Selected Governmental Fund Data from the City of Miller's Cove

question 45

Essay

Selected governmental fund data from the City of Miller's Cove is presented below (all amounts are in thousands of dollars):
$\begin{array}{llr} \text {Expenditures - Capital Outlay (Furniture and Equipment) } &\$3,500\\ \text { Expenditures - Debt Service - Principal } &200\\ \text {Expenditures - Debt Service - Interest. } &200\\ \text { Other Financing Sources - Proceeds from Sale of General Capital Assets. } &120\\ \text { Other Financing Sources - Bonds} &1,000\\ \text { Other Financing Sources - Bond Premium } &100\\ \text {Transfers from the General Fund. } &650\\ \text {Transfer to the Debt Service Fund } &650\\ \text {Transfer to the Enterprise Fund } &250\\ \text {Revenue - Property Taxes } &1,500\\ \text { Increase in compensated absences reported as general long-term liabilities } &23\\\end{array}$

Additional information:
1. Land was sold that had a book value of $25.
2. Deferred property taxes were $10 at the beginning of the year. Deferred property taxes at the end of the year were $12.
3. All of the compensated absence liabilities relate to the public safety function.
$\underline{\text{ Requirement: }}$ Prepare the worksheet adjustments that would be needed to convert the following governmental fund data to governmental activities data for the government-wide statements.

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Definitions:

Sellers

Individuals or entities that offer goods or services in exchange for monetary or other forms of compensation.

Producer Surplus

Producer surplus is an economic measure of the difference between the amount a producer is paid for a good compared to the minimum amount they would accept to produce that good.

Market Price

is the current price at which an asset or service can be bought or sold in the open market.

Marginal Cost

The elevation in aggregate expenditure triggered by the output of one supplementary unit of a good or service.