Following is the trial balance of City of Kendall Green’s General Fund at December 31, 2019. Using MS-Excel, prepare well-formatted worksheets as follows:
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Accounting Cycle Project
Following is the
Using MS-Excel, prepare well-formatted worksheets as follows:
(a) closing entries
(b) a post-closing trial balance.
(c) a statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019
(d) a balance sheet at December 31, 2019.
Step by step
Solved in 6 steps with 4 images
- Cash Flow Amounts On January 1, 2019, Philip Holding invests 40,000 in an annuity to provide 8 equal semi-annual payments. Interest is 10%, compounded semiannually. Required: Compute the equal semiannual amounts that Philip will receive assuming that the first withdrawal is to be received on: July 1, 2019 January 1, 2019 July 1, 2022 January 1, 2024Notes Receivable Metzler Communications designs and programs a website for a local business. Metzler charges $46,000 for the project, and the local business signs an 8% note January 1, 2019. Required: 1. Prepare the journal entry to record the sale on January 1, 2019. 2. Determine how much interest Metzler will receive if the note is repaid on October 1, 2019. 3. Prepare Metzlers journal entry to record the cash received to pay off the note and interest on October 1, 2019.Question You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019. Debit Credit GHC'000 GHc'000 Corporate taxes 200,000 Personal income taxes 120,000 Capital gain taxes and sundries 50,000 Taxes on general goods and services 180,000 Fees, fines and penalties 80,000 Investment income 20,000 Custom duties 250,000 Grants 150,000 Communication service taxes 100,000 Royalties 40,000 Established post 240,000 Casual labour 60,000 Travel and transport 70,000 Repairs and maintenance 50,000 13% Social security contribution 26,000 Gratuity and end of service benefit 168,000 State protocol 180,000 Independence Day celebration 205,000 Seminar and conferences 30,000 Probation 25,000 Property plant and equipment (at cost) 300,000 Infrastructure (at…
- Question The trial balance below relates to the Consolidated Fund for the year ended 31st December, 2019. GHc'000 GHc'000 Indirect Taxes 120,300 Direct Taxes 85,000 Non taxe revenues 60,000 Compensation for employees 76,000 Goods and services 45,000 Consumption of fixed consumption 24,000 Loans and advances 30,000 Bank and cash balances 12,000 Equity investment 40,000 Domestic debt 90,500 External debt 110,000 Trust fund 50,000 Sundry creditors 24,500 Other expenditures 20,000 Public debt interest 33,000 Social benefit 12,000 Grants 20,000 Subsidies 12,000 Accumulated Fund (1/12/16) 216,300 540300 540,300 Required: 1. Prepare Statement of Revenue and Expenditure for the Consolidated Fund for the year ended 31st December, 2019. 2. Prepare Statement of Financial Position…The following information pertains to Yoyo Projects for the three months ended 31 May 2020:ActualBudgetedMarchRAprilRMayRRevenue (20% for cash and 80% on credit)360 000380 000400 000Purchases (10% for cash 90% on credit)240 000280 000320 000Salaries and wages paid40 00060 00060 000Cash expenses24 00028 00032 000Depreciation2 0002 0002 000Additional Information:a) It is expected that debtors will settle their accounts as follows:• 20 % in the month of invoice• 70% in the month after the month of invoice, and• 5% in the second month after the month of invoice• The remaining 5% is usually written off as bad debts.b) Trade creditors are paid in the month after purchase at a discount of 5%.c) 50% of the salaries and wages are weekly wages. Since wages are paid weekly, usually 10% of the wages are paid in the month following the month in which they were incurred.d) Expenses are paid as they arise.e) The favourable bank balance on 1 April 2020 was R 21 000.RequiredPrepare the Cash Budget of…The following is a pre-closing trial balance for Montpelier's General... The following is a pre-closing trial balance for Montpelier's General Fund as of June 30, 2023: Debits Credits Cash $116,500 Taxes Receivable-Current 29,000 Allowance for Uncollectible Current Taxes $3,000 Accounts Payable 7,800 Due to Other Funds 5, 500 Tax Anticipation Notes Payable 50,000 Fund Balance-Unassigned 70,200 Budgetary Fund Balance 1,000 Estimated Revenues 100,000 Revenues 102,000 Appropriations 99,000 Expenditures 93,000 Totals $ 338,500 $ 338, 500 What is the fund balance as of June 30, 2023, after all closing entries have been made?
- Home appraised for $850,000 bank offering 1% for 30 years property taxes 10% calculate PITIMiscellaneous scenarios requiring journal entries The following transactions and events pertain to Bean County’s General Fundfor the calendar year 2022:1. The entity receives invoices in early January 2023 for $25,000 for professional servicesobtained in 2022, and $32,000 for December 2022 utility services.2. The entity borrows $500,000 on August 1, 2022, in anticipation of thecollection of property taxes. The borrowed amount is due to be repaid onJanuary 31, 2023, with interest at the rate of 1.5 percent per annum.3. The entity invests $300,000 cash in a CD on November 1, 2022, at an interest rateof 1 percent per annum. The CD will mature on January 31, 2023.4. In September 2022, the entity receives and accepts supplies that had beenordered in August. The amount that had been encumbered was $40,000,but the amount of the approved invoice was $42,000.Prepare journal entries for the transactions and events listed above.Enter 0 or leave the field blank if no entry is required for calendar…Carleton Agency, a VHWO, conducts two programs: Medical Services and Community Information Services. It had the following transactions during the year ended June 30, 2019.1. Received the following contributions:Unrestricted pledges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $800,000Restricted cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,000Building fund pledges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000Endowment fund cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,0002. Collected the following pledges:Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $450,000Building fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
- Balance on April 1, 2020Debtors control Dr. $65, 145Debtors control Cr. 600Creditors control Dr. 950Creditors control Cr. 75, 500Totals for the month of April 2020Cash purchases 35, 600Credit purchases 62, 600Cash Sales 47, 000Credit Sales 75, 000Contra entry: Set off 1, 800Refund to cash customers 2, 800Bad debt written off 3, 300Discount Allowed 3, 750Total payments to suppliers 87, 000Total receipt from customers 98, 800Discount received 5, 500Dishonoured cheques: customers 2, 900Increase in the allowance for bad debts 2, 100Return Inwards 2, 400Return Outwards 15, 200Balances at 30 April 2020Debtors control: Dr. ? Cr: $8 300Creditors control: Dr. $7 500 Cr: ?Required: Prepare the Sales ledger control account Prepare the Purchases control accountE 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…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.
