The following transactions related to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: 1. Beginning balances were: Cash, $100,000: Taxes Receivable, $200,000: Accounts Payable, $57,500: and Fund Balance, $242,500. 2. The budget was passed. Estimated revenues amounted to $1, 300,000 and appropriations totaled1,296,000. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $950,000. All of the taxes are expected to be collected before February 2021. 4. Cash receipts totaled $920,000 for property taxes and $315,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $107,500. 6. Contracted services were performed relating to $96,000 of the contracts with invoices amounting to $93,000. 7. Other expenditures amounted to $995,000. 8. Accounts payable were paid in the amount of $1,140,000. 9. The books were closed. Required: c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation. (Leave no cells blank - be certain to enter " wherever required.) CITY OF BUFFALO FALLS General Fund Balance Sheet As of December 31, 2020 Assets _______________________________________ $__________ _______________________________________ $__________ _______________________________________ $__________ Total Assets $___________ Liabilities, Deferred Inflows, and Fund Balances Liabilities: _______________________________________________ $_____________ _______________________________________________ $_____________ Total Liabilities Fund Balances: Nonspendable $ _____________ _______________________________________________ $_____________ _______________________________________________ $ _____________ _______________________________________________ $_____________ Total Fund Balances $_____________ Total Liabilities, Deferred inflows, and Fund Balances $_____________
The following transactions related to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020:
1. Beginning balances were: Cash, $100,000: Taxes Receivable, $200,000: Accounts Payable, $57,500: and Fund Balance, $242,500.
2. The budget was passed. Estimated revenues amounted to $1, 300,000 and appropriations totaled1,296,000. All expenditures are classified as General Government.
3. Property taxes were levied in the amount of $950,000. All of the taxes are expected to be collected before February 2021.
4. Cash receipts totaled $920,000 for property taxes and $315,000 from other revenue.
5. Contracts were issued for contracted services in the amount of $107,500.
6. Contracted services were performed relating to $96,000 of the contracts with invoices amounting to $93,000.
7. Other expenditures amounted to $995,000.
8. Accounts payable were paid in the amount of $1,140,000.
9. The books were closed.
Required:
c. Prepare a
CITY OF BUFFALO FALLS
General Fund
Balance Sheet
As of December 31, 2020
Assets
_______________________________________ $__________
_______________________________________ $__________
_______________________________________ $__________
Total Assets $___________
Liabilities, Deferred Inflows, and Fund Balances
Liabilities:
_______________________________________________ $_____________
_______________________________________________ $_____________
Total Liabilities
Fund Balances:
Nonspendable $ _____________
_______________________________________________ $_____________
_______________________________________________ $ _____________
_______________________________________________ $_____________
Total Fund Balances $_____________
Total Liabilities, Deferred inflows, and Fund Balances $_____________
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
