The City of Madison,a General Purpose Government,reported Fund Balances in the Amount

question 20

Essay

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 31,2012.In addition,the following information is relevant:
A.General government fixed assets amounted to $37,000,000.Accumulated depreciation of those fixed assets amounted to $18,000,000.
B.General long-term liabilities of the government amounted to $6,000,000.
C.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
D.Internal service funds net assets amounted to $6,000,000.These were reported in the proprietary funds balance sheet.
E.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:
Prepare a 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.

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Definitions:

Gastrocnemius

A major calf muscle that plays a crucial role in walking, running, and jumping, flexing the leg at the knee and foot.

Flexor Digitorum Longus

A muscle in the lower leg that flexes the toes and helps maintain the arch of the foot.

Semimembranosus

A muscle located in the posterior thigh, part of the hamstrings, playing a role in extending the hip and bending the knee.

Rotator Cuff

A group of muscles and tendons that surround the shoulder joint, providing it with stability and allowing for a wide range of arm movements.