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- 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…From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the City of Eastern Shores General Fund for the year ended September 30, 2020. (Negative entries should be entered with a minus sign and will appear in parenthesis.)
- The following are the balances of accounts in the Statement of Operations of the Quezon Cooperative for the Year Ended December 31, 2020.*How much is to be the allocated for General Reserved fundPrepare the journal entries necessary for the following transactions. For each transaction you must identify the fund in which the entries are recorded. Make the entries only for the Fund-Based Financial Statements for the fiscal year ended 6/30/2021. 1. The board of commissioners of the Cosmo City adopted a General Fund budget for the year ending June 30, 2021, which indicated revenues of $5,100,000, bond proceeds of $620,000, appropriations of $1,900,000 for salaries, $800,000 for advertising, $400,000 for supplies, and $800,000 for utilities, and also operating transfers out of $980,000. 2. Cosmo City collected $22,000 from parking meters. 3. On March 12, 2021, Cosmo City ordered a new computer at an anticipated cost of $414,000. The computer was received on April 16 with an actual cost of $416,200. Payment was subsequently made on May 15, 2021. 4. Property taxes of 1,800,000 are levied for Cosmo City. The city expects that 5% will be uncollectible. Of the levied amount,…The General Fund of the Village of Wyatt had the following during its 2019 fiscal year, ending on December 31, 2019. Amount paid on 12/31/19 for the purchase of delivery truck $8700 $18400 Amount paid for salaries for 2019: What amount should be reflected in the statement of revenues, expenditures, and changes in fund balances for the Village of Wyatt? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. Your Answer:
- 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…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…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…
- The City of Mayville had total fund balance in its General Fund of $200,000 on December 31, 2019. The City of Maysville’s General Fund balance sheet for its December 31, 2019 year end shows inventory of $8,000 and prepaid rent of $10,000. The City also had $60,000 of outstanding encumbrances in its General Fund at year-end. In December 2019, a grantor provided the City with $42,000 that must be used to buy musical instruments for the City’s youth orchestra. No instruments had been purchased at year-end. How much should the City report as unassigned fund balance in its General Fund on December 31, 2019? $38,000 $60,000 $80,000 $102,000 $120,000The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for the year ended September 30, 2024: Inflow of Financial Resources: Property taxes Sales taxes Fees and fines Licenses and permits Intergovernmental Investment earnings Proceeds from sale of land Outflows of Financial Resources: Current: General government Public safety Public works Health and sanitation Culture and recreation Transfer to capital project fund Fund balance, October 1, 2023 Revenues: Taxes: Total Revenues Required: From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the city of Eastern Shores General Fund for the year ended September 30, 2024. Note: Negative entries should be entered with a minus sign and will appear in parenthesis. CITY OF EASTERN SHORES Statement of Revenues, Expenditures, and Changes in Fund Balance General fund For the Year Ended September 30,…The Balance Sheet of the Street and Highway Fund of the City of Monroe as of December 31, 2019, follow. CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2019 Assets Cash $ 19,000 Investments 63,000 Due from state government 107,000 Total assets $ 189,000 Liabilities and Fund Equity Liabilities: Accounts payable $ 10,000 Fund equity: Fund balance—assigned for streets and highways 179,000 Total liabilities and fund equity $ 189,000 3-C. This portion of the continuous problem continues the special revenue fund example by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget information for the City includes: (1) Also as of January 1, 2020, the City Council approved and the mayor signed a budget for the…