1.The Village of Lake George's General Fund has the following net resources at December 31, 2017...

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1.The Village of Lake George's General Fund has the following net resources at December 31, 2017 • $9,600 of prepaid insurance • $25,000 of property taxes receivable - currently due and expectod to be collected within 60 days • $325,000 rainy day fund approved by the township goveming board • $82,500 of supplics inventory • $33,000 government grant for city park maintenance • $10,000 contractual obligations for the purchase of park fixtures • $200,000 to be used to fund government operations in the future Required: Prepare the fund balance section of the Balance Sheet 2.The City of Westboro passed an appropriations ordinance for the year ended June 30, 2017. Included in the appropriations ordinance was an appropriation for public safety in the amount of $7,600,000. During the month ended July 31, 2017 the following transactions took place: a. Purchase orders were issued in the amount of $410,000. b. Goods were received, relaled to purchase orders in the amount of $220,000, along with invoices amounting to $215,000. c. Salaries were paid in the amount of $450,000 d. Because of an economic slowdown, a budget amendment was passed cutting all departments' (annual) appropriations by 4%. Required: Compute the amount of appropriations available at July 31, 2017. 1.The Village of Lake George's General Fund has the following net resources at December 31, 2017 • $9,600 of prepaid insurance • $25,000 of property taxes receivable - currently due and expectod to be collected within 60 days • $325,000 rainy day fund approved by the township goveming board • $82,500 of supplics inventory • $33,000 government grant for city park maintenance • $10,000 contractual obligations for the purchase of park fixtures • $200,000 to be used to fund government operations in the future Required: Prepare the fund balance section of the Balance Sheet 2.The City of Westboro passed an appropriations ordinance for the year ended June 30, 2017. Included in the appropriations ordinance was an appropriation for public safety in the amount of $7,600,000. During the month ended July 31, 2017 the following transactions took place: a. Purchase orders were issued in the amount of $410,000. b. Goods were received, relaled to purchase orders in the amount of $220,000, along with invoices amounting to $215,000. c. Salaries were paid in the amount of $450,000 d. Because of an economic slowdown, a budget amendment was passed cutting all departments' (annual) appropriations by 4%. Required: Compute the amount of appropriations available at July 31, 2017.

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1 Preparing the Fund Balance Section in the Balance Sheet Village of La... View the full answer