Question 6 Not complete Marked out of 7.14 Flag question eBook Print Preparation of fund financial statements and schedules Prepare a governmental funds balance sheet; a governmental funds statement of revenues, expenditures, and changes in fund balances; and a General Fund budgetary comparison schedule. In the budgetary comparison schedule, include a column for variances. To ease financial statement preparation, we supply you with the pre-closing trial balances for Croton City's General Fund, Library Special Revenue Fund, Capital Projects Fund, and Debt Service Fund. Consider all funds as major funds for this exercise and classify the fund balance for the Debt Service Fund as Assigned fund balance. In addition, make calculations to determine which of the funds would be considered as nonmajor if Croton had not considered all of them to be major. Preclosing Trial Balance for Croton City General Fund December 31, 2019 Debits Credits Budgetary Accounts Estimated revenues- property taxes $9,000 Estimated revenues-personal income taxes 5,000 Estimated revenues-intergovernmental 1,000 Estimated revenues-recreation fees Budgetary fund balance 600 600 Appropriations - public safety salaries 7,100 Appropriations-public safety supplies 500 Appropriations- public works salaries 5,000 Appropriations- parks salaries 2,300 Appropriations- transfer to Library Fund 100 Appropriations - transfer to Debt Service Fund 1,200 Encumbrances Budgetary fund balance reserved for encumbrances 150 Financial Accounts Cash Property taxes receivable - delinquent Income taxes receivable 1,050 930 700 Allowance for uncollectible property taxes - delinquent 30 300 Income tax refunds payable Salaries payable 700 Accrued vacation pay payable 10 Deferred property tax revenues Unassigned fund balance Revenues property taxes 400 1,600 8,880 Revenues personal income taxes 5,000 Revenues intergovernmental 1,000 Revenues-recreation fees 700 Expenditures-public safety salaries 7,060 Expenditures - public safety supplies 330 Expenditures-public works salaries 4,950 Expenditures parks salaries 2,300 Transfer out to Library Special Revenue Fund 100 Transfer out to Debt Service Fund 1,200 Totals $34,970 $34,970 Preclosing Trial Balance for Croton City Library Special Revenue Fund December 31, 2019 Debits Credits Cash $35 Restricted fund balance 5 Transfer in from General Fund 100 Revenues intergovernmental grant 300 Revenues - miscellaneous 20 Expenditures-culture salaries 350 Expenditures-culture supplies 40 Totals $425 $425 Preclosing Trial Balance for Croton City Capital Projects Fund December 31, 2019 Debits Credits Revenues-intergovernmental grants $1,000 Other financing source - long-term debt issued 2,000 Expenditures-construction costs 2,800 Expenditures - architect/supervision fees 200 Totals $3,000 $3,000 Preclosing Trial Balance for Croton City Debt Service Fund December 31, 2019 Debits Credits Cash $30 Transfer in from General Fund 1,200 Expenditures-interest 520 Expenditures - bond principal 650 Totals $1,200 $1,200 Assets Cash Receivables: Property taxes delinquent (net) Personal income taxes Total assets Liabilities Salaries payable Income tax refunds payable Accrued vacation pay payable Total liabilities Deferred inflows of resources Deferred revenues Fund balances Restricted Assigned Croton City Governmental Funds Balance Sheet December 31, 2019 Library General Special Revenue Debit Service Total Capital Governmental Projects Funds 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 ° 0 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 ° 0 0 0 о 0 0 0 0 ° 0 0 0 0 0 0 0 0 0 0 0 0 0