Below you will find a preclosing trial balance for the City of Carsonville's General Fund (for the
Question:
Below you will find a preclosing trial balance for the City of Carsonville's General Fund (for the year ended December 31, 2016). 000s have been omitted.
Fund Balance | 120 | |
Appropriations | 2,100 | |
Expenditures | 1,950 | |
Encumbrances | 40 | |
Budgetary FB – Reserve for Encumbrances | 40 | |
Estimated Revenues | 3,050 | |
Revenues | 3,025 | |
Estimated Other Financing Sources | 200 | |
Other Financing Sources | 210 | |
Budgetary Fund Balance | 1,150 | |
Current Assets | 1,555 | |
Current Liabilities | 150 | |
Total | 6,795 | 6,795 |
Requirements:
- Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the City of Carsonville's General Fund on a budget to actual basis for the year ended 12/31/16.
Additional Information:
The above budgeted amounts represent the final budget for the year. On October 1, 2016 the city approved an increased in budgeted revenues of: $20 and a decrease in appropriations of: $10. This change is reflected in the above amounts. Use this data to calculate the original budgetary amounts for your statement.
- Prepare a balance sheet for the General Fund at 12/31/2016.
- Prepare closing entries based on the above information.
- Post a "Fund Balance" T-account. Make sure it ties out to the balance sheet above.
Advanced Accounting
ISBN: 978-0133451863
12th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith