The City of Castletons General Fund had the following post-closing trial balance at June 30, 2019, the
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Question:
The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year:
Debits | Credits | ||||||
Cash | $ | 418,000 | |||||
Taxes Receivable—Delinquent | 590,000 | ||||||
Allowance for Uncollectible Delinquent Taxes | $ | 203,120 | |||||
Interest and Penalties Receivable | 26,980 | ||||||
Allowance for Uncollectible Interest and Penalties | 11,860 | ||||||
Inventory of Supplies | 16,800 | ||||||
Vouchers Payable | 155,500 | ||||||
Due to Federal Government | 66,490 | ||||||
Deferred Inflows of Resources—Unavailable Revenues | 402,000 | ||||||
Fund Balance—Nonspendable—Inventory of Supplies | 16,800 | ||||||
Fund Balance—Unassigned | 196,010 | ||||||
$ | 1,051,780 | $ | 1,051,780 | ||||
Prepare a General Fund balance sheet as of June 30, 2020.
Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2020. Do not prepare the government-wide financial statements.
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
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