The General Fund the trial balance of Masfout Village as of January 1, 2020, was asfollows:DebitsCreditsCash$50,000Accounts Payable$70,000Taxes Receivable80,000Estimated Uncollectible Taxes 10,000Fund Balance50,000Total130,000Total130,000The following data pertaining to General Fund operations for Masfout Village for thefiscal year ended December 31, 2020:On January 1, 2020, the budgeted revenues are: $700,000 licenses, and $100,000other revenues. The budgeted expenditures are: $600,000 general expenditure and$50,000 as transfer out.2. An order of $400,000 was issued for some contract services.3. Property taxes of $1,000,000 were levied. 2% of the tax levy is expected tobe uncollectible.4. Cash collections during the year: $800,000 of the previous tax receivables, $150,000operating revenues, and $50,000 other sources of revenues.5. Orders received during the year are $400,000 and $350,000 has been consumed.6. Additional account payable of $250,000 is recognized for salary expenditure.7. Cash of $500,000 paid for payables, and $50,000 for transfer out.Required:1) Record journal entries for the above transactions.2) Prepare the General Fund Statement of Revenues, Expenditure and Changes inFund Balance for the year ended December 31, 2020.3) Prepare the General Fund Statement of Net Assets (Position) as of the end of 2020..

Journal entries refers to the systematic documentation of the financial transactions of a company in…

The General Fund the trial balance of Masfout Village as of January 1, 2020, was as Follows: Debits Credits Cash $50,000 Accounts Payable $70,000 axes Receivable 80,000 Estimated Uncollectible Taxes 10,000 Fund Balance 50,000 otal 130,000 Total 130,000 The following data pertaining to General Fund operations for Masfout Village for the

The General Fund the trial balance of Masfout Village as of January 1, 2020, was as Follows: Debits Credits Cash $50,000 Accounts Payable $70,000 axes Receivable 80,000 Estimated Uncollectible Taxes 10,000 Fund Balance 50,000 otal 130,000 Total 130,000 The following data pertaining to General Fund operations for Masfout Village for the

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 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 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 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 preclosing, year-end trial balance for a capital projects fund of the city of Rochester as of December 31, 2019, follows: Debit CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110,000Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250,000Contracts Payable—Retained Percentage. . . . . . . . . . . 110,000Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,600Other Financing Sources . . . . . . . . . . . . . . . . . . . . . . . . . . 800,000Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .586,600Other Financing Uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5,000Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
The preclosing, year-end trial balance for a capital projects fund of the city of Clark as of December 31, 2019, follows: Debit CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75,000Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2,00,000Contracts Payable—Retained Percentage. . . . . . . . . . . 60,000Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,600Other Financing Sources . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 686,600Other Financing Uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
1. For the year 2020, the permanent fund requirement of DICE Co. has been estimated as P 70,000. The total fund requirements are given as follows: Current Assets. Fixed AssetsFirst Quarter. 20,000 60,000Second quarter. 27,500. 60,000Third quarter 30,000. 60,000Fourth quarter 19,000. 60,000 a). Compute for the seasonal fund requirements
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?
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…
Prepare the entries to record the following general fund transactions for the village of Del Valley for the year ended September 30, 2018:a. Revenues are estimated at $520,000; expenditures are estimated at $515,000.b. A tax levy is set at $378,788, of which 1% will likely be uncollectible.c. Purchase orders amounting to $240,000 are authorized.d. Tax receipts total $280,000.e. Invoices totaling $225,000 are received and vouchered for orders originally estimated at $223,000.f. Salaries amounting to $135,000 are approved for payment.g. A state grant-in-aid of $100,000 is received.h. Fines and penalties of $10,000 are collected.i. Property for a village park is purchased, costing $120,000. No encumbrance had been made for this item.j. Additional recreational property valued at $88,000 is donated.k. Amounts of $12,000 due to other village funds are approved for payment. (Note: To establish the liability to other funds, credit Due to Other Funds.)l. The village’s share of sales tax due…
Journal entries for General Fund financial transactions for Croton City Help me with Journal entry 10, 11,12. please At year-end, the uncollected property taxes were declared delinquent. The existing allowance for uncollectible taxes is reclassified to delinquent. Croton’s director of finance estimated that $500 of the uncollected taxes would be collected in January and February 2020 and $400 would be collected during the rest of 2020. In January 2020, the state advised Croton that the state held $500 in personal income taxes on the city’s behalf and that it would send the taxes to Croton by February 10. It also told Croton that it was likely that, by April 30, Croton would receive an additional $200 of taxes with final returns, but that tax refunds would probably be $300. (Remember that “available” for income taxes is defined as taxes expected to be collected within 120 days after the end of the calendar year.) Police officers who retired at the end of 2019 will be paid $10 for…
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?
You are given the following post-closing trial balance for the Special Assessment Capital Projects Fund of the city of Stone Creek as of January 1, 2018. The project was started last year and should be completed in June of 2018. Debit CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000Contracts Payable—Retained Percentage. . . . . . . . . . . 60,000Fund Balance—Restricted . . . . . . . . . . . . . . . . . . . . . . . . . 150,000Fund Balance—Assigned for Encumbrance . . . . . . . . . 80,000Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 290,000The special assessments are collected by the debt service fund, which also makes payments of principal and interest on special assessment bonds. The city has…