The City of Wilmington, Delaware, has an Other Postemployment Benefit Trust Fund and a Tax Collection Agency Fund. The Preclosing Trial Balance for each of these funds as of June 30, 20X6, is as follows:  City of Wilmington, Delaware  Other Postemployment Benefit Trust Fund  Preclosing Trial Balance  June 30, 20X6      Dr.    Cr.  Cash and cash equivalents.............................................    $ 405,476      Interest receivable..........................................................    50,807      Investments....................................................................    2,767,043      Employer contributions..................................................        $ 505,189  Employer contributions..................................................        167,721  Interest income...............................................................        37,787  Increase in fair market value of investments.................        33,179  Benefits paid..................................................................    362,325      Administrative expenses................................................    18,957      Net position-restricted for benefits................................        2,860,732  Totals..........................................................................    $3,604,608    $3,604,608    City of Wilmington, Delaware  Tax Collection Agency Fund  Preclosing Trial Balance  June 30, 20X6      Dr.    Cr.  Cash and cash equivalents.............................................    $ 282,630      Due from other governments.........................................    211,613      Due to other governments..............................................        $ 294,967  Due to other funds..........................................................        199,276  Totals..........................................................................    $ 494,243    $ 494,243    Prepare a Statement of Fiduciary Net Position for the city of Wilmington as of June 30, 20X6, and a Statement of Changes in Fiduciary Net Position for the year ended June 30, 20X6.

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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The City of Wilmington, Delaware, has an Other Postemployment Benefit Trust Fund and a Tax Collection Agency Fund. The Preclosing Trial Balance for each of these funds as of June 30, 20X6, is as follows: 

City of Wilmington, Delaware 

Other Postemployment Benefit Trust Fund 

Preclosing Trial Balance 

June 30, 20X6 

 

 

Dr. 

 

Cr. 

Cash and cash equivalents............................................. 

 

$ 405,476 

 

 

Interest receivable.......................................................... 

 

50,807 

 

 

Investments.................................................................... 

 

2,767,043 

 

 

Employer contributions.................................................. 

 

 

 

$ 505,189 

Employer contributions.................................................. 

 

 

 

167,721 

Interest income............................................................... 

 

 

 

37,787 

Increase in fair market value of investments................. 

 

 

 

33,179 

Benefits paid.................................................................. 

 

362,325 

 

 

Administrative expenses................................................ 

 

18,957 

 

 

Net position-restricted for benefits................................ 

 

 

 

2,860,732 

Totals.......................................................................... 

 

$3,604,608 

 

$3,604,608 

 

City of Wilmington, Delaware 

Tax Collection Agency Fund 

Preclosing Trial Balance 

June 30, 20X6 

 

 

Dr. 

 

Cr. 

Cash and cash equivalents............................................. 

 

$ 282,630 

 

 

Due from other governments......................................... 

 

211,613 

 

 

Due to other governments.............................................. 

 

 

 

$ 294,967 

Due to other funds.......................................................... 

 

 

 

199,276 

Totals.......................................................................... 

 

$ 494,243 

 

$ 494,243 

 

Prepare a Statement of Fiduciary Net Position for the city of Wilmington as of June 30, 20X6, and a Statement of Changes in Fiduciary Net Position for the year ended June 30, 20X6. 

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