The following transactions relate to Newport City's special revenue Fund. 1. In 2020, Newport City created a special revenue fund to help the 911 emergency call center. the center is to be funded through a legally restricrted tax on cellular phones. No budget is recorded. 2. During the first year of operations, revenues from the newly imposed tax totaled $489,000. Of this amount $444,000 has been received in cash and the remainder will be received within 60 days of the end of the fiscal year.. 3. expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $449,000. Of this amount $422,000 was paid before year-end. 4. During the year the state government awarded Newport City a grantto reimburse the city's cost ( not to exceed $150,000) for the pupose of training new 911 operators. During the year, the city paid $146,500 ( not relfected inthe expenditures above) to trian new operators for the 911 emergancy call center and billed the state government. 5. $138,000 of the amount billed to the state had been recevied by year end. Required: a. Prepare the journal entries for the above tranactions. it is not neccessary to use control accounts and subsidary ledgers. prepare closing entries for year-end. b. Prepare a Statement of revenues, expenditures, and changes in fund balance for the special revenue fund. c. Prepare a balance sheet assuming that there are no committed or assigned net resources
The following transactions relate to Newport City's special revenue Fund.
1. In 2020, Newport City created a special revenue fund to help the 911 emergency call center. the center is to be funded through a legally restricrted tax on cellular phones. No budget is recorded.
2. During the first year of operations, revenues from the newly imposed tax totaled $489,000. Of this amount $444,000 has been received in cash and the remainder will be received within 60 days of the end of the fiscal year..
3. expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $449,000. Of this amount $422,000 was paid before year-end.
4. During the year the state government awarded Newport City a grantto reimburse the city's cost ( not to exceed $150,000) for the pupose of training new 911 operators. During the year, the city paid $146,500 ( not relfected inthe expenditures above) to trian new operators for the 911 emergancy call center and billed the state government.
5. $138,000 of the amount billed to the state had been recevied by year end.
Required:
a. Prepare the
b. Prepare a Statement of revenues, expenditures, and changes in fund balance for the special revenue fund.
c. Prepare a balance sheet assuming that there are no committed or assigned net resources.
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