complete answers using excel for the attached questions on attached document.

ACCT567 Case Study I (Week 2) The General Fund of Middleville has presented you with the following trial balance as of June 30, 2011. Cash Taxes Receivable- Delinquent Estimated Uncollectible Taxes- Delinquent Interest and Penalties Receivable Vouchers Payable Budgetary Fund Balance-Reserve for Encumbrances Fund Balance Debits $ 40,000 142,000 Credits 9,100 32,000 24,000 10,200 _________ 170,700 $ 214,000 $214,000 The information that is being presented to you pertains to the transactions for the city of Middleville for the fiscal year ended June 30, 2012. 1. The following budget was adopted by the city council: Estimated Revenues: Property Taxes $ 650,000 Fines and Penalties 44,000 Licenses and Permits 150,000 Federal Grant 85,000 929,000 Appropriations and Other Financing Uses Public Safety 402,000 General Government 263,000 Public Works 102,000 Parks and Recreation 92,000 Transfers Out 34,000 893,000 2. Encumbrances outstanding at the end of the year were re-opened. 3. Property taxes of $ 660,000 were levied. It is estimated that 2.5% of the property taxes levied are expected to be uncollectible/ 4. Purchase orders issued for the 2012 fiscal year were as follows: Public Safety, $ 395,000; General Government, $ 259,000; Public Works, $ 100,000; Parks and Recreation, $ 98,000. 5. Cash collected for the Federal Grant from the Federal Government, $ 94,000. 6. Cash collected and transferred in as follows: Fines and Penalties 43,000 Licenses and Permits 164,000 7. Cash collected on property taxes were as follows: Current taxes, $559,000, Delinquent Taxes, $ 41,000 and $ 22,000 of interest and penalties were collected. 8. Purchase orders issued in 2012 in the following amounts were filled in at the following amounts: Estimated Actual Public Safety $ 395,000 $ 393,600 General Government $ 259,000 $ 258,200 Public Works $ 100,000 $ 99,400 Parks and Recreation $ 98,000 $ 97,500 ----------------------------$ 852,000 $ 848,700 9. Vouchers paid amounted to $ 840,000 and the transfer out to the Debt Service Fund, $34,000. 10. Please reclassify the Taxes Receivable -Current and Estimated Uncollectible TaxesChange from Current to Delinquent. Instructions: a. Prepare journal entries for the fiscal year ending 2012. b. Prepare closing entries. c. Prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended June 30, 2012. d. Prepare a General Fund Balance Sheet as of June 30, 2012. Grading Rubric for Case Study 1: Category Documentation & Formatting Points 10 % 20% Organization and Cohesiveness 15 30% Content 25 50% Total 50 100% Description Project will be done in Excel and will contain formulas to receive maximum credit. Calculations for all parts should be organized and correctly labeled. A quality case study will have all required work completed and will be correct. A quality project will meet or exceed all of the above requirements. Solution to ACCT567 Case Study I (Week 2) Part A City of Middleville General Fund General Journal 1. General Fund Estimated Revenues Appropriations Budgetary Fund Balance 2. General Fund Encumbrances Reserve for Encumbrances 3. General Fund Taxes Receivable-Current Estimated Uncollectible Current Taxes Revenues-Property Taxes Governmental Activities Taxes Receivable-Current Estimated Uncollectible Current Taxes General Revenues-Property Taxes 4. General Fund Encumbrances Reserve for Encumbrances 5. General Fund Cash Revenues-Federal Grant Governmental Activities Cash Revenues-( itemize as program or general and By sources ) 6. General Fund Cash Revenues-Fines and Penalties Revenues-Licenses and Permits Governmental Activities Cash Revenues-(itemize as program or general and By sources) 7. General Fund Cash Taxes Receivable- Current Debit Credit D C C D C D C C D C C D C D C D C D C C D C D C Taxes Receivable-Delinquent Interest and Penalties Receivable Governmental Activities Same entry made in the General Fund. 8. General Fund Reserve for Encumbrances Encumbrances Expenditures Vouchers Payable Governmental Activities Expenses (function details omitted) Vouchers Payable 9. General Fund Vouchers Payable Other Financing Uses-Transfer Out to Debt Svc Fund Cash 10. General Fund Taxes Receivable-Delinquent Estimated Uncollectible Current Taxes Taxes Receivable-Current Estimated Uncollectible Delinquent Taxes Governmental Activities Taxes Receivable-Delinquent Estimated Uncollectible Current Taxes Taxes Receivable -Current Estimated Uncollectible Delinquent Taxes C C D C D C D C D D C D D C C D D C C Part B General Fund Appropriations Other Financing Uses-Transfer Out Budgetary Fund Balance Estimated Revenues D D D C Revenues D Expenditures Other Financing Uses-Transfer Out to Debt Service Fund Fund Balance Fund Balance Encumbrances C C C D C Part C City of Middleville-General Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended June 30, 2012 Revenues: Property Taxes Licenses and Permits Federal Grant Fines and Penalties Total Revenues $ XXXX XXXX XXXX XXXX $ 944,500 Expenditures: Public Safety General Government Public Works Parks and Recreation Total Expenditures Excess of Revenues Over Expenditures $ XXXX XXXX XXXX XXXX $ 848,700 XXXX Other Financing Uses- Transfer Out to Debt Service Fund Increase in Fund Balance Fund Balances, July 1, 2011 Fund Balances, June 30, 2012 XXXX XXXX XXXX $242,700 Part D City of Middleville General Fund Balance Sheet As of June 30, 2012 Assets: Cash Taxes Receivable-Delinquent Less: Estimated Uncollectible Taxes-Delinquent Interest and Penalties Receivable Total Assets Liabilities and Fund Balance: Liabilities: Vouchers Payable $ XXXX $ XXXX XXXX XXXX XXXX 275,400 $ XXXX Fund Balances: Reserved for Encumbrances Fund Balance Total Fund Balance Total Liabilities and Fund Balance $ XXXX XXXX 242,700 $275,400