMENT INCOME: INTEREST 1,250
7-8
Chapter 07 - Fiduciary Funds
7-8.
(A). INVESTMENT TRUST FUNDS ARE AN APPROPRIATE CLASSIFICATION FOR GOVERNMENTS
THAT ADMINISTER MULTIGOVERNMENT EXTERNAL INVESTMENT POOLS.
(B). THE PORTION THAT SHOULD BE INCLUDED IS THE EXTERNAL PORTION; THE FUNDS THAT
BELONG TO THE SPONSORING GOVERNMENT SHOULD NOT BE REPORTED IN THE
INVESTMENT TRUST FUNDS BUT IN THE FUNDS THAT PROVIDE THE INVESTMENTS.
FOR EXAMPLE, ASSUME A COUNTY MAINTAINS AN INVESTMENT POOL FOR ITSELF (THE COUNTY
GENERAL FUND), A CITY, AND A SCHOOL DISTRICT. ONLY THE PORTION OF THE INVESTMENT POOL
PROVIDED BY THE CITY AND SCHOOL DISTRICT WOULD BE REPORTED IN THE FIDUCIARY FUND ,
INVESTMENT TRUST FUND. THE PORTION PROVIDED BY THE GENERAL FUND WOULD BE REPORTED AS
INVESTMENTS IN THE GENERAL FUND.
(D). BOTH REALIZED AND UNREALIZED GAINS AND LOSSES ARE TO BE REPORTED IN ONE LINE
ITEM IN THE STATEMENTS; IT IS NOT PERMISSABLE TO REPORT REALIZED AND
UNREALIZED GAINS AND LOSSES SEPARATELY. A GOVERNMENT MAY CHOOSE TO
DISCLOSE THE REALIZED GAINS OR LOSSES IN THE NOTES.
(E). INVESTMENT TRUST FUNDS ARE CONSIDERED FIDUCIARY FUNDS AND ARE REPORTED IN
THE STATEMENT OF FIDUCIARY NET POSITION AND THE STATEMENT OF CHANGES IN
FIDUCIARY NET POSITION. AS IS THE CASE WITH OTHER FIDUCIARY FUNDS, INVESTMENT
TRUST FUNDS ARE NOT INCLUDED IN THE GOVERNMENT-WIDE STATEMENTS.
7-9
BAIRD COUNTY
INVESTMENT TRUST FUND
GENERAL JOURNAL
FISCAL YEAR 2015
DEBITS CREDITS
ADDITIONS- DEPOSITS FROM SCHOOL BOARD 220,000
ADDITIONS – DEPOSITS FROM TOWN OF BAIRDVILLE 110,000
ADDITIONS-INVESTMENT EARNINGS-INTEREST 66,000
ADDITIONS -INVESTMENT EARNINGS-NET
DECREASE IN FAIR VALUE OF INVESTMENTS 18,000
NET POSITION: HELD IN TRUST FOR SCHOOL DISTRICT 252,000
NET POSITION: HELD IN TRUST FOR TOWN OF BAIRDSVILLE 126,000
7-9
Chapter 07 - Fiduciary Funds
7-9 CONTINUED
BAIRD COUNTY
INVESTMENT TRUST FUND
FOR THE YEAR ENDED JUNE 30, 2015
ADDITIONS:
INVESTMENT EARNINGS:
INTEREST INCOME $ 66,000
NET DECREASE IN FAIR VALUE OF INVESTMENTS (18,000)
TOTAL EARNINGS 48,000
DEPOSITS FROM OTHER GOVERNMENTS:
220,000
DEPOSITS FROM SCHOOL DISTRICT
110,000
DEPOSITS FROM TOWN OF BAIRDSVILLE
TOTAL DEPOSITS 330,000
TOTAL ADDITIONS 378,000
DEDUCTIONS:
TOTAL DEDUCTIONS 0
CHANGE IN FIDUCIARY NET POSITION 378,000
7-10. THE REQUIRED STATEMENTS FOR A PENSION TRUST FUND ARE (A) STATEMENT OF
FIDUCIARY NET POSITION AND (B) STATEMENT OF CHANGES IN FIDUCIARY NET
POSITION.
7-10
Chapter 07 - Fiduciary Funds
7-11.
A.2. A DEFINED BENEFIT PLAN, ON THE OTHER HAND, IS A PLAN THAT IS REQUIRED TO PAY A
CERTAIN SUM, NORMALLY BASED ON AVERAGE EARNINGS AND LENGTH OF SERVICE.
FOR EXAMPLE, A PLAN MAY PAY TWO PER CENT OF EARNINGS TIMES THE AVERAGE OF
THE HIGHEST FOUR CONSECUTIVE YEARS, TIMES THE NUMBER OF YEARS' SERVICE. THIS
PAYMENT IS DUE, REGARDLESS OF THE AMOUNT AVAILABLE IN THE PENSION PLAN. AS A
RESULT, IT IS NECESSARY TO USE ACTUARIAL METHODS TO DETERMINE IF A DEFINED
BENEFIT PLAN HAS AN UNFUNDED ACTUARIAL LIABILITY. DEFINED BENEFIT PLANS
REQUIRE MORE DISCLOSURE IN FINANCIAL REPORTS THAN DO DEFINED CONTRIBUTION
PLANS.
C. 1. THE FIDUCIARY NET POSITION OF THE PENSION TRUST FUND IS THE EXCESS OF THESE
ACCUMULATED RESOURCES OVER BENEFITS CURRENTLY PAYABLE TO RETIRED
EMPLOYEES.
7-11
Chapter 07 - Fiduciary Funds
7-11 CONTINUED
GOVERNMENTAL FUNDS SHOULD REPORT A LIABILITY FOR PENSIONS IN THE FUND BASIS
STATEMENTS ONLY TO THE EXTENT THE LIABILITY IS EXPECTED TO BE PAID WITH
CURRENT FINANCIAL RESOURCES.
7-12.
A. IF THE GOVERNMENT IS TRUSTEE OF THE PENSION PLAN, IT IS REQUIRED TO REPORT THE
PLAN AS A FIDUCIARY FUND IN ITS FUND FINANCIAL STATEMENTS. AS A RESULT, IT S
INCLUDED IN THE STATEMENT OF FIDUCIARY NET POSITION AND THE STATEMENT OF
CHANGES IN FIDUCIARY NET POSITION. PENSION TRUST AND OTHER FIDUCIARY FUNDS
ARE NOT INCLUDED IN THE GOVERNMENT-WIDE FINANCIAL STATEMENTS.
B. THE STATEWIDE PLAN IS NOT INCLUDED IN THE STATEMENTS OF THE LOCAL GOVERNMENT
SINCE THE LOCAL GOVERNMENTAL UNIT IS NOT TRUSTEE FOR THE PLAN.
IT IS NECESSARY FOR THE LOCAL GOVERNMENT TO MEET THE EMPLOYER REPORTING
STANDARDS OF GASB, HOWEVER. AS A RESULT, EXPENDITURES AND EXPENSES WILL BE
REPORTED BY THE GOVERNMENTAL AND PROPRIETARY FUNDS CONTRIBUTING TO THE
PLAN. IF A GOVERNMENT HAS A NET PENSION LIABILITY, THAT AMOUNT WOULD BE
REPORTED AS A LIABILITY IN THE PROPRIETARY FUND AND GOVERNMENT-WIDE
STATEMENTS OF NET POSITION. THE GOVERNMENT-WIDE STATEMENTS WILL INCLUDE
EXPENSES UNDER THE GOVERNMENTAL AND BUSINESS-TYPE ACTIVITIES, AS APPROPRIATE.
7-12
Chapter 07 - Fiduciary Funds
7-13
Chapter 07 - Fiduciary Funds
7-13(A) CONTINUED
7-14
Chapter 07 - Fiduciary Funds
7-15
Chapter 07 - Fiduciary Funds
7-14 (1).
ALGER COUNTY SCHOOL DISTRICT
EMPLOYEE HEALTH BENEFIT PLAN
GENERAL LEDGER
DEBITS CREDITS
ADDITIONS-CONTRIBUTIONS – EMPLOYER 659,000
ADDITIONS-CONTRIBUTIONS – EMPLOYEE 355,000
ADDITIONS-INVESTMENT EARNINGS-INTEREST 127,300
ADDITIONS-INVESTMENT EARNINGS-DIVIDENDS 75,000
ADDITIONS-INVESTMENT EARNINGS-NET
INCREASE IN FAIR VALUE OF INVESTMENTS 328,000
DEDUCTIONS-ADMINISTRATIVE EXPENSES 22,300
DEDUCTIONS-BENEFITS PAID TO RETIREES 525,000
FIDUCIARY NET POSITION: RESTRICTED FOR
EMPLOYEE POSTEMPLOYMENT 997,000
HEALTHCARE
DEDUCTIONS:
HEALTHCARE BENEFITS 525,000
ADMINISTRATIVE EXPENSE 22,300
TOTAL DEDUCTIONS 547,300
NET INCREASE 997,000
7-16
Chapter 07 - Fiduciary Funds
7-14 (3).
ALGER COUNTY SCHOOL DISTRICT
EMPLOYEE HEALTH BENEFIT PLAN
STATEMENT OF FIDUCIARY NET POSITION
AS OF JUNE 30, 2015
ASSETS:
CASH $ 15,500
RECEIVABLES:
EMPLOYER 190,000
EMPLOYEES 88,000
ACCRUED INTEREST 10,200
TOTAL RECEIVABLES 288,200
7-17
Chapter 07 - Fiduciary Funds
7-15(A) SOLUTIONS TO THE EXCEL BASED EXERCISES ARE ALSO AVAILABLE IN EXCEL ON
THE INSTRUCTOR’S WEBSITE
HAMILTON COUNTY
OPEB TRUST FUND
31-DEC-2015
ACCOUNT TITLE DEBITS CREDITS
1 CASH 9,000,000
ADDITIONS - EMPLOYER CONTRIBUTIONS 9,000,000
2 CASH 4,020,000
CONTRIBUTIONS RECEIVABLE 180,000
ADDITIONS - MEMBER CONTRIBUTIONS 4,200,000
5 CASH 426,000
ADDITIONS - MEDICARE DRUG SUBSIDY 426,000
HAMILTON COUNTY
DOMESTIC RELATIONS AGENCY FUND
31-DEC-2015
ACCOUNT TITLE DEBITS CREDITS
8 CASH 390,000
DUE TO STATE GOVERNMENT 390,000
9 DUE TO STATE GOVERNMENT 414,700
CASH 414,700
7-18
Chapter 07 - Fiduciary Funds
7-15 (C)
HAMILTON COUNTY
OPEB TRUST FUND CLOSING ENTRIES
DECEMBER 31,2015
ADDITIONS:
EMPLOYER CONTRIBUTIONS 9,000,000
MEMBER CONTRIBUTIONS 4,200,000
INTEREST INCOME 1,438,000
MEDICARE SUBSIDY 426,000
DEDUCTIONS:
EMPLOYEE BENEFITS 10,903,000
ADMIN EXPENSES 132,000
NET POSITION: HELD IN TRUST FOR OPEB BENEFITS 4,029,000
HAMILTON COUNTY
AGENCY FUND CLOSING ENTRIES
DECEMBER 310,2015
7-19
Chapter 07 - Fiduciary Funds
7-15 (D)
HAMILTON COUNTY
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED DECEMBER 31, 2015
OPEB TRUST
FUND
ADDITIONS
CONTRIBUTIONS:
EMPLOYER CONTRIBUTIONS $ 9,000,000
MEMBER CONTRIBUTIONS 4,200,000
TOTAL CONTRIBUTIONS 13,200,000
OTHER ADDITIONS:
MEDICARE SUBSIDY 426,000
INTEREST INCOME 1,438,000
TOTAL ADDITIONS 15,064,000
DEDUCTIONS
EMPLOYEE BENEFITS 10,903,000
ADMINISTRATIVE EXPENSES 132,000
TOTAL DEDUCTIONS 11,035,000
7-20
Chapter 07 - Fiduciary Funds
7-15 (E)
HAMILTON COUNTY
STATEMENT OF FIDUCIARY NET POSITION
DECEMBER 31, 2015
DOMESTIC TOTAL
OPEB RELATIONS FIDUCIARY
TRUST FUND AGENCY FUND FUNDS
ASSETS
CASH $ 1,170,000 $ 31,200 $ 1,201,200
INVESTMENT IN US SECURITIES 20,000,000 20,000,000
CONTRIBUTIONS RECEIVABLE 180,000 180,000
ACCRUED INTEREST RECEIVABLE 7,000 7,000
TOTAL ASSETS $ 21,357,000 $ 31,200 $ 21,388,200
LIABILITIES
ACCOUNTS PAYABLE 1,328,000 1,328,000
DUE TO STATE GOVERNMENT 31,200 31,200
TOTAL LIABILITIES 1,328,000 31,200 1,359,200
7-21
Chapter 07 - Fiduciary Funds
7-16 PART 1 (A) SOLUTIONS TO THE EXCEL BASED EXERCISES ARE ALSO AVAILABLE IN EXCEL ON
THE INSTRUCTOR’S WEBSITE
MOOSE COUNTY
PERMANENT FUND JOURNAL ENTRIES
DECEMBER 31, 2015
2 CASH 180,000
ACCRUED INTEREST RECEIVABLE 12,000
REVENUES - INVESTMENT INCOME - INTEREST 168,000
3 CASH 168,000
REVENUES - INVESTMENT INCOME -DIVIDENDS 168,000
MOOSE COUNTY
PERMANENT FUND CLOSING ENTRIES
DECEMBER 31, 2015
7-22
Chapter 07 - Fiduciary Funds
PERMANENT FUND
REVENUES
ADDITIONS TO PERMANENT ENDOWMENT $ 5,712,000
INVESTMENT INCOME:
INTEREST 213,000
DIVIDENDS 168,000
INCREASE IN FAIR VALUE OF INVESTMENTS 40,000
TOTAL REVENUES 6,133,000
EXPENDITURES
CURRENT:
TRUST ACTIVITIES 333,700
TOTAL EXPENDITURES 333,700
7-23
Chapter 07 - Fiduciary Funds
PERMANENT
FUND
ASSETS
CASH $ 28,000
INVESTMENTS IN CORPORATE EQUITIES 2,550,000
INVESTMENTS IN CORPORATE BONDS 3,190,000
ACCRUED INTEREST RECEIVABLE 45,000
FUND BALANCES
NONSPENDABLE:
PERMANENT FUND PRINCIPAL 5,712,000
RESTRICTED FOR OTHER PURPOSES 87,300
TOTAL FUND BALANCE 5,799,300
7-24
Chapter 07 - Fiduciary Funds
MOOSE COUNTY
PRIVATE PURPOSE TRUST FUND ENTRIES
DECEMBER 31, 2015
2 CASH 180,000
ACCRUED INTEREST RECEIVABLE 12,000
ADDITIONS - INVESTMENT INCOME - INTEREST 168,000
3 CASH 168,000
ADDITIONS - INVESTMENT INCOME -DIVIDENDS 168,000
7-25
Chapter 07 - Fiduciary Funds
MOOSE COUNTY
STATEMENT OF RCHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED 12-31-2015
PRIVATE
PURPOSE
TRUST FUND
ADDITIONS
CONTRIBUTIONS: $ 5,712,000
INVESTMENT INCOME:
INTEREST 213,000
DIVIDENDS 168,000
INCREASE IN FAIR VALUE OF INVESTMENTS 40,000
TOTAL ADDITIONS 6,133,000
DEDUCTIONS
TRUST ACTIVITIES 333,700
-
TOTAL DEDUCTIONS 333,700
7-26
Chapter 07 - Fiduciary Funds
PRIVATE
PURPOSE TRUST
FUND
ASSETS
CASH $ 28,000
INVESTMENTS IN CORPORATE EQUITIES 2,550,000
INVESTMENTS IN CORPORATE BONDS 3,190,000
ACCRUED INTEREST RECEIVABLE 45,000
TOTAL ASSETS $ 5,813,000
7-27
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