01 Feb The balance sheet and statement of revenues, expen
The balance sheet and statement of revenues, expenditures, and changes in fund balance for Boulder, Colorado’s Permanent Parks and Recreation Fund, a nonmajor capital project fund, for the fiscal year ending December 31, 2011, is shown in the right column (dates and amounts changed). A note to the financial statements states the following: Fund Deficits The Permanent Parks and Recreation Fund has a fund balance deficit of $546,539. This deficit is the result of the Permanent Parks and Recreation Fund expenditures: one-half of the cost of a central irrigation system for city parks and the acquisition of Roper Fields for soccer fields. The cost of the central irrigation system was shared with the Water Utility Fund to improve water conservation. The Permanent Parks and Recreation Fund has funded these projects through interfund loans with December 31, 2011, balances of: Water Utility Fund ($52,870) and Flood Control Utility Fund ($1,274,524). 1. Suppose that you are the chief accountant of the Parks and Recreation Department. A member of the city council accuses you and your department of mismanagement as evidenced by the substantial fund deficit. How would you defend yourself? What is the significance of the fund deficit? 2. Prepare journal entries (as best you can with the information provided) in the Permanent Parks and Recreation Fund to record: a. The acquisition of the central irrigation system and the Roper Fields (assuming that the cost of the assets is equal to the Decemb
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