Here is the preclosing December 31, 2017 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 449,000 Taxes receivable 310,000 Estimated revenues 1,500,000 Estimated other financing sources General expenditures 75,000 1,250,000 Capital outlay Debt service: principal payments 25,000 3,000 Debt service: interest payments 9,000 Transfers out 30,000 Due from other funds 15,000 Allowance for uncollectible taxes $75,000 Accounts payable 75,000 Due to other funds 30,000 Property tax revenues Speeding ticket revenues 1,250,000 500,000 Transfers in 15,000 Bond proceeds 80,000 Appropriations 1,295,000 Estimated other financing uses 36,000 Fund balance-unassigned 310,000 Totals $3,666,000 $3,666,000 By how much do the closing entries at the end of 2017 increase fund balance- unassigned? $14,000 $270,000 $298,000 $284,000

Here is the preclosing December 31, 2017 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 449,000 Taxes receivable 310,000 Estimated revenues 1,500,000 Estimated other financing sources General expenditures 75,000 1,250,000 Capital outlay Debt service: principal payments 25,000 3,000 Debt service: interest payments 9,000 Transfers out 30,000 Due from other funds 15,000 Allowance for uncollectible taxes $75,000 Accounts payable 75,000 Due to other funds 30,000 Property tax revenues Speeding ticket revenues 1,250,000 500,000 Transfers in 15,000 Bond proceeds 80,000 Appropriations 1,295,000 Estimated other financing uses 36,000 Fund balance-unassigned 310,000 Totals $3,666,000 $3,666,000 By how much do the closing entries at the end of 2017 increase fund balance- unassigned? $14,000 $270,000 $298,000 $284,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following selected information was taken from SunValley City’s general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019:Revenues:Property taxes—2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 825,000Expenditures:Current services:Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000Capital outlay (police vehicles) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,000Excess of revenues over expenditures . . . . . . . . . . . . . . . . . . . . $ 153,000Other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (125,000)Excess of revenues over expenditures and other financing uses. $ 28,000Decrease in fund balance assigned (encumbrances) during 2019 . 15,000Residual equity transfers-out…
On December 31, Year 1, the following balances were due from the state government to Clare City's various funds: Capital projects $300,000 Special revenue fund $18,000 Investment trust fund100,000 Enterprise 80,000 Custodial fund 100,000 Debt servide fund 100,000 In Clare's December 31, Year 1, financial statements, what amount should be reported in fiduciary funds? $600,000 $400,000. $300,000. $1,050,000
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Hi, I am in Advanced Acc. and I need to create a closing worksheet for a government fund. The following trial balance is taken form the General Fund of the City of Jennings for the year ending December 31, 2017. debit credit accounts payable $90,000 cash $30,000 contracts payable 90,000 unavailable revenues 40,000 due from capital projects fund 60,000 due to debt service funds 40,000 expenditures 530,000 fund…
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The following transactions relate to Al-Zafra MunicipalityGeneral Fund for the year ended December 31, 2020: (All figures are in 000 AED) The balance sheet as at 31/12/2019 was as follows: Assets: Liabilities & Fund Balances: Cash 200000 Accounts payable 70000 License receivable 150000 Wages payable 10000 Supplies 5000 Fund Balance: Reserved 275000 Total Assets 355000 Total Liabilities & FB. 355000 1. The budget was passed. Estimated revenues amounted to 1,450,000 and appropriations totaled 1,680,000, and estimated other uses $300,000. 2. Contracts were issued for contracted services in the amount of 20,000. 3. Collected 1,250,000 cash including last year license receivables and issued a bill of 100,000 for new license revenues. 4. Collected 200,000 for fines revenues. 5. Issued a contract of 300,000 to complete security and residency services in the West zone. 6. Contracted services of 200,000 were performed and supplies of 280,000 have been purchased on…
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?
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