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.
The City of Wilmington, Delaware, has an Other Postemployment Benefit Trust Fund and a Tax Collection Agency Fund. The Preclosing
City of Wilmington, Delaware |
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Other Postemployment Benefit Trust Fund |
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Preclosing Trial Balance |
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June 30, 20X6 |
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|
|
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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