**Preparation of Governmental Funds Balance Sheet**Ted’s Village has five governmental funds: a General Fund, a Debt Service Fund, and three Special Revenue Funds. It has no proprietary funds.The following information is available at December 31, 2022, for each of the funds.| | General | Debt Service | Special Revenue Fund A | Fund B | Fund C ||-------------------|---------|--------------|-------------------------|--------|--------|| Cash | $20,000 | $10,000 | $1,200 | $600 | $1,400 || Taxes receivable | 10,000 | 4,000 | | | || Accounts payable | 12,000 | | 400 | 200 | 800 || Assigned fund balance | 2,000 | | 800 | 400 | 600 || Restricted fund balance | | 14,000 | | | || Unassigned fund balance | 16,000 | | | | || Total revenues | 104,000 | 12,000 | 4,800 | 2,400 | 6,800 || Total expenditures| 96,000 | 10,000 | 4,600 | 2,200 | 6,400 |a) Identify which of the funds are major funds as defined in GASB Statement No. 34, amended by GASB Statement No. 37.[Dropdown selections are provided for each fund to identify major funds.]---**Explanation of the Table:**The table provides a financial overview of different governmental funds for Ted’s Village as of December 31, 2022. It includes several key financial indicators:- **Cash:** The cash balance available in each fund.- **Taxes Receivable:** The amount of taxes expected to be collected.- **Accounts Payable:** The outstanding obligations of the funds.- **Assigned Fund Balance:** Amounts designated for specific purposes.- **Restricted Fund Balance:** Amounts restricted to specific purposes by external sources.- **Unassigned Fund Balance:** Residual balance available for general use.- **Total Revenues and Expenditures:** Income and spending for each fund.The task involves identifying major funds according to specific governmental accounting standards ( The image contains instructions and a template for preparing a balance sheet for Ted’s Village as of December 31, 2022. The document is focused on governmental funds and requires organizing assets, liabilities, and fund balances. The structure involves entering major funds in separate columns and grouping nonmajor funds into a single column. The assets, liabilities, and fund balances should be listed in order of magnitude, from largest to smallest.**Template Structure:**- **Title:** - The balance sheet is titled "Ted's Village Balance Sheet Governmental Funds December 31, 2022."- **Columns:** - The columns are divided into: - Major funds (with adjustable sections indicated by arrows) - A column for nonmajor funds - A 'Total' column for aggregating values.- **Rows and Sections:** - **Assets Section:** - An area to enter various assets, displayed with cells allowing for numerical input. - A cell to enter the total assets. - **Liabilities Section:** - An area designated for liabilities with corresponding cells. - A line to sum up the total liabilities. - **Fund Balances Section:** - A separate section to list fund balances, again with specific cells for input. - A final cell for the total fund balances. - **Final Totals:** - The bottom line combines total liabilities and fund balances.The template uses a clear and systematic layout, facilitating easy input and calculation of financial data, with an emphasis on clarity and organization.

As per GASB Statement no 34, all funds whose total revenues or total expenditures exceeds 10% of the total revenue or total expenses should be reported as major funds of the government accounts.

Business

Accounting

Ted's Village has five governmental funds: a General Fund, a Debt Service Fund, and three Special Revenue Funds. It has no proprietary funds. The following information is available at December 31, 2022 for each of the funds. Debt Special Revenue Fund A General Service Fund B Fund C Cash $20,000 $10,000 $1,200 S600 S1,400 Taxes receivable 10,000 4,000 Accounts payable 12,000 200 800 400 Assigned fund balance 600 2,000 800 400 Restricted fund balance 14,000 Unassigned fund balance 16,000 Total revenues 104,000 12,000 4,800 2,400 6,800 Total expenditures 96,000 10,000 4,600 2,200 6,400 a) Identify which of the funds are major funds as defined in GASB Statement No. 34, amended by GASB Statement No. 37. General Fund Debt Service Fund Eon in Eund o pecial D.

Ted's Village has five governmental funds: a General Fund, a Debt Service Fund, and three Special Revenue Funds. It has no proprietary funds. The following information is available at December 31, 2022 for each of the funds. Debt Special Revenue Fund A General Service Fund B Fund C Cash $20,000 $10,000 $1,200 S600 S1,400 Taxes receivable 10,000 4,000 Accounts payable 12,000 200 800 400 Assigned fund balance 600 2,000 800 400 Restricted fund balance 14,000 Unassigned fund balance 16,000 Total revenues 104,000 12,000 4,800 2,400 6,800 Total expenditures 96,000 10,000 4,600 2,200 6,400 a) Identify which of the funds are major funds as defined in GASB Statement No. 34, amended by GASB Statement No. 37. General Fund Debt Service Fund Eon in Eund o pecial D.

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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City of Smithville CH 4 Fiscal year 2023. Questions 8-13
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