Make separate balance sheets for each of the four funds in 16-40 using financial statement or columnar
Fantastic news! We've Found the answer you've been seeking!
Question:
Make separate balance sheets for each of the four funds in 16-40 using financial statement or columnar form. No totals column is needed but Fund balance categories should be displayed.
Transcribed Image Text:
40. The following unadjusted trial balances are for the governmental funds of the City of Copeland. Page 787 General Fund Debit Credit Cash $ 19,000 Taxes Receivable 202,000 Allowance for Uncollectible Taxes $ 2,000 Vouchers Payable 24,000 Due to Debt Service Fund 10,000 Unavailable Revenues 16,000 Encumbrances Outstanding 9,000 Fund Balance-Unassigned 103,000 Revenues 176,000 Expenditures 110,000 Encumbrances 9,000 Estimated Revenues 190,000 Appropriations 171,000 Budgetary Fund Balance 19,000 Totals $530,000 $530,000 Debt Service Fund Debit Credit Cash $ 8,000 Investments 51,000 Taxes Receivable 11,000 Due from General Fund 10,000 Fund Balance-Committed $ 45,000 Revenues 20,000 40. The following unadjusted trial balances are for the governmental funds of the City of Copeland. Page 787 General Fund Debit Credit Cash $ 19,000 Taxes Receivable 202,000 Allowance for Uncollectible Taxes $ 2,000 Vouchers Payable 24,000 Due to Debt Service Fund 10,000 Unavailable Revenues 16,000 Encumbrances Outstanding 9,000 Fund Balance-Unassigned 103,000 Revenues 176,000 Expenditures 110,000 Encumbrances 9,000 Estimated Revenues 190,000 Appropriations 171,000 Budgetary Fund Balance 19,000 Totals $530,000 $530,000 Debt Service Fund Debit Credit Cash $ 8,000 Investments 51,000 Taxes Receivable 11,000 Due from General Fund 10,000 Fund Balance-Committed $ 45,000 Revenues 20,000
Expert Answer:
Answer rating: 100% (QA)
Answer a As the Appropriations account balance in the General Fund shows a total of 171000 that amount of money has been authorized for expenditure during this fiscal period Thus only that total can b... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Posted Date:
Students also viewed these accounting questions
-
For each of the four accounts listed below, prepare an example of a journal entry that would cause the account to be (1) Debited and (2) Credited using a process costing system. Assume perpetual...
-
For each of the four histograms E, F, G, and H, state whether the mean is likely to be larger than the median, smaller than the median, or approximately equal to the median. Refer to histograms A...
-
For each of the four histograms A, B, C, and D, state whether the mean is likely to be larger than the median, smaller than the median, or approximately equal to the median. Refer to histograms A...
-
The fraction nonconforming control chart in Exercise 7.3 has an LCL of zero. Assume that the revised control chart in part (b) of that exercise has a reliable estimate of the process fraction...
-
Indicate whether the following statement is coned, and explain your reasoning: "The best diversification vehicle is an asset with high volatility and low correlation with the portfolio."
-
Sketch the graph of y = sin in the interval 90 270.
-
How do you classify centrifugal pumps?
-
The American Bakers Association reports that annual sales of bakery goods last year rose 15 percent, driven by a 50 percent increase in the demand for bran muffins. Most of the increase was...
-
Show all working. If f(x)=4x-20, then f(13) (Leave your answer in exact form.
-
On June 1, John Sullivan opened a real estate office in Hamilton called Sullivan Realty. The following transactions were completed for the month of June. Note that facsimile documents have been...
-
Write the code in Python to perform the following operations: Indicate in your code which part you are answering using comments. [10 points] Define a list that consist of all the odd numbers between...
-
You are preparing pro forma financial statements for 2 0 2 1 using the percent - of - sales method. Sales were $ 1 0 0 , 0 0 0 in 2 0 2 0 and are projected to be $ 1 2 0 , 0 0 0 in 2 0 2 1 . Net...
-
(a) A corporation is considering a capital project for the coming year. The project has an internal rate of return of 14 percent. If the firm has the following target capital structure and costs,...
-
(Triangular arbitrage, 1/3) You are a U.S.-based treasurer with $1,000,000 to invest. The euro-dollar exchange rate is quoted as $1.40 = 1.00 and the pound-dollar exchange rate is quoted as $1.65 =...
-
Which actor belongs to the supply side of financial markets? O an investor buying a bond from a company W O a bank gathering deposits a company applying for loan O a firm issuing shares to finance...
-
An investment promises an annual return of RM1,000 for 15 years. If the first annual return begins now, find the present value of the investment if the money is worth an interest of 6% compounded...
-
At the end of 2025, Sunland Company has accounts receivable of $832,000 and an allowance for doubtful accounts of $41,600. On January 16, 2026, Sunland Company determined that its receivable from...
-
A sprinkler head malfunctions at midfield in an NFL football field. The puddle of water forms a circular pattern around the sprinkler head with a radius in yards that grows as a function of time, in...
-
In 1974, as the FASB considered requiring the expensing of all in-house research and development expenditures, the Board received many comments predicting that if firms were required to expense R&D,...
-
The following are two independent, unrelated sets of facts concerning accounting changes. (a) Case 1: Runyon Development Company determined that the amortization rate on its patents is unacceptably...
-
Fibertek, Inc., computed a pretax financial income of $40,000 for the first year of its operations ended December 31, 2011. Included in financial income was $25,000 of nondeductible expenses, $22,000...
-
Consider a continuous-time environment, with \(e\) as a variable outside of the market. (a) Suppose the final payoff is \(V\left(x_{e}, T ight)=x_{e}(T)\). Find \(V\left(x_{e}, t ight)\). (b) Find a...
-
Mr. Jones was considering a new grapefruit venture that would generate a random sequence of yearly cash flows. He asked his son. Gavin, "People tell me I should use a cost of capital figure to...
-
An option based on a variable that is not traded is called a real option or sometimes a soft option. Find the projection price of the soft option with the following parameters and compare with the...
Study smarter with the SolutionInn App