Problem 2: Financial statements (follow the tips for preparing financial statements)

The information below discloses the unadjusted trial balance for the general fund of the Village of Stoneville as of December 31, 2022. The Village is incorporated in the State of Illinois

Accounts Debits Credits

Cash	408,000
Property taxes receivable	40,000
Vouchers payable		83,000
Due to other governments		65,000
Fund balance		550,000
Expenditures-general government	2,164,000
Expenditures-public safety	3,298,000
Expenditures-economic development	492,000
Expenditures-culture and recreation	280,000
Revenues-taxes		4,400,000
Revenues-permits and licenses		1,220,000
Revenues-intergovernmental		300,000
Revenues-fines and forfeits		64,000
Estimated revenues-taxes	4,500,000
Estimated revenues-permits and licenses	1,200,000
Estimated revenues-intergovernmental	360,000
Estimated revenues-fines and forfeits	68,000
Budgetary fund balance	240,000
Appropriations-general government		2,198,000
Appropriations-public safety		3,400,000
Appropriations-economic development		500,000
Appropriations-culture and recreation		270,000
Encumbrances: public safetycontractual services	16,000
Budgetary fund balance reserved for encumbrances		16,000
Totals	13,066,000	13,066,000

Additional information:

• At December 31, 2022, the State treasurer notified the finance director of the Village that the State is holding $52,000 of sales taxes and $36,000 of income taxes. The State treasurer disclosed that the sales tax revenue would be remitted by the third week in January, 2023, and the income tax revenue would be remitted during the fourth week in February, 2023. All of the uncollected property taxes at December 31, 2022, are expected to be collected no later than March 1, 2023.
• On January 10, 2023, the finance department received a utility bill from Peoples Gas for $12,000. This billing was for natural gas usage during the months of November and December, 2022.
• Revenues from property taxes, as well as revenues from all other sources in the general fund, use the same time period for determining availability.

Required:

1. Prepare the statement of revenues, expenditures, and changes in fund balance for the general fund of the Village of Stoneville for the year ended December 31, 2022.
2. Prepare the balance sheet for the general fund of the Village of Stoneville at December 31, 2022. All fund balance is unassigned.

Problem 2 (A) $ $ Problem 2 (B) $ $ Problem 2 (A) $ $ Problem 2 (B) $ $