pre-closing trial balance for the City's General Fund, accounting homework help

Anonymous
timer Asked: Mar 14th, 2016

Question description

 1.  The following information is provided about the Town’s General Fund operating statement and budgetary accounts for the fiscal year ended June 30, 2017. (Note: The Town has no restricted, committed, or assigned fund balances.) 
Estimated revenues  $3,150,000 Revenues  3,190,000 Appropriations  3,185,000 Expenditures  3,175,000 
Fund Balance—Unassigned at the beginning of year had a $600,000 credit balance. The Budgetary Fund Balance (after the FY 2017 budget was recorded) had a $35,000 debit balance. 
Required Calculate the end-of-year balances for the Fund Balance—Unassigned and Budgetary Fund Balance accounts that would be reported on the town’s balance sheet prepared as of June 30, 2017. Show all necessary work. 

2. All revenues of the City are accounted for on the modified accrual basis. Below is shown a list of the City’s General Fund transactions of a revenue nature. State which ones should be recognized by the General Fund as a revenue in the year of occurrence. If any item is not a current revenue, state the proper treatment for that item.  1) Receipt of money from issue of tax anticipation notes.  2) Collection of taxes that had been written off in prior year.  3) Collection of current-year property taxes.  4) Collection of prior years' delinquent property taxes.  5) Receipt of money in prepayment of a property owner's next-year taxes.  6) Collection of accounts receivable for charges for services. 

3. 
The following is a pre-closing trial balance for the City's General Fund as of June 30, 2017: 

Debits Credits Cash                                                       $116,500 

Taxes Receivable—Current                                                29,000 

Allowance for Uncollectible Current Taxes                                                     $3,000

Accounts Payable                                                                                              7,800

Due to Other Funds                                                                                           5,500

Tax Anticipation Notes Payable                                                                       50,000

Fund Balance—Unassigned                                                                              70,200

Budgetary Fund Balance                                                                                     1,000

Estimated Revenues                                                             100,000 

Revenues                                                                                                         102,000

Appropriations                                                                                                    99,000

Expenditures                                                                              93,000 

Totals                                                                                        $338,500          $338,500 
What is the fund balance as of June 30, 2017, after all closing entries have been made? Show the work.

4. During fiscal year 2017, the Town issued purchase orders to various vendors in the amounts shown for the following functions of the town: 
General Government  $  82,500

Public Safety                 148,700

Public Works                  130,400

Culture and Recreation    97,300

Health and Welfare          94,800

Miscellaneous                  14,200

Total                              $567,900 
All goods ordered during the year were received at the following actual costs: 
General Government  $  83,720

Public Safety                 147,940

Public Works                 131,140

Culture and Recreation   98,780

Health and Welfare          93,970

Miscellaneous                 14,300

Total                            $569,850 
a. Prepare a summary journal entry in the General Fund general journal to record the issuance of purchase orders during fiscal year 2017.  (Subsidiary detail may be omitted.) 
b. Prepare summary journal entries in the General Fund general journal to record the receipt of and payment for goods during fiscal year 2017. (Subsidiary detail may be omitted.)

5.  The following transactions occurred for the City’s General Fund. 
a. The budget prepared for the fiscal year included Total estimated revenues of $2,774,000 and appropriations of $2,693,000. 
b. Encumbrances issued against the appropriations during the year were $931,000. 
c. The current year’s tax levy of $2,005,000 was recorded; uncollectibles were estimated as $65,000. 
d. Collections of delinquent taxes from prior years’ levies totaled $132,000; collections of the current year’s levy totaled $1,459,000. 
e. Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in Transaction (2) of this problem.  The estimated liability was $851,200.  Actual costs were $850,500. 
f. Revenue other than taxes collected during the year consisted of licenses and permits, $373,000; intergovernmental revenue, $400,000; and $66,000 of miscellaneous revenues. 
g. Payments on Vouchers Payable totaled $1,505,000. 
Prepare journal entries in the General Fund general journal to record the transactions. (Subsidiary detail may be omitted.) 

Tutor Answer

(Top Tutor) Studypool Tutor
School: New York University
Studypool has helped 1,244,100 students
flag Report DMCA
Similar Questions
Hot Questions
Related Tags

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors