CITY OF BRIDGEVIEW
GENERAL FUND
PRECLOSING TRIAL BALANCE
AS OF DECEMBER 31, 20X6
		DEBITS	CREDITS
Cash		$ 1,528,000
Taxes Receivable-Delq.		710,000
Allow for Uncol. Taxes-Delq.			$ 284,000
Supplies Inventory		15,000
Due from Federal Govt		375,000
Due from CPF		50,000
Accounts Payable			795,000
Deferred Inflow of Resources			142,000
Due to Other Funds			40,000
Fund Balance 1/1/X6			125,000
Revenue: Property Taxes			5,969,000
Revenue: Grants			375,000
Revenue: Interest & Penalties			3,000
Revenue: Restricted Gift			100,000
Special Item: Sale of Land			100,000
Expenditures: Current		5,055,000
OFU: Transfers Out		200,000
Encumbrances		125,000
BFB Reserve for Encumbrances			125,000
Appropriations: Current			4,745,000
Estimated Revenues: Grants		425,000

Estimated Revenues: Property Taxes		7,500,000
Estimated OFU: Transfers Out			200,000
Budgetary Fund Balance			2,980,000
	TOTAL DEBITS/CREDITS	$ 15,983,000	$ 15,983,000

All of the items below are reflected in the numbers above

1) Assume a budgetary amendment was posted during the year, which increased Appropriations-Current by $45,000 and decreased Estimated Grant Revenue by $75,000.

2) Near year-end a restricted gift of $100,000 was received by the city to fund a food bank operated by the general fund. No funds have been disbursed as of year-end.

3) During the year the General Fund made an inter-fund loan to the Water & Sewer fund for $15,000, which has not been repaid by the Water & Sewer Fund at year end.

4) You do not have to provide closing entries for this problem, however assume they would be done prior to completing the balance sheet.

Answer rating: 100% (QA)

Based on the information provided lets analyze the impact of the given transactions on the City of B... View the full answer