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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 aCheck 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 FundsTotal Trust FundsCustodial Funds
ADDITIONS
Contributions:
Employer1121
Members1121
Donations1121
Tax collections1121
Investment Earnings:1121
Interest & dividends1121
Total additions6$6$12$6
DEDUCTIONS
Benefits paid1121
Payments to participants1121
Payments of Property Taxes to Other Governments1121
Administrative expenses & other1121
Total deductions$4$4$8$4
Net increase (decrease) in fiduciary net position
1111
Net position beginning41,123,848164,08241,287,930240,932
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 FundsTotal Trust FundsCustodial Funds
ASSETS
Cash & cash equivalents$1$1$2$1
Receivables1121
Investments1121
Total assets$3$3$6$3
LIABILITIES
Accounts payable1121
Due to other funds1121
Total liabilities2$2$4$2
NET POSITION
Restricted for:
Pensions1121
Other governments1121
Other purposes1121
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 FundsTotal Trust FundsCustodial Funds
ADDITIONS
Contributions:
EmployerTry AgainTry AgainTry AgainTry Again
MembersTry AgainTry AgainTry AgainTry Again
DonationsTry AgainTry AgainTry AgainTry Again
Tax collectionsTry AgainTry AgainTry AgainTry Again
Investment Earnings:Try AgainTry AgainTry AgainTry Again
Interest & dividendsTry AgainTry AgainTry AgainTry Again
Total additions$0$0$0$0
DEDUCTIONS
Benefits paidTry AgainTry AgainTry AgainTry Again
Payments to participantsTry AgainTry AgainTry AgainTry Again
Payments of Property Taxes to Other GovernmentsTry AgainTry AgainTry AgainTry Again
Administrative expenses & otherTry AgainTry AgainTry AgainTry Again
Total deductions$0$0$0$0
Net increase (decrease) in fiduciary net position
Try AgainTry AgainTry AgainTry Again
Net position beginning41,123,848164,08241,287,930240,932
Net position endingTry AgainTry AgainTry AgainTry Again

8-25 b Feedback

Solution
8-25 b
Statement of Fiduciary Net Position
As of Year End
Private- Purpose Trust Funds
Pension Trust FundsTotal Trust FundsCustodial Funds
ASSETS
Cash & cash equivalentsTry AgainTry AgainTry AgainTry Again
ReceivablesTry AgainTry AgainTry AgainTry Again
InvestmentsTry AgainTry AgainTry AgainTry Again
Total assetsTry AgainTry AgainTry AgainTry Again
LIABILITIES
Accounts payableTry AgainTry AgainTry AgainTry Again
Due to other fundsTry AgainTry AgainTry AgainTry Again
Total liabilitiesTry AgainTry AgainTry AgainTry Again
NET POSITION
Restricted for:
PensionsTry AgainTry AgainTry AgainTry Again
Other governmentsTry AgainTry AgainTry AgainTry Again
Other purposesTry AgainTry AgainTry AgainTry Again
Total net positionTry AgainTry AgainTry AgainTry Again

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