The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the half-year convention. Transfers $90,000 of unrestricted cash to a debt service fund. Issues a long-term bond for its $200,000 face value on July 1. Interest at a 10 percent annual rate will be paid each year starting on June 30, 2021. Orders a new computer with a five-year life for $40,000. Pays salaries of $30,000. Another $10,000 is owed to employees at the end of the year but will not be paid for 30 days. Receives the new computer near the end of 2020. The actual cost is $41,000. Payment is to be made in 45 days. Buys supplies for $10,000 in cash. Uses $8,000 of the supplies bought in (h). --------------------------------------------------------------------------------------------------------------------------------------------------------- Here is the Journal Entries General Entries Date Account Title and Explanations Debit Credit Dec. 3, 2020 1. Cash 700,000 Property Tax Receivables 100,000 Property Tax Revenue 750,000 Deferred Revenue 50,000 2. Car 200,000 Cash 200,000 3. Debt Service Fund 90,000 Cash 90,000 4. Cash 200,000 Long-Term Bond 200,000 5. No Journal Entry Required 6. Salaries Expense 40,000 Cash 30,000 Salaries Payable 10,000 7. Computer 41,000 Accounts Payable 41,000 8. Supplies 10,000 Cash 10,000 9. Supplies Expense 8,000 Supplies 8,000 Here is the trial balance Trial Balance Particulars Debit ($) Credit ($) Cash 570,000 Property Tax Receivable 100,000 Car 200,000 Computer 41,000 Supplies 2,000 Debt Service Fund 90,000 Long-Term Bond 200,000 Salaries Payable 10,000 Property Tax Revenue 750,000 Deferred Revenue 50,000 Accounts Payable 41,000 Salaries Expense 40,000 Supplies Expense 8,000 Total 1,051,000 1,051,000 Here is the statement of revenues, expenditures, and other changes in fund balance For the Year Ended December 31,2020 Particular Amount ($) Amount ($) Revenues: Property Taxes 750,000 Expenses: Police Cars 200,000 Salaries 40,000 Computers 41,000 Supplies 10,000 291,000 Total Expenditures 459,000 Excess of Revenue Over Expenditure Other Financing Sources: Transfer to Debit Service Fund -90,000 Issue Long-Term Debit 200,000 110,000 Change in Fund Balance 569,000 Fund Balance- Beginning of the Year 180,000 Fund Balance- Ending of the Year 749,000 What I need help with is the balance sheet please?

The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the half-year convention. Transfers $90,000 of unrestricted cash to a debt service fund. Issues a long-term bond for its $200,000 face value on July 1. Interest at a 10 percent annual rate will be paid each year starting on June 30, 2021. Orders a new computer with a five-year life for $40,000. Pays salaries of $30,000. Another $10,000 is owed to employees at the end of the year but will not be paid for 30 days. Receives the new computer near the end of 2020. The actual cost is $41,000. Payment is to be made in 45 days. Buys supplies for $10,000 in cash. Uses $8,000 of the supplies bought in (h). --------------------------------------------------------------------------------------------------------------------------------------------------------- Here is the Journal Entries General Entries Date Account Title and Explanations Debit Credit Dec. 3, 2020 1. Cash 700,000 Property Tax Receivables 100,000 Property Tax Revenue 750,000 Deferred Revenue 50,000 2. Car 200,000 Cash 200,000 3. Debt Service Fund 90,000 Cash 90,000 4. Cash 200,000 Long-Term Bond 200,000 5. No Journal Entry Required 6. Salaries Expense 40,000 Cash 30,000 Salaries Payable 10,000 7. Computer 41,000 Accounts Payable 41,000 8. Supplies 10,000 Cash 10,000 9. Supplies Expense 8,000 Supplies 8,000 Here is the trial balance Trial Balance Particulars Debit ($) Credit ($) Cash 570,000 Property Tax Receivable 100,000 Car 200,000 Computer 41,000 Supplies 2,000 Debt Service Fund 90,000 Long-Term Bond 200,000 Salaries Payable 10,000 Property Tax Revenue 750,000 Deferred Revenue 50,000 Accounts Payable 41,000 Salaries Expense 40,000 Supplies Expense 8,000 Total 1,051,000 1,051,000 Here is the statement of revenues, expenditures, and other changes in fund balance For the Year Ended December 31,2020 Particular Amount ($) Amount ($) Revenues: Property Taxes 750,000 Expenses: Police Cars 200,000 Salaries 40,000 Computers 41,000 Supplies 10,000 291,000 Total Expenditures 459,000 Excess of Revenue Over Expenditure Other Financing Sources: Transfer to Debit Service Fund -90,000 Issue Long-Term Debit 200,000 110,000 Change in Fund Balance 569,000 Fund Balance- Beginning of the Year 180,000 Fund Balance- Ending of the Year 749,000 What I need help with is the balance sheet please?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 53P

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Question

The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources.
1. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year.
2. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the half-year convention.
3. Transfers $90,000 of unrestricted cash to a debt service fund.
4. Issues a long-term bond for its $200,000 face value on July 1. Interest at a 10 percent annual rate will be paid each year starting on June 30, 2021.
5. Orders a new computer with a five-year life for $40,000.
6. Pays salaries of $30,000. Another $10,000 is owed to employees at the end of the year but will not be paid for 30 days.
7. Receives the new computer near the end of 2020. The actual cost is $41,000. Payment is to be made in 45 days.
8. Buys supplies for $10,000 in cash.
9. Uses $8,000 of the supplies bought in (h).

---------------------------------------------------------------------------------------------------------------------------------------------------------

Here is the Journal Entries

General Entries
Date	Account Title and Explanations	Debit	Credit
Dec. 3, 2020
1.	Cash	700,000
	Property Tax Receivables	100,000
	Property Tax Revenue		750,000
	Deferred Revenue		50,000

2.	Car	200,000
	Cash		200,000

3.	Debt Service Fund	90,000
	Cash		90,000

4.	Cash	200,000
	Long-Term Bond		200,000

5.	No Journal Entry Required

6.	Salaries Expense	40,000
	Cash		30,000
	Salaries Payable		10,000

7.	Computer	41,000
	Accounts Payable		41,000

8.	Supplies	10,000
	Cash		10,000

9.	Supplies Expense	8,000
	Supplies		8,000

Here is the trial balance

Trial Balance
Particulars	Debit ($)	Credit ($)
Cash	570,000
Property Tax Receivable	100,000
Car	200,000
Computer	41,000
Supplies	2,000
Debt Service Fund	90,000
Long-Term Bond		200,000
Salaries Payable		10,000
Property Tax Revenue		750,000
Deferred Revenue		50,000
Accounts Payable		41,000
Salaries Expense	40,000
Supplies Expense	8,000
Total	1,051,000	1,051,000

Here is the statement of revenues, expenditures, and other changes in fund balance

For the Year Ended December 31,2020
Particular	Amount ($)	Amount ($)
Revenues:
Property Taxes		750,000
Expenses:
Police Cars	200,000
Salaries	40,000
Computers	41,000
Supplies	10,000	291,000
Total Expenditures		459,000
Excess of Revenue Over Expenditure
Other Financing Sources:
Transfer to Debit Service Fund	-90,000
Issue Long-Term Debit	200,000	110,000
Change in Fund Balance		569,000
Fund Balance- Beginning of the Year		180,000
Fund Balance- Ending of the Year		749,000

What I need help with is the balance sheet please?

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