The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.
The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The City of Castleton’s General Fund had the following post-closing
| Debits | Credits | ||||||
| Cash | $ | 476,000 | |||||
| Taxes Receivable—Delinquent | 601,000 | ||||||
| Allowance for Uncollectible Delinquent Taxes | $ | 189,120 | |||||
| Interest and Penalties Receivable | 28,080 | ||||||
| Allowance for Uncollectible Interest and Penalties | 12,960 | ||||||
| Inventory of Supplies | 17,900 | ||||||
| Vouchers Payable | 166,500 | ||||||
| Due to Federal Government | 77,490 | ||||||
| Deferred Inflows of Resources—Unavailable Revenues | 427,000 | ||||||
| Fund Balance—Nonspendable—Inventory of Supplies | 17,900 | ||||||
| Fund Balance—Unassigned | 232,010 | ||||||
| $ | 1,122,980 | $ | 1,122,980 | ||||
|
Prepare a General Fund balance sheet as of June 30, 2020. |
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