Sai Tu Village reported outstanding long-term bonds payable of $6,000,000 in the governmental activities column of its governmen

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Sai Tu Village reported outstanding long-term bonds payable of $6,000,000 in the governmental activities column of its governmen

t-wide statement of net position for the year ended December 31, 2022. During 2023, Sal-Tu Village sold $500,000 of new general obligation bonds and repaid $300,000 of bonds outstanding at the beginning of the year. Certain journal entries were required before government-wide financial statements could be prepared. Complete the sections of the reconciliation of the governmental fund to government-wide financial statements related to those entries. Enter reductions as negative amounts. Partial Reconciliation of Governmental Funds Balance Sheet to Government-wide Statement of Net Position Amounts reported in the statement of net position are different because Bonds payable are • in the current period and therefore, in the funds, s . Partial Reconciliation of Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to Government-Wide Statement of Activities Amounts reported in the Funds statement are different because: Bond proceeds provide current • and debt repayments are expenditures in • funds. Issuing debt • abilities and repaying debt • them) in the statement of net position The amount by which • in the exceeded current period is s

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1 answer:

Dovator [93] · Answer 1 · 2024-07-05T22:00:58+03:00

Reconciliation of Governmental fund balance sheet to Government-wide statement of net position: $6,200,000

The amount by which bond proceeds exceeded repayments in the current period is -$200,000

<h3>How do we reach these figures?</h3>

The amounts reported in the statement of net position are different because the Bonds payable are not due and payable in the current period and, therefore, are not reported in the funds.

The reconciliation of Governmental fund balance sheet to Government-wide statement of net position is:

= - 6,000,000 - 500,000 + 300,000

= -$6,200,000

The amount by which bond proceeds exceeded repayments in the current period is:

= - 500,000 + 300,000

= -$200,000