Accouting for state and govenment

Gbzv5601
timer Asked: Dec 12th, 2018

Question Description

Prepare the Year Ended Income Statement; 2nd – Year-End closing entries; 3rd - Statement of Fund Balance 4th - The 12/31/2015 --- Balance Sheet

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The trial balance for the General Fund of the City of Bigfork as of December 31, 2014 is presented below: CITY OF BIGFORK The General Fund Adjusted Trial Balance December 31, 2014 Transactions for the year ended December 31, 2015 are summarized as follows: 1. The City Council adopted a budget for the year with estimated revenue of $600,000 and appropriations of $500,000. (Journal entry completed by instructor) 2. Property taxes in the amount of $450,000 were levied for the current year. It is estimated that $59,000 of the taxes levied will prove to be uncollectible. (Journal entry completed by instructor) 3. Proceeds from the sale of equipment in the amount of $10,000 were received by the General Fund. The equipment was purchased four years ago with resources of the General Fund at a cost of $200,000. On the date it was purchased, it was estimated that the equipment had a useful life of six years. (Journal entry completed by instructor) 4. Licenses and fees in the amount of $50,000 were collected. (Journal entry completed by instructor) 5. The total amount of encumbrances against fund resources for the year was $475,000. (Journal entry completed by instructor) 6. Vouchers in the amount of $425,000 were authorized for payment. This was $20,000 less than the amount originally encumbered for these purchases. (Journal entry completed by instructor) 7. An invoice in the amount of $26,000 was received for goods ordered in 2014. The invoice was approved for payment. (Journal entry completed by instructor) 8. Property taxes in the amount of $390,000 were collected. (Journal entry completed by instructor) 9. Vouchers in the amount of $350,000 were paid. (Journal entry completed by instructor) 10. Twenty-five thousand dollars was transferred to the General Fund from the H2O Fund. (Journal entry completed by instructor) 11. The City Council authorized the write-off of $10,000 in uncollected property taxes. (Journal entry completed by instructor) Required: 1st - Prepare the Year Ended 12/31/2015 Income Statement; 2nd – Year-End closing entries; 3rd - Statement of Fund Balance 4th - The 12/31/2015 --- Balance Sheet E. 1. Estimated Revenue Appropriations Fund Balance - Unassigned E. 2. Property Tax Receivable Estimated Uncollectible Taxes Revenue Debit $600,000 $500,000 $100,000 $450,000 $59,000 $391,000 E. 3. Cash Revenue $10,000 E. 4. Cash Revenue $50,000 $10,000 $50,000 E. 5. Encumbrance Fund Balance - Assigned $475,000 E. 6. Expenditure Voucher Payable Fund Balance - Assigned Encumbrance $425,000 E. 7. Expenditure (2014) Voucher Payable Credit $475,000 $425,000 $445,000 $445,000 $26,000 $26,000 E. 8. Cash Property Tax Receivable $390,000 E. 9. Voucher Payable Cash $350,000 E. 10. Cash Due from H2O $25,000 E. 11. Estimated Uncollectible Taxes Property Tax Receivable $10,000 $390,000 $350,000 $25,000 $10,000 CL. 1. Revenue Fund Balance - Unassigned Estimated Revenue CL. 2. Fund Balance - Assigned (2014) Expenditure (2014) Fund Balance - Unassigned CL. 3. Appropriations Expenditure Encumbrance Fund Balance Unassigned General Fund Statement of Fund Balance December 31, 2015 Unassigned Beg. Balance $0 Assigned '14 $0 Assigned '15 $0 Total $0
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