ANSWER SHEET IS PROVIDED ABOVE, THANK YOU FOR THE HELP! FIND ALL ANSWERS IN THE CAFR:

HERE IS THE LINK TO THE FINANCIAL REPORT FOR THESE QUESTIONS:

https://www.vah.com/common/pages/DisplayFile.aspx?itemId=17819115

Problem 2: Questions from the 2020 CAFR for the Village of Arlington Heights 1. With respect to property taxes for 2020 (which will be collected in 2021) on what date do these taxes become an enforceable legal claim on the property? 2. For the year ended December 31, 2020, the general fund reported transfers in of $350,000 on the statement of revenues, expenditures, and changes in fund balance. The transfers came from a nonmajor governmental fund and a nonmajor enterprise fund. Name each nonmajor fund that made the transfers along with their dollar amounts. 3. To whom has the Board of Trustees delated the authority to assign fund balance? Name both the position and the name of the person. 4. At December 31, 2020, what is the dollar amount of the current financial resources reported on the general fund balance sheet? 5. What method is used to report inventories and prepaid items on the general fund balance sheet? 6. Make the adjusting journal entry to record unused inventories and unexpired prepaid items at December 31, 2020. Assume all inventories as well as all prepaid items are from expenditures authorized by appropriations for public safety: commodities. 7. What is the total amount of fund balance at December 31, 2020, in the general fund that is constrained by the intent to use resources for specific purposes? Problem 2 answers from the CAFR for Arlington Heights 1. Fund Amounts 2. $ 3. 4. 5. Accounts Debits Credits 6. 7. Computation space for answer 7 (show amounts only): Problem 2: Questions from the 2020 CAFR for the Village of Arlington Heights 1. With respect to property taxes for 2020 (which will be collected in 2021) on what date do these taxes become an enforceable legal claim on the property? 2. For the year ended December 31, 2020, the general fund reported transfers in of $350,000 on the statement of revenues, expenditures, and changes in fund balance. The transfers came from a nonmajor governmental fund and a nonmajor enterprise fund. Name each nonmajor fund that made the transfers along with their dollar amounts. 3. To whom has the Board of Trustees delated the authority to assign fund balance? Name both the position and the name of the person. 4. At December 31, 2020, what is the dollar amount of the current financial resources reported on the general fund balance sheet? 5. What method is used to report inventories and prepaid items on the general fund balance sheet? 6. Make the adjusting journal entry to record unused inventories and unexpired prepaid items at December 31, 2020. Assume all inventories as well as all prepaid items are from expenditures authorized by appropriations for public safety: commodities. 7. What is the total amount of fund balance at December 31, 2020, in the general fund that is constrained by the intent to use resources for specific purposes? Problem 2 answers from the CAFR for Arlington Heights 1. Fund Amounts 2. $ 3. 4. 5. Accounts Debits Credits 6. 7. Computation space for answer 7 (show amounts only)