ement of revenues, ex
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- E 20-10 Preparation of a fund statement of revenues, expenditures, and changes in fund balance The trial balance of the general fund of Madelyn City before closing at December 31, 2013, contained the following accounts and balances: Fund balance—unassigned $25,000 Estimated revenues 100,000 Appropriations 95,000 Encumbrances 4,000 Reserve for encumbrances 4,000 Reserve for encumbrances—prior year 5,000 Revenues 101,000 Expenditures 94,000 Expenditures—prior year 4,800 Nonreciprocal transfers out 18,000 Reciprocal transfers in 27,000 Required Prepare a statement of revenues, expenditures, and changes in (total) fund balance for Madelyn City’s general fund in 2013. (Details of revenue and expenditure accounts are omitted to simplify the requirement.)E 20-8 Governmental fund closing entries A general ledger trial balance for Any City contained the following balances at June 30, 2013, just before closing entries were made: Due from other funds $600 Fund balance—unassigned 3,000 Estimated revenues 18,000 Revenues 17,380 Appropriations 17,500 Expenditures—current year 16,450 Expenditures—prior year 1,900 Encumbrances 1,000 Nonreciprocal transfer in 3,200 Reserve for encumbrances 1,000 Reserve for encumbrances—prior year 2,000 Required Prepare the necessary closing entries.E 20-9 Preparation of fund balance sheet A general ledger trial balance at June 30, 2013, for Millar City is as follows: Debits Credits Cash $12,000 — Taxes receivable 30,000 — Allowance for uncollectible taxes — $2,000 Due from other funds 3,000 — Supplies inventory, June 30, 2013 4,000 — Estimated revenues 300,000 — Expenditures 290,000 — Expenditures—prior year 5,000 — Encumbrances 6,000 — Vouchers payable — 13,000 Due to other funds — 5,000 Reserve for encumbrances — 6,000 Reserve for encumbrances—prior year — 5,000 Fund balance—nonspendable — 4,000 Fund balance—unassigned — 10,000 Appropriations — 300,000 Revenues — 305,000 $650,000 $650,000…
- 3 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at…E 19-7 Transaction analysis—governmental funds Use transaction analysis to determine the effects of each of the following transactions in the general fund. Salaries paid totaled $30,000. Additional salaries incurred, but not paid, totaled $2,500. Levied property taxes of $100,000; $98,000 was collected during the year. The balance is expected to be uncollectible. Borrowed $60,000 by issuing a nine-month note bearing interest at 7 percent. Repaid the note plus interest when due. Borrowed $600,000 by issuing bonds at par. The bonds mature in 10 years. Purchased equipment costing $25,000 with cash. Sold equipment at the end of its expected useful life. The equipment had no expected residual value when acquired (at a cost of $13,000), but it sold for $1,200. Determined that it is probable that a lawsuit involving a claim against a department will result in a settlement of at least $50,000. However, it is not expected that any payments will be required for two years or more.2 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the closing entries for December 31. Prepare the Statement of Revenues, Expenses, and Changes in Fund…
- Please Answer Part D. importantly The following transactions relate to the General Fund of Fujairah for the year ended Dec. 31, 2020: Beginning balances were: Cash, $500,000; Taxes Receivable, $200,000; Accounts Payable, $300,000; and Fund Balance, $400,000. 1. The budget was passed. Estimated revenues amounted to $5,000,000 and appropriations totaled $3,500,000. Estimated other sources $500,000 and other uses also $500,000. 2. Contracts were issued for contracted services in the amount of $2,000,000. 3. Contracted services were performed relating to $2,000,000 of the contracts with invoices amounting to $1,800,000. 4. Taxes were levied in the amount of $2,500,000, of which 20% is expected to be uncollectible. 5. Cash receipts of $2,000,000 for taxes and $1,500,000 other revenue, and $600,000 other sources. 6. Other expenditures amounted to $1,500,000. 7. Paid $1,600,000 for accounts payable and $400,000 for other uses. Required: a. Prepare journal entries for the above transactions.…3. The pre-closing trial balance of the General Fund for the City of Taif shows the following balances at the end of its fiscal year. Budgetary fund balance SAR 20,000 Fund balance, beginning (actual) 150.000 Estimated revenues 830.000 Appropriations 810.000 Revenues (actual) 725.000 Expenditures 675.000 Based on information presented above Prepare closing entries for the budgetary and financial accounts.Problem 5. A summary of the general fund transactions for the city of Wautoma for the year ended December 31, 2016, is as follows: A. A budget was approved, showing estimated revenues of $900,000, appropriations $875,000, transfers in of $27,000 from other funds, and required transfers of $20,000 to other funds. B. The outstanding encumbrance at the end of 2015 was $25,000. Amounts encumbered in the prior period are included in appropriations for 2016. C. Property taxes for $650,000 were levied. In past years, 1% of the property taxes levied proved uncollectible. D. Encumbrances for $25,000 had not been liquidated by the end of 2015 (see B). Invoices for all these items were received in 2016 and totaled $24,000. E. Collections from property taxes totaled $644,000, of which $20,000 represented collections on delinquent taxes. Delinquent taxes of $8,000 remain uncollected, on which a $3,000 allowance is carried. Remaining taxes Receivable - current and taxes receivable - delinquent were…
- P 20-9 Capital projects fund journal entries The City of Stockholm authorized construction of a $600,000 addition to the municipal building in September 2016. The addition will be financed by $200,000 from the general fund and a $400,000 serial bond issue to be sold in April 2017. Required Prepare journal entries for the capital projects fund and any other fund involved to the extent of requiring journal entries to record the transactions described. On October 1, 2016, the general fund transferred $200,000 to the capital projects fund. On November 1, 2016, a contract for the addition was awarded to Crooked Construction for $580,000. On April 15, 2017, the $400,000, 7 percent bonds were sold for $401,000, and the premium was transferred to the debt service fund. On May 2, 2017, construction was completed, and Crooked Construction submitted a bill for $580,000. On May 12, 2017, the bill to Crooked Construction was paid in full. The CPF was closed, and the remaining cash was…E 20-13 Governmental fund journal entries For each of the following transactions, note the fund(s) affected, and prepare appropriate journal entries. General obligation bonds with a par value of $750,000 are issued at $769,000 to finance construction of a government office building. A Community Block Development Grant in the amount of $450,000 is awarded for residential services within a city. Upon approval of a new town band shell, the general fund transfers $500,000 to create a new fund. A wealthy citizen donates $10,000,000 for city park maintenance. The principal cannot be spent. Automobiles and vans for general governmental use are purchased for $375,000. General fixed assets with an original cost of $300,000 sold for $30,000 at the end of their useful life. Sold equipment at the end of its expected useful life. The equipment had no expected residual value when acquired (at a cost of $13,000), but it sold for $1,200. Equipment is used in general fund. The general…Ch3 9. The Encumbrances account is properly termed a Multiple Choice Long-term liability. Reservation of unassigned fund balance. Budgetary account. Current liability if paid within a year; otherwise, long-term debt. 10. When computers are ordered by the mayor's office, the purchase order should be recorded in the General Fund as a debit to: Multiple Choice Encumbrances. Equipment. Expenditures. Appropriations.