. From the information below prepare Financial Statements Cash 20,000 Taxes receivable, net 147,000 Investments 65,000...
. From the information below prepare Financial Statements
|
Cash |
20,000 |
|
|
Taxes receivable, net |
147,000 |
|
|
Investments |
65,000 |
|
|
Due from other funds |
68,000 |
|
|
Vouchers payable |
39,000 |
|
|
Due to other funds |
152,750 |
|
|
Unassigned fund balance |
117,000 |
|
|
Estimated revenues |
610,000 |
|
|
Appropriations |
590,000 |
|
|
Budgetary fund balance |
20,000 |
|
|
Revenues-taxes |
590,175 |
|
|
Revenues-charges for services |
14,080 |
|
|
Expenditures-personal services |
287,125 |
|
|
Expenditures-supplies |
29,680 |
|
|
Expenditures-capital outlay |
244,000 |
|
|
Transfer in from debt service fund |
32,500 |
|
|
Transfers out to capital projects fund |
84,700 |
0 |
Homework Answers
SOLUTION:
Closing entries:
|
Particulars |
Debit |
Credit |
|
Appropriations |
590,000 |
|
|
Budgetary fund balance |
20,000 |
|
|
Estimated revenues |
610,000 |
|
|
Revenues-taxes |
590,175 |
|
|
Revenues-charges for services |
14,080 |
|
|
Transfers in from debt service fund |
32,500 |
|
|
Unassigned fund balance |
8,750 |
|
|
Expenditures-personal services |
287,125 |
|
|
Expenditures-supplies |
29,680 |
|
|
Expenditures-capital outlay |
244,000 |
|
|
Transfers out to capital projects fund |
84,700 |
|
General Fund |
||
|
Adjusted Trial Balance |
||
|
Cash |
20,000 |
|
|
Taxes receivable, net |
147,000 |
|
|
Investments |
65,000 |
|
|
Due from other funds |
68,000 |
|
|
Vouchers payable |
39,000 |
|
|
Due to other funds |
152,750 |
|
|
Unreserved fund balance |
117,000 |
|
|
Estimated revenues |
610,000 |
|
|
Appropriations |
590,000 |
|
|
Budgetary fund balance |
20,000 |
|
|
Revenues-taxes |
590,175 |
|
|
Revenues-charges for services |
14,080 |
|
|
Expenditures-personal services |
287,125 |
|
|
Expenditures-supplies |
29,680 |
|
|
Expenditures-capital outlay |
244,000 |
|
|
Other financing sources-transfers in |
32,500 |
|
|
Other financing uses-transfers out |
84,700 |
|
|
1,555,505 |
1,555,505 |
|
General Fund |
||
|
Balance Sheet |
||
|
Assets |
||
|
Cash |
20,000 |
|
|
Taxes receivable, net |
147,000 |
|
|
Investments |
65,000 |
|
|
Due from other funds |
68,000 |
|
|
Total assets |
300,000 |
|
|
Liabilities |
||
|
Vouchers payable |
39,000 |
|
|
Due to other funds |
152,750 |
|
|
Total liabilities |
191,750 |
|
|
Fund balance |
||
|
Unreserved |
108,250 |
|
|
Total liabilities and fund balance |
300,000 |
Add Answer to:
. From the information below prepare Financial Statements
Cash
20,000
Taxes receivable, net
147,000
Investments
65,000...
The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows Debit Credit $95,000 116,500 Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinqu...
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The preclosing trial balance at December 31, 20X1, for Lone Wolf’s general fund follows. Debit Credit Cash $ 94,000 Property Taxes Receivable—Delinquent 118,200 Allowance for Uncollectibles—Delinquent $ 7,100 Due from Other Funds 14,300 Vouchers Payable 63,000 Due to Other Funds 8,400 Fund Balance—Unassigned 120,000 Property Tax Revenue 1,140,000 Miscellaneous Revenue 38,000 Expenditures 1,125,000 Other Financing Uses—Transfer Out 25,000 Estimated Revenues Control 1,233,000 Appropriations Control 1,155,000 Estimated Other Financing Uses—Transfer Out 25,000 Encumbrances 39,000 Budgetary Fund Balance—Assigned for Encumbrances 39,000 Budgetary...
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Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:...
Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 371,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Transfers out 20,000 Due from other funds 12,000 Allowance for uncollectible taxes $45,000 Accounts payable 50,000 Due to other funds 21,000 Property tax revenues 950,000 Speeding ticket...
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Below is the trial balance.
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General Fund
Post-closing Trial Balance
For year 2017
Debits
Credits
Cash
$
268,302
Taxes Receivable-Delinquent
193,371
Allowance for Uncollectible Delinquent Taxes
$
109,730
Interest and Penalties Receivable on Taxes
16,840
Allowance for...
The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows Debit Credit $95,000 116,500 Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from Other Funds Vouchers Payable Due to Other Funds Fund Balance-Unassigned Property Tax Revenue Miscellaneous Revenue Expenditures Other Financing Uses-Transfer Out Estimated Revenues Control Appropriations Control Estimated Other Financing Uses-Transfer Out encumbranceS Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total 7,400 14,800 70,000 8,900 118,000 1,145,000 35,000 1,140,000 18,000 1,208,000 1,150,000 18,000 37,000...
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Prepare the closing worksheet.
Below is the trial balance.
$ 90,000 $ 30,000 90.000 40,000 60,000 40,000 530,000 170,000 Accounts Payable Cash Contracts Payable. Unavailable Revenues Due from Capital Projects Funds Due to Debt Service Funds.. Expenditures Fund Balance-Unassigned Investments Revenues Other Financing Sources-Bond Proceeds. Other Financing Sources-Transfers In Other Financing Uses-Transfers Out. Taxes Receivable Vouchers Payable. Totals.. 410,000 760,000 300,000 50.000 470,000 220,000 180,000 $1.720,000 $1.720,000
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Use Excel to prepare in good form a
balance sheet for the General Fund as of December 31, 2017. Follow
the format shown in Illustration 4-3 of Reck and Lowensohn,
Accounting for Governmental & Nonprofit Entities, 17th
edition textbook (hereafter referred to as “the
textbook.”)
City of Smithville
General Fund
Post-closing Trial Balance
For year 2017
Debits
Credits
Cash
$
268,302
Taxes Receivable-Delinquent
193,371
Allowance for Uncollectible Delinquent Taxes
$
109,730
Interest and Penalties Receivable on Taxes
16,840
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