The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for theyear ended September 30, 2024:Inflow of Financial Resources:Property taxesSales taxesFees and finesLicenses and permitsIntergovernmentalInvestment earningsProceeds from sale of landOutflows of Financial Resources:Current:General governmentPublic safetyPublic worksHealth and sanitationCulture and recreationTransfer to capital project fundFund balance, October 1, 2023Revenues:Taxes:Total RevenuesRequired:From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance forthe city of Eastern Shores General Fund for the year ended September 30, 2024.Note: Negative entries should be entered with a minus sign and will appear in parenthesis.CITY OF EASTERN SHORESStatement of Revenues, Expenditures, and Changes in Fund BalanceGeneral fundFor the Year Ended September 30, 2024Expenditures:$ 27,330,00013,463,0001,472,0001,870,0002,515,000Total ExpendituresExcess of Revenues Over ExpendituresOther Financing Sources (Uses):Total Other Financing Sources (Uses)Net Change in Fund BalanceFund Balance, Beginning of YearFund Balance, End of Year801,000859,00011,759,00024,479,000$6,247,0001,199,0002,191,0001,155,0001,847,0000000

The statement of revenue, expenditure and change in fund flow is a financial statement that contains…

Answered: The following General Fund information…

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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The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Restricted” Fund balance? Select one: a. $275,000 b. $210,000 c. $150,000 d. $60,000
Journal entries for a Pension Trust Fund The Pension Trust Fund maintained by the city of Marydell had the following transactions and events during its current fiscal year: 1. Contributions of $1,440,000 were received from General Fund employees, and the General Fund contributed its share of $240,000. 2. The fund paid $1,200 for investment management fees. 3. Investments held by the fund increased in value by $8,400. 4. Depreciation on fund capital assets totaled $1,920 5. Retirement benefits of $18,480 were paid to retirees. 6. Interest of $6,000 and dividends of $3,360 were received from investments. Prepare journal entries to record the transactions and events above for the Pension Trust Fund. If an entry affects more than one debit or credit account, enter the accounts in order of magnitude (largest to smallest balances), debits first. Account Cash Debit 1,440,000 Credit 0 x Additions-pension contributions-plan members ✓ 1,200,000 0 x Additions-pension contributions-employer 0…
Journal entries and financial statements for an Internal Service Fund The city of Pleasantville’s Data Processing Fund, an Internal Service Fund, provides services for a fee toall departments of Pleasantville’s government.The Fund had the following transactions and events during calendar year 2021. (There was no fund balanceat the beginning of the year.)1. The General Fund made a $2,000,000 transfer of cash to establish the Data Processing Fund.2. The Data Processing Fund pays cash for a $1,900,000 computer.3. Supplies costing $4,500 were purchased on credit.4. Bills totaling $650,000 were sent to the various city departments.5. Repairs to the computer were made at a cost of $2,400, on credit.6. Collections from city departments for services (see #4) were $629,000.7. Salaries of $200,000 were paid to the employees.8. Accounts payable totaling $5,900 was paid.9. As of the end of the year, $300 of supplies (see #3) had not been used.10. Depreciation expense on the computer for the year…

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