Question

The January 2, 2018, trial balance of Oneida Township follows:
The following events occurred during the first six months of 2018:
a. The adopted budget showed the following:
Estimated expenditures ..... $620,000
Transfers to other funds ..... 27,000
Estimated revenues ....... 655,000
b. Six-month tax anticipation notes were issued in the amount of $120,000.
c. Property taxes of $430,000 were levied, with 2% of the gross levy considered uncollectible.
d. Tax liens proved uncollectible. The property was foreclosed and sold for $4,000.
e. Amounts encumbered totaled $250,000.
f. Cash collected:
All delinquent property taxes. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . $ 20,000
Current taxes . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . 290,000
Due from Parks Fund . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . 11,000
Fines and penalties . . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . 23,000
$344,000
g. Items vouchered totaled $186,000, representing $183,000 of encumbrances. Included in both were $26,000 for supplies, for which a perpetual inventory system is maintained.
h. Cash payments:
Vouchered items . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . $151,000
Non-vouchered items that were not encumbered. .. . . . . . .. . . . . . .. . . 49,000
Due to Utility Fund . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . 4,000
$204,000
i. Supplies inventory on June 30 was $21,000.
Required
1. Using the format below, complete the general fund worksheet for the six months ended June 30, 2018. Ignore entries for any other fund or group. Label entries on the worksheet according to their corresponding events. Formal journal entries are not required.
2. Prepare a balance sheet as of June 30, 2018.


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  • CreatedApril 13, 2015
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