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 |