Chapter $9$ Continuing Problem

Preparation of fund financial statements and schedules

Prepare a governmental funds balance sheet; a governmental funds statement of revenues, expenditures, and changes in fund balances; and a General Fund budgetary comparison schedule. In the budgetary comparison schedule, include a column for variances. To ease financial statement preparation, we supply you with the preclosing trial balances for Croton City's General Fund, Library Special Revenue Fund, Capital Projects Fund, and Debt Service Fund. Consider all funds as major funds for this exercise and classify the fund balance for the Debt Service Fund as Assigned fund balance. In addition, make calculations to determine which of the funds would be considered as nonmajor if Croton had not considered all of them to be major.

$\backslash$table$[[\backslash$table$[[$Preclosing Trial Balance for Croton City$],[$General Fund$],[$December $31,2019]]],[,$Debits,Credits$],[$Budgetary Accounts$],[$Estimated revenues $-$ property taxes,$$9,000,],[$Estimated revenues $-$ personal income taxes,$5,000,],[$Estimated revenues $-$ intergovernmental,$1,000,],[$Estimated revenues $-$ recreation fees,$600,],[$Budgetary fund balance,$600,],[$Appropriations $-$ public safety salaries,,$7,100],[$Appropriations $-$ public safety supplies,,$500],[$Appropriations $-$ public works salaries,,$5,000],[$Appropriations $-$ parks salaries,,$2,300],[$Appropriations $-$ transfer to Library Fund,,$100],[$Appropriations $-$ transfer to Debt Service Fund,,$1,200],[$Encumbrances$,150,],[$Budgetary fund balance reserved for encumbrances,,$150],[$Financial Accounts$],[$Cash$,1,050,],[$Property taxes receivable $-$ delinquent,$930,],[$Income taxes receivable,$700,],[$Allowance for uncollectible property taxes $-$ delinquent,,$30],[$Income tax refunds payable,,$300],[$Salaries payable,,$700],[$Accrued vacation pay payable,,$10],[$Deferred property tax revenues,,$400],[$Unassigned fund balance,,$1,600],[$Revenues $-$ property taxes,,$8,880],[$Revenues $-$ personal income taxes,,$5,000]]$

Chapter $9$ Continuing Problem

Preclosing Trial Balance for Croton City Library Special Revenue Fund December $31,2019$

$\backslash$table$[[,$Debits,Credits$],[$Cash$,$$$35,],[$Restricted fund balance,,$],[$Transfer in from General Fund,,$100],[$Revenues $-$ intergovernmental grant,,$300],[$Revenues $-$ miscellaneous,,$20],[$Expenditures $-$ culture salaries,$350,],[$Expenditures $-$ culture supplies,$40,],[$Totals$,$$$425,$$$425$

Chapter $9$ Continuing Problem

Preparation of fund financial statements and schedules

Prepare a governmental funds balance sheet; a governmental funds statement of revenues, expenditures, and changes in fund balances; and a General Fund budgetary comparison schedule. In the budgetary comparison schedule, include a column for variances. To ease financial statement preparation, we supply you with the preclosing trial balances for Croton City's General Fund, Library Special Revenue Fund, Capital Projects Fund, and Debt Service Fund. Consider all funds as major funds for this exercise and classify the fund balance for the Debt Service Fund as Assigned fund balance. In addition, make calculations to determine which of the funds would be considered as nonmajor if Croton had not considered all of them to be major.

$\backslash$table$[[\backslash$table$[[$Preclosing Trial Balance for Croton City$],[$General Fund$],[$December $31,2019]]],[$Budgetary Accounts,,$],[$Estimated revenues $-$ property taxes,$$9,000,],[$Estimated revenues $-$ personal income taxes,$5,000,],[$Estimated revenues $-$ intergovernmental,$1,000,],[$Estimated revenues $-$ recreation fees,$600,],[$Budgetary fund balance,$600,],[$Appropriations $-$ public safety salaries,,$7,100],[$Appropriations $-$ public safety supplies,,$500],[$Appropriations $-$ public works salaries,,$5,000],[$Appropriations $-$ parks salaries,,$2,300],[$Appropriations $-$ transfer to Library Fund,,$100],[$Appropriations $-$ transfer to Debt Service Fund,,$1,200],[$Encumbrances$,150,],[$Budgetary fund balance reserved for encumbrances,,$150],[$Financial Accounts,,$],[$Cash$,1,050,],[$Property taxes receivable $-$ delinquent,$930,],[$Income taxes receivable,$700,],[$Allowance for uncollectible property taxes $-$ delinquent,,$30],[$Income tax refunds payable,,$300],[$Salaries payable,,$700],[$Accrued vacation pay payable,,$10],[$Deferred property tax revenues,,$400],[$Unassigned fund balance,,$1,600],[$Revenues $-$ property taxes,,$8,880],[$Revenues $-$ personal income taxes,,$5,000]]$