Using the following trial balance:

$1.$ Create a Statement of Revenues, Expenditures and Changes in Fund Balances

$2.$ Create a Balance Sheet

$3.$ Say whether budget variance is favorable or unfavorable, and by how much

$4.$ Assuming the assigned fund balances relate to prior year encumbrances that will be honored, what was the remaining spending authority at year$-$end?$$

$5.$ What will the closing entries be at year$-$end $($both budgetary and operating, assuming entry to close$-$out encumbrances already made$)?$

$6.$ If a check was received for overdue property taxes from $2$ years prior, what entry would be made?

$$

Debits

Credits

Cash

$52,000$

$$

Prop Taxes Receivable

$20,000$

$$

Allowance for Uncollectible Taxes

$$

$15,000$

Vouchers Payable

$$

$10,000$

Due to Internal Service Fund

$$

$2,000$

Fund Balance, Assigned

$$

$12,000$

Fund Balance, Unassigned

$$

$6,000$

Expenditures

$718,000$

$$

Fine & License Revenue

$$

$99,000$

Transfer out to Internal Service Fund

$40,000$

$$

Prop Tax Revenues

$$

$686,000$

APPROPRIATIONS CONTROL

$$

$750,000$

ESTIMATED REVENUE CONTROL

$800,000$

$$

ESTIMATED TRANSFER OUT TO INTERNAL SVC FUND

$$

$40,000$

BUDGETARY FUND BALANCE, UNASSIGNED

$$

$10,000$

Totals

$1,630,000$

$1,630,000$