Here is the pre closing December 31, 2017 trial balance for the general fund of Lancaster County:All numbers are in thousands.DebitCreditCash$ 225,000Taxes receivable150,000Estimated revenues750,000Estimated other financing sources30,000General expenditures620,000Capital outlay10,000Debt service: principal paym1,000Debt service: interest payments6,000Transfers out15,000Due from other funds20,000Allowance for uncollectible taxes$25,000Accounts payable20,000Due to other funds15,000Property tax revenues725,000Speeding ticket revenues200,000Transfers in10,000Bond proceeds12,000Appropriations650,000Estimated other financing uses20,000Fund balance-unassigned150,000Totals$1,827,000$1,827,000By how much do the closing entries at the end of 2017 increase fund balance-unassigned?si8,000S167,000$203,000s185,000

Closing entries are made at the end of the accounting period. The objective of making closing…

Answered: Fund balance-unassigned 150,000 Totals…

Fund balance-unassigned 150,000 Totals $1,827,000 $1,827,000 By how much do the closing entries at the end of 2017 increase fund balance-unassigned? s1,000 S167,000 $203,000 s185,000

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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The following information relates to Samson Engineering as at 30 June 2023: RProfit for the year180 000Drawings50 000Property920 000Long-term borrowings510 000Trade receivables380 000Plant and machinery250 000Trade payables180 000Short-term borrowings260 000Fixtures and fittings90 000Inventories420 000Equity at 1 July 20221 175 000Cash45 000Motor vehicles150 000 RequiredCalculate the following:The total non-current assets The total current assetsThe total assets
please dont provide answer in image format thank you Assume Towne Centre Art Museum (which has a December 31st year end) received the following contributions in 2020. Prepare journal entries to record these events and any year-end adjusting journal entries resulting from the events. a) Unrestricted pledges of support were received in the amount of $300,000. All of these are due within the year and it is estimated that 7% will ultimately prove to be uncollectable. b) 600 memberships were sold to the public in the amount of $45 each. Membership provides the individual with a monthly magazine and other benefits. The estimated fair value of member benefits is $20. The member year runs from July 1 to June 30. c) A local carpenter donated supplies and labor with values of $25,000 and $30,000 (respectively) to construct a new exhibition area. Fixed assets are classified as unrestricted net assets. d) On April 1,2020 a local businessman made a pledge payable in a future period. The pledge is…
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E 20-9 Preparation of fund balance sheet A general ledger trial balance at June 30, 2013, for Millar City is as follows: Debits Credits Cash $12,000 — Taxes receivable 30,000 — Allowance for uncollectible taxes — $2,000 Due from other funds 3,000 — Supplies inventory, June 30, 2013 4,000 — Estimated revenues 300,000 — Expenditures 290,000 — Expenditures—prior year 5,000 — Encumbrances 6,000 — Vouchers payable — 13,000 Due to other funds — 5,000 Reserve for encumbrances — 6,000 Reserve for encumbrances—prior year — 5,000 Fund balance—nonspendable — 4,000 Fund balance—unassigned — 10,000 Appropriations — 300,000 Revenues — 305,000 $650,000 $650,000…
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