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Construct the reconciliation from the fund balances

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Reference no: EM132419646

Problem: The City of Madison, a general purpose government, reported fund balances in the amount of $24,300,000 in the governmental funds balance sheet dated December 31, 2018. In addition, the following information is relevant:

  • General government fixed assets amounted to $37,000,000. Accumulated depreciation of those fixed assets amounted to $18,000,000.
  • General long-term liabilities of the government amounted to $ 6,000,000.
  • Property taxes, which should be recognized as receivables in the government-wide statements, amounted to $3,000,000. Property taxes recognized as receivables in the governmental funds balance sheet amounted to $2,000,000; the remainder had been deferred, in accord with modified accrual accounting
  • Internal service funds net assets amounted to $6,000,000. These were reported in the proprietary funds balance sheet.
  • Liabilities, in addition to the amount reported in the governmental funds balance sheet included: (1) accrued interest payable, $300,000; (2) compensated absences payable, $4,500,000.
Required:

Question: Construct the reconciliation from the fund balances recognized in the governmental funds balance sheet to the net assets recognized in the governmental funds column of the government-wide statement of net assets. Please provide the authentic solutions along with all the calculation.

Reference no: EM132419646

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