The following trial balance is taken from the General Fund of the City of Jennings for the
Question:
The following trial balance is taken from the General Fund of the City of Jennings for the year ending December 31, 2024. Prepare a condensed statement of revenues, expenditures, and other changes in fund balance. Also prepare a condensed balance sheet.
Transcribed Image Text:
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.... Debit $ 30,000 60,000 530,000 410,000 470,000 220,000 $1,720,000 $ Credit 90,000 90,000 40,000 40,000 170,000 760,000 300,000 50,000 180,000 $1,720,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
CITY OF JENNINGS GENERAL FUND Statement of Revenues Expenditures and Other Changes in Fund Balance C...View the full answer
Answered By
Ayush Mishra
I am a certified online tutor, with more than 3 years of experience in online tutoring. My tutoring subjects include: Physics, Mathematics and Mechanical engineering. I have also been awarded as best tutor for year 2019 in my previous organisation. Being a Mechanical Engineer, I love to tell the application of the concepts of science and mathematics in the real world. This help students to develop interest and makes learning fun and easy. This in turn, automatically improves their grades in the subject. I teach students to get prepared for college entry level exam. I also use to teach undergraduate students and guide them through their career aim.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Advanced Accounting
ISBN: 9781264798483
15th Edition
Authors: Joe Ben Hoyle, Thomas Schaefer And Timothy Doupnik
Question Posted:
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Business questions
-
The following trial balance is taken from the General Fund of the City of Jennings for the year ending December 31, 2010. Prepare a condensed statement of revenues, expenditures, and other changes in...
-
The following trial balance is taken from the General Fund of the City of Jennings for the year ending December 31, 2017. Prepare a condensed statement of revenues, expenditures, and other changes in...
-
The following trial balance is taken from the General Fund of the City of Jennings for the year ending December 31, 2013. Prepare a condensed statement of revenues, expenditures, and other changes in...
-
Ruby works in the treasury department of a large airline company. Over the coming months the airline company expects to increase flights as countries continue to ease travel restrictions. Ruby and...
-
Bowles Countys fund structure is as follows: General Fund Three Special Revenue Funds One Capital Projects Fund Two Debt Service Funds Three Internal Service Funds Five Enterprise Funds Assume that...
-
From a human resource management perspective, explain the difference between corporate wellness and corporate wellbeing.
-
MAC Industries completed the following inventory transactions during the month of August: Requirements 1. Without resorting to calculations, determine which inventory method will result in MAC...
-
Corley Communications performed a customer profitability analysis and obtained the following results for its bottom five customers: Chris Corley, vice president for marketing, believes that if these...
-
What are the challenges associated with virtual teamwork, and what strategies can teams employ to overcome barriers to collaboration, build trust, and maintain cohesion in distributed work...
-
A city has only one activity, its school system. The school system is accounted for within the general fund. For convenience, assume that, at the start of 2024, the school system and the city have no...
-
At the end of 2025, Aramis Company has accounts receivable of $800,000 and an allowance for doubtful accounts of $40,000. On January 16, 2026, Aramis Company determined that its receivable from...
-
The long-term liability section of Eastern Post Corporations balance sheet as of December 31, 2023, included 10% bonds having a face amount of $40 million and a remaining premium of $6 million. On...
-
Which z/OS component is used for managing workload distribution, workload balance and distributing resources to competing workloads? I need some help with this assignment. Students will explore...
-
Members X and Z form Rosmead Gardens LLC on January 1, 2024. Purpose of the LLC is to acquire an existing residential multifamily asset, known as Rosmead Gardens. The total cost of acquisition is...
-
Explain the components. Describe the task's role in OS security. Identify the major tasks of an OS. Examine how different networks are managed by the OS.? 1. process management, 2. memory management,...
-
Derive the probability distribution of the 1-year HPR on a 30-year U.S. Treasury bond with a 4.0% coupon if it is currently selling at par and the probability distribution of its yield to maturity a...
-
Johnson Inc.'s non-strategic investment portfolio at December 31, 2022, consisted of the following: Debt and Equity Investments* 10,600 Xavier Corp. common shares Cost $173,310 80,600 41,800 Fair...
-
In determining parent-subsidiary relationships, how does a polycentric solution differ from an ethnocentric or geocentric solution? Compare and contrast all three.
-
Classify each of the following as direct costs or indirect costs of operating the Pediatrics ward for children at the Cleveland Clinic: a. Wi-Fi covering the entire hospital campus b. Net cost of...
-
1. The accounts estimated revenues and appropriations appear in the trial balance of the general fund. These accounts indicate: a. The use of cash basis accounting b. The use of accrual basis...
-
1. When equipment was purchased with general fund resources, which of the following accounts would have been increased in the general fund? a. Due from general fixed assets account group b....
-
1. When equipment was purchased with general fund resources, which of the following accounts would have been increased in the general fund? a. Due from general fixed assets account group b....
-
Interest Rate Swap Swap of annual payments on $100,000 notional amount. Fixed interest rate: 10% ($10,000) At the time of the settlement date, assume the floating rate is 9% ($9,000). Company B pays...
-
Suppose you earn $50,000 annually. In the event of your death, you wish to provide for your family for the next 20 year. The variable are $80,000 in Superannuation; current Life Insurance Policy of...
-
A business in Australia sells products to a customer in New Zealand where GST is exempt. Calculate the GST implications for the Australian company.
Study smarter with the SolutionInn App