The City of Wilmington, Delaware, has an Other Postemployment Benefit Trust Fund and a Tax Collection Agency Fund. The Preclosing Trial Balance for each of these funds as of June 30, 20X6, is as follows: City of Wilmington, Delaware Other Postemployment Benefit Trust Fund Preclosing Trial Balance June 30, 20X6 Dr. Cr. Cash and cash equivalents............................................. $ 405,476 Interest receivable.......................................................... 50,807 Investments.................................................................... 2,767,043 Employer contributions.................................................. $ 505,189 Employer contributions.................................................. 167,721 Interest income............................................................... 37,787 Increase in fair market value of investments................. 33,179 Benefits paid.................................................................. 362,325 Administrative expenses................................................ 18,957 Net position-restricted for benefits................................ 2,860,732 Totals.......................................................................... $3,604,608 $3,604,608 City of Wilmington, Delaware Tax Collection Agency Fund Preclosing Trial Balance June 30, 20X6 Dr. Cr. Cash and cash equivalents............................................. $ 282,630 Due from other governments......................................... 211,613 Due to other governments.............................................. $ 294,967 Due to other funds.......................................................... 199,276 Totals.......................................................................... $ 494,243 $ 494,243 Prepare a Statement of Fiduciary Net Position for the city of Wilmington as of June 30, 20X6, and a Statement of Changes in Fiduciary Net Position for the year ended June 30, 20X6.

The City of Wilmington, Delaware, has an Other Postemployment Benefit Trust Fund and a Tax Collection Agency Fund. The Preclosing Trial Balance for each of these funds as of June 30, 20X6, is as follows: City of Wilmington, Delaware Other Postemployment Benefit Trust Fund Preclosing Trial Balance June 30, 20X6 Dr. Cr. Cash and cash equivalents............................................. $ 405,476 Interest receivable.......................................................... 50,807 Investments.................................................................... 2,767,043 Employer contributions.................................................. $ 505,189 Employer contributions.................................................. 167,721 Interest income............................................................... 37,787 Increase in fair market value of investments................. 33,179 Benefits paid.................................................................. 362,325 Administrative expenses................................................ 18,957 Net position-restricted for benefits................................ 2,860,732 Totals.......................................................................... $3,604,608 $3,604,608 City of Wilmington, Delaware Tax Collection Agency Fund Preclosing Trial Balance June 30, 20X6 Dr. Cr. Cash and cash equivalents............................................. $ 282,630 Due from other governments......................................... 211,613 Due to other governments.............................................. $ 294,967 Due to other funds.......................................................... 199,276 Totals.......................................................................... $ 494,243 $ 494,243 Prepare a Statement of Fiduciary Net Position for the city of Wilmington as of June 30, 20X6, and a Statement of Changes in Fiduciary Net Position for the year ended June 30, 20X6.

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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City of Wilmington, Delaware
Other Postemployment Benefit Trust Fund
Preclosing Trial Balance
June 30, 20X6
	Dr.	Cr.
Cash and cash equivalents.............................................	$ 405,476
Interest receivable..........................................................	50,807
Investments....................................................................	2,767,043
Employer contributions..................................................		$ 505,189
Employer contributions..................................................		167,721
Interest income...............................................................		37,787
Increase in fair market value of investments.................		33,179
Benefits paid..................................................................	362,325
Administrative expenses................................................	18,957
Net position-restricted for benefits................................		2,860,732
Totals..........................................................................	$3,604,608	$3,604,608

City of Wilmington, Delaware
Tax Collection Agency Fund
Preclosing Trial Balance
June 30, 20X6
	Dr.	Cr.
Cash and cash equivalents.............................................	$ 282,630
Due from other governments.........................................	211,613
Due to other governments..............................................		$ 294,967
Due to other funds..........................................................		199,276
Totals..........................................................................	$ 494,243	$ 494,243

Prepare a Statement of Fiduciary Net Position for the city of Wilmington as of June 30, 20X6, and a Statement of Changes in Fiduciary Net Position for the year ended June 30, 20X6.

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