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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (190,000)Decrease in unassigned fund balance during 2019 . . . . . . . . . . $(147,000)Unassigned fund balance, January 1, 2019. . . . . . . . . . . . . . . . . . . 304,000Unassigned fund balance, December 31, 2019. . . . . . . . . . . . . . . $157,000The following information was taken from SunValley’s December 31, 2019, general fund balance sheet:Property taxes receivable—delinquent—2019. . . . . . . . . . . . . . . . . $ 34,000Less: Allowances for estimated uncollectible taxes—delinquent . . . 20,000Vouchers payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,000Fund balance:Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,000Assigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,000Unassigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157,000Additional information is as follows:a. Debt service was for bonds used to finance a library building and included interest of $22,000.b. $8,000 of 2019 property taxes receivable was written off; otherwise, the allowance for uncollectible taxes balance is unchanged from the initial entry at the time of the original tax levy at the beginning of the year.c. SunValley purchased $50,000 of supplies inventory in 2019 and had a balance of $5,000 at December 31, 2019.Provide the best answer to the following questions:1. What recording method did SunValley use for its general fund supplies inventory?2. What amount was collected from 2019 tax assessments?3. What amount is SunValley’s liability to general fund vendors and contractors at December 31, 2019?4. What amount should be included in the general fixed assets account group for the cost of assets acquired in 2019 through the general fund?5. What amount arising from 2019 transactions decreased liabilities reported in the general long-term debt account group?
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 825,000
Expenditures:
Current services:
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000
Capital outlay (police vehicles) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,000
Excess of revenues over expenditures . . . . . . . . . . . . . . . . . . . . $ 153,000
Other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (125,000)
Excess of revenues over expenditures and other financing uses. $ 28,000
Decrease in fund balance assigned (encumbrances) during 2019 . 15,000
Residual equity transfers-out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (190,000)
Decrease in unassigned fund balance during 2019 . . . . . . . . . . $(147,000)
Unassigned fund balance, January 1, 2019. . . . . . . . . . . . . . . . . . . 304,000
Unassigned fund balance, December 31, 2019. . . . . . . . . . . . . . . $157,000
The following information was taken from SunValley’s December 31, 2019, general fund balance sheet:
Property taxes receivable—delinquent—2019. . . . . . . . . . . . . . . . . $ 34,000
Less: Allowances for estimated uncollectible taxes—delinquent . . . 20,000
Vouchers payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,000
Fund balance:
Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,000
Assigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,000
Unassigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157,000
Additional information is as follows:
a. Debt service was for bonds used to finance a library building and included interest of $22,000.
b. $8,000 of 2019 property taxes receivable was written off; otherwise, the allowance for uncollectible taxes balance is unchanged from the initial entry at the time of the original tax levy at the beginning of the year.
c. SunValley purchased $50,000 of supplies inventory in 2019 and had a balance of $5,000 at December 31, 2019.
Provide the best answer to the following questions:
1. What recording method did SunValley use for its general fund supplies inventory?
2. What amount was collected from 2019 tax assessments?
3. What amount is SunValley’s liability to general fund vendors and contractors at December 31, 2019?
4. What amount should be included in the general fixed assets account group for the cost of assets acquired in 2019 through the general fund?
5. What amount arising from 2019 transactions decreased liabilities reported in the general long-term debt account group?
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