ANSWER FORM

Problem 2: Financial statements (follow the "tips for preparing financial statements") The information below discloses the unadjusted trial balance for the general fund of the Village of Stoneville as of December 31, 2022. The Village is incorporated in the State of Illinois Accounts Debits Credits Cash 408,000 Property taxes receivable 40,000 Vouchers payable 83,000 Due to other governments 65,000 Fund balance 550,000 Expenditures-general government 2,164,000 Expenditures-public safety 3,298,000 Expenditures-economic development 492,000 Expenditures-culture and recreation 280,000 Revenues-taxes 4,400,000 Revenues-permits and licenses 1,220,000 Revenues-intergovernmental 300,000 Revenues-fines and forfeits 64,000 Estimated revenues-taxes 4,500,000 Estimated revenues-permits and licenses 1,200,000 Estimated revenues-intergovernmental 360,000 Estimated revenues-fines and forfeits 68,000 Budgetary fund balance 240,000 Appropriations-general government 2,198,000 Appropriations-public safety 3,400,000 Appropriations-economic development 500,000 Appropriations-culture and recreation 270,000 Encumbrances: public safety-contractual services 16,000 Budgetary fund balance reserved for encumbrances 16,000 Totals 13,066,000 13,066,000 Additional information: At December 31, 2022, the State treasurer notified the finance director of the Village that the State is holding $52,000 of sales taxes and $36,000 of income taxes. The state treasurer disclosed that the sales tax revenue would be remitted by the third week in January, 2023, and the income tax revenue would be remitted during the fourth week in February, 2023. All of the uncollected property taxes at December 31, 2022, are expected to be collected no later than March 1, 2023. On January 10, 2023, the finance department received a utility bill from Peoples Gas for $12,000. This billing was for natural gas usage during the months of November and December, 2022. Revenues from property taxes, as well as revenues from all other sources in the general fund, use the same time period for determining "availability." Required: A. Prepare the statement of revenues, expenditures, and changes in fund balance for the general fund of the Village of Stoneville for the year ended December 31, 2022. B. Prepare the balance sheet for the general fund of the Village of Stoneville at December 31, 2022. All fund balance is unassigned. Problem 2 (A) $ $ Problem 2 (B) $ $