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

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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 6E

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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?
The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.
The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, 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 $ 103,000 Accounts receivable $ 25,800 Accrued interest payable 28,900 Accumulated depreciation 46,500 Administrative and selling expenses 48,500 Allowance for uncollectible accounts 12,400 Capital assets 707,000 Cash 90,200 Charges for sales and services 553,000 Cost of sales and services 495,000 Depreciation expense 46,500 Due from General Fund 17,100 Interest expense 40,200 Interest revenue 4,300 Transfer in from General Fund 115,200 Bank note payable 625,300 Supplies inventory 18,300 Totals $ 1,488,600 $ 1,488,600…
The General Fund of a city had the following post-closing trial balance at September 30 2020. the end of its fiscal year: Debits Credits Cash 100,000 Taxes Receivable – Delinquent 583,000 Allowance for Uncollectible Delinquent Taxes 189,000 Interest and Penalties Receivable 26,280 Allowance for Uncollectible Interest & Penalties 11,160 Inventory of Supplies 16,100 Vouchers Payable 148,500 Due to Federal Government 62,490 Fund Balance – Nonspendable – Inventory Supplies…
The unadjusted trial balance for the General Fund of the City of Allensville at June 30, 2019 is as follows: Debits Accounts Receivable $40,000 Cash 75,000 Due from Agency Fund 25,000 Encumbrances 60,000 Estimated Revenues 975,000 Expenditures 750,000 Taxes Receivable 250,000 $2,175,000 Credits Allowance for Doubtful Accounts $ 5,000 Allowance for Uncollectible Taxes 50,000 Appropriations 785,000 Due to a Utility Fund 40,000 Unassigned Fund Balance (160,000) Estimated…
The unadjusted trial balance for the General Fund of the City of Allensville at June 30, 2019 is as follows: Debits Accounts Receivable $40,000 Cash 75,000 Due from Agency Fund 25,000 Encumbrances 60,000 Estimated Revenues 975,000 Expenditures 750,000 Taxes Receivable 250,000 $2,175,000 Credits Allowance for Doubtful Accounts $ 5,000 Allowance for Uncollectible Taxes 50,000 Appropriations 785,000 Due to a Utility Fund 40,000 Unassigned Fund Balance (160,000) Estimated…
The preclosing trial balance of the general fund of Shorewood Village for fiscal year ended June 30, 2019, is as follows: Debit CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90,000Receivables (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120,000Vouchers Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,000Fund Balance—Assigned . . . . . . . . . . . . . . . . . . . . . 60,000Fund Balance—Unassigned . . . . . . . . . . . . . . . . . . 92,000Budgetary Fund Balance . . . . . . . . . . . . . . . . . . . . . 50,000Estimated Revenues . . . . . . . . . . . . . . . . . . . . . . . . . 600,000Estimated Other Financing Sources. . . . . . . . . . . 150,000Appropriations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
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 government makes appropriations of RO 150,000 to Muscat School for the month of January 2019. During the month the following transactions occurred:Salary paid RO 35,000Purchase orders were placed for office supplies RO 49,000Office supplies were received with a voucher for RO 45,000An amount of RO 15,000 was transferred to Debt service fund.The unreserved fund balance at the end of the period is:
The government makes appropriations of RO 200,000 to Sohar School for the month of January 2019. During the month the following transactions occurred: Salary paid RO 50,000 Purchase orders were placed for office supplies RO 72,000 Office supplies were received with a voucher for RO 60,000 An amount of RO 25,000 was transferred to Debt service fund. The unreserved fund balance at the end of the period is: a. 90,000 b. 150,000 c. 78,000 d. 65,000
The following trial balance of the Employees’ Retirement System Fund for Bedrock City was prepared by a clerk who used only balance sheet accounts in recording the events for the fiscal year ended June 30, 2018:Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,000 Due from the city . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 Investments, at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 497,000 Due to resigned employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,000) Annuities payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,000) Net plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (540,000)…
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…