Can someone help with the fund balances amount (red) for requirement c? The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2024: Beginning balances were: Cash, $95,000; Taxes Receivable, $185, 000; Accounts Payable, $50,000; and Fund Balance, $230,000. The budget was passed. Estimated revenues amounted to $1,200,000 and appropriations totaled $1, 197, 500. All expenditures are classified as General Government. Property taxes were levied in the amount of $902, 000. All of the taxes are expected to be collected before February 2025. Cash receipts totaled $870,000 for property taxes and $272, 000 from other revenue. Contracts were issued for contracted services in the amount of $90, 000. Contracted services were performed relating to $82,000 of the contracts with invoices amounting to $81, 500. Other expenditures amounted to $947,000. Accounts payable were paid in the amount of $ 1,070,000. The books were closed. Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.
Can someone help with the fund balances amount (red) for requirement c? The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2024: Beginning balances were: Cash, $95,000; Taxes Receivable, $185, 000; Accounts Payable, $50,000; and Fund Balance, $230,000. The budget was passed. Estimated revenues amounted to $1,200,000 and appropriations totaled $1, 197, 500. All expenditures are classified as General Government. Property taxes were levied in the amount of $902, 000. All of the taxes are expected to be collected before February 2025. Cash receipts totaled $870,000 for property taxes and $272, 000 from other revenue. Contracts were issued for contracted services in the amount of $90, 000. Contracted services were performed relating to $82,000 of the contracts with invoices amounting to $81, 500. Other expenditures amounted to $947,000. Accounts payable were paid in the amount of $ 1,070,000. The books were closed. Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Can someone help with the fund balances amount (red) for requirement c? The following
transactions relate to the General Fund of the City of Buffalo Falls for the year ended
December 31, 2024: Beginning balances were: Cash, $95, 000; Taxes Receivable, $185, 000;
Accounts Payable, $50, 000; and Fund Balance, $230,000. The budget was passed.
Estimated revenues amounted to $1,200,000 and appropriations totaled $1, 197,500. All
expenditures are classified as General Government. Property taxes were levied in the amount
of $902, 000. All of the taxes are expected to be collected before February 2025. Cash
receipts totaled $870,000 for property taxes and $272,000 from other revenue. Contracts
were issued for contracted services in the amount of $90,000. Contracted services were
performed relating to $82,000 of the contracts with invoices amounting to $81,500. Other
expenditures amounted to $947, 000. Accounts payable were paid in the amount of $
1,070,000. The books were closed. Required: a. Prepare journal entries for the above
transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund
Balance for the General Fund. c. Prepare a Balance Sheet for the General Fund assuming
there are no restricted or assigned net resources and outstanding encumbrances are
committed by contractual obligation.
Transcribed Image Text:CITY OF BUFFALO FALLS
Cash
Taxes Receivable-Gross
Liabilities:
Accounts Payable
General Fund
Balance Sheet
As of December 31, 2024
Assets
Total Assets
Liabilities, Deferred Inflows, and Fund Balances
Unassigned
Total Liabilities
Fund Balances:
Committed-Contract Services
Total Fund Balances
Total Liabilities, Deferred Inflows, and Fund Balances
$
$
$
CA
$
167,000
217,000
384,000
8,500
8,500
(8,500) X
384,000 X
375,500
384,000
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