city of monro

Project Description:

the balance sheets of the general fund and the street and highway fund of the city of
monroe as of december 31, 2013, follow. these (beginning) balances have been entered in
the proper general ledger accounts, as of 1/1/2014.


city of monroe
general fund balance sheet
as of december 31, 2013
assets
cash $490,000
taxes receivable—delinquent $210,000
less: estimated uncollectible delinquent taxes (21,000)
189,000
interest and penalties receivable on taxes 5,200
less: estimated uncollectible interest and penalties (950)
4,250
due from state government 210,000
total assets $893,250
liabilities and fund equity
liabilities:
accounts payable $104,000
due to other funds 27,000
deferred revenues—property taxes 19,000
total liabilities 150,000
fund equity:
fund balance—assigned
(for outstanding encumbrances) $12,000
fund balance—unassigned 731,250
total fund balance 743,250
total liabilities and fund equity $893,250


city of monroe
street and highway fund balance sheet
as of december 31, 2013
assets
cash $16,500
investments 65,000
due from state government 109,000
total assets $190,500
liabilities and fund equity
liabilities:
accounts payable $8,500
fund equity:
fund balance—assigned for streets and
highways 182,000
total liabilities and fund equity $190,500

this portion of the continuous problem continues the general fund and special revenue
fund examples by requiring the recording and posting of the budgetary entries. to
reduce clerical effort required for the solution use control accounts for the budgetary
accounts, revenues, expenditures and encumbrances. subsidiary accounts are not
required. budget information for the city includes:
a) as of january 1, 2014, the city council approved and the mayor signed a budget
calling for $10,750,000 in property tax and other revenue, $9,255,000 in
appropriations for expenditures, and $1,280,000 to be transferred to two debt service
funds for the payment of principal and interest. record the budget for the general
fund and post to the ledger.
b) also as of january 1, 2014, the city council approved and the mayor signed a budget
for the street and highway fund that provided for estimated revenues from the state
government in the amount of $1,070,000 and appropriations of $1,065,000. record
the budget and post to the ledger.


the following funds are included in this series of problems:
governmental funds
 general
 special revenue—street and highway fund
 capital projects—city hall annex construction fund
 debt service—city jail annex debt service fund
 debt service—city hall debt service fund
proprietary funds
 internal service—stores and services fund
 enterprise—water and sewer fund
fiduciary funds
 private-purpose—student scholarship fund
 pension trust—fire and police retirement fund
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Project Stats:

Price Type: Negotiable

Expired
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