1. Using the trial balance provided, calculate the fund balance as of July 1, 2013.

2. Using the trial balance provided, calculate the post-closing fund balance as of June 30, 2014.

3. Using your answers to a. and b. above, indicate whether actual results were more favorable or less favorable than expected.
 

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Cash Taxes receivable Fund balance Debt Service Fund Pre-Closing Trial Balance June 30, 2014 Estimated other financing sources Estimated revenue Revenue sales taxes Revenue investment earnings OFS interfund transfers in OFS Proceeds of refunding bonds Estimated OFU Appropriations Expenditures - bond interest Expenditures - bond principal Expenditures - payment to escrow agent OFU payment to escrow agent Debits 132,000 44,500 5,825,000 266,500 825,000 1,000,000 121,500 5,000,000 13,214,500 Credits 172,700 261,400 5,400 825,000 5,000,000 5,000,000 1,950,000 13,214,500 Information: During the fiscal year ended June 30, 2014, Christensen issued refunding bonds to pay off the bond issue associated with this debt service fund, and no other bond issues were managed through this DSF. Cash Taxes receivable Fund balance Debt Service Fund Pre-Closing Trial Balance June 30, 2014 Estimated other financing sources Estimated revenue Revenue sales taxes Revenue investment earnings OFS interfund transfers in OFS Proceeds of refunding bonds Estimated OFU Appropriations Expenditures - bond interest Expenditures - bond principal Expenditures - payment to escrow agent OFU payment to escrow agent Debits 132,000 44,500 5,825,000 266,500 825,000 1,000,000 121,500 5,000,000 13,214,500 Credits 172,700 261,400 5,400 825,000 5,000,000 5,000,000 1,950,000 13,214,500 Information: During the fiscal year ended June 30, 2014, Christensen issued refunding bonds to pay off the bond issue associated with this debt service fund, and no other bond issues were managed through this DSF.

Answer rating: 100% (QA)

ANSWER a Calculation of Fund Balance as of July 1 2013 Beginning Fund Balance July 1 2013 Fund Balan... View the full answer