The preclosing account balances of the general fund of the City of Batavia on June 30, 2017,
Question:
The preclosing account balances of the general fund of the City of Batavia on June 30, 2017, were as follows:
Debits
Cash ............................................................... $80,000
Taxes receivable-delinquent ................................ 160,000
Due from County ............................................ 18,000
Estimated revenues ....................................... 1,000,000
Expenditures .............................................. 940,000
Nonreciprocal transfers out .................................. 10,000
Encumbrances ................................................. 20,000
....................................................................$2,228,000
Credits
Allowance for uncollectible taxes-delinquent .......... $30,000
Vouchers payable ............................................. 58,000
Notes payable .................................................... 60,000
Reserve for encumbrances .................................... 20,000
Fund balance-unassigned ................................... 120,000
Revenues ..................................................... 980,000
Appropriations ............................................... 960,000
..................................................................$2,228,000
The fund balance-unassigned at the beginning of the year was $80,000, and there were no carryover encumbrances at the beginning of the fiscal year. The end-of-year encumbrances are a result of enabling legislation.
REQUIRED
1. Prepare a statement of revenues, expenditures, and changes in total fund balance for the year ended June 30, 2017.
2. Prepare a general fund balance sheet at June 30, 2017.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
Advanced Accounting
ISBN: 978-0134472140
13th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith