Here is the December 31, 2014 pre-closing trial balance for the general fund of the City of
Question:
Assigned fund balance consists of outstanding encumbrances.
Required
a. Prepare the budget entry that was made at January 1, 2014.
b. Calculate the balance in fund balance-unassigned on December 31, 2013.
c. Prepare the required closing entries at year-end.
d. Prepare the general fund statement of revenues, expenditures, and changes in fund balances for 2014.
e. Prepare the general fund balance sheet at December 31, 2014.
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
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