The following unadjusted trial balances are for the governmental funds of the City of Copeland prepared from the current accounting records: General Fund Debit Credit Cash $ 19,000 Taxes Receivable 202,000 Allowance for Uncollectible Taxes $ 2,000 Vouchers Payable 24,000 Due to Debt Service Fund 10,000 Unavailable Revenues 16,000 Encumbrances Outstanding 9,000 Fund Balance—Unassigned 103,000 Revenues 176,000 Expenditures 110,000 Encumbrances 9,000 Estimated Revenues 190,000 Appropriations 171,000 Budgetary Fund Balance 19,000 Totals $ 530,000 $ 530,000 Debt Service Fund Debit Credit Cash $ 8,000 Investments 51,000 Taxes Receivable 11,000 Due from General Fund 10,000 Fund Balance—Committed $ 45,000 Revenues 20,000 Other Financing Sources—Operating Transfers In 90,000 Expenditures 75,000 Totals $ 155,000 $ 155,000 Capital Projects Fund Debit Credit Cash $ 70,000 Special Assessments Receivable 90,000 Contracts Payable $ 50,000 Unavailable Revenues 90,000 Encumbrances Outstanding 16,000 Fund Balance—Unassigned 0 Other Financing Sources 150,000 Expenditures 130,000 Encumbrances 16,000 Estimated Other Financing Sources 150,000 Appropriations 150,000 Totals $ 456,000 $ 456,000 Special Revenue Fund Debit Credit Cash $ 14,000 Taxes Receivable 41,000 Inventory of Supplies 4,000 Vouchers Payable $ 25,000 Grant Revenues Collected in Advance 3,000 Fund Balance—Nonspendable 4,000 Encumbrances Outstanding 3,000 Fund Balance—Restricted 19,000 Revenues 56,000 Expenditures 48,000 Encumbrances 3,000 Estimated Revenues 75,000 Appropriations 60,000 Budgetary Fund Balance 15,000 Totals $ 185,000 $ 185,000 Based on the information presented for each of these governmental funds, answer the following question: a. How much more money can city officials expend or commit from the General Fund during the remainder of the current year without amending the budget?

The following unadjusted trial balances are for the governmental funds of the City of Copeland prepared from the current accounting records: General Fund Debit Credit Cash $ 19,000 Taxes Receivable 202,000 Allowance for Uncollectible Taxes $ 2,000 Vouchers Payable 24,000 Due to Debt Service Fund 10,000 Unavailable Revenues 16,000 Encumbrances Outstanding 9,000 Fund Balance—Unassigned 103,000 Revenues 176,000 Expenditures 110,000 Encumbrances 9,000 Estimated Revenues 190,000 Appropriations 171,000 Budgetary Fund Balance 19,000 Totals $ 530,000 $ 530,000 Debt Service Fund Debit Credit Cash $ 8,000 Investments 51,000 Taxes Receivable 11,000 Due from General Fund 10,000 Fund Balance—Committed $ 45,000 Revenues 20,000 Other Financing Sources—Operating Transfers In 90,000 Expenditures 75,000 Totals $ 155,000 $ 155,000 Capital Projects Fund Debit Credit Cash $ 70,000 Special Assessments Receivable 90,000 Contracts Payable $ 50,000 Unavailable Revenues 90,000 Encumbrances Outstanding 16,000 Fund Balance—Unassigned 0 Other Financing Sources 150,000 Expenditures 130,000 Encumbrances 16,000 Estimated Other Financing Sources 150,000 Appropriations 150,000 Totals $ 456,000 $ 456,000 Special Revenue Fund Debit Credit Cash $ 14,000 Taxes Receivable 41,000 Inventory of Supplies 4,000 Vouchers Payable $ 25,000 Grant Revenues Collected in Advance 3,000 Fund Balance—Nonspendable 4,000 Encumbrances Outstanding 3,000 Fund Balance—Restricted 19,000 Revenues 56,000 Expenditures 48,000 Encumbrances 3,000 Estimated Revenues 75,000 Appropriations 60,000 Budgetary Fund Balance 15,000 Totals $ 185,000 $ 185,000 Based on the information presented for each of these governmental funds, answer the following question: a. How much more money can city officials expend or commit from the General Fund during the remainder of the current year without amending the budget?

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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Question

The following unadjusted trial balances are for the governmental funds of the City of Copeland prepared from the current accounting records:

General Fund

	Debit		Credit
Cash	$	19,000
Taxes Receivable		202,000
Allowance for Uncollectible Taxes				$	2,000
Vouchers Payable					24,000
Due to Debt Service Fund					10,000
Unavailable Revenues					16,000
Encumbrances Outstanding					9,000
Fund Balance—Unassigned					103,000
Revenues					176,000
Expenditures		110,000
Encumbrances		9,000
Estimated Revenues		190,000
Appropriations					171,000
Budgetary Fund Balance					19,000
Totals	$	530,000		$	530,000

Debt Service Fund

	Debit		Credit
Cash	$	8,000
Investments		51,000
Taxes Receivable		11,000
Due from General Fund		10,000
Fund Balance—Committed				$	45,000
Revenues					20,000
Other Financing Sources—Operating Transfers In					90,000
Expenditures		75,000
Totals	$	155,000		$	155,000

Capital Projects Fund

	Debit		Credit
Cash	$	70,000
Special Assessments Receivable		90,000
Contracts Payable				$	50,000
Unavailable Revenues					90,000
Encumbrances Outstanding					16,000
Fund Balance—Unassigned					0
Other Financing Sources					150,000
Expenditures		130,000
Encumbrances		16,000
Estimated Other Financing Sources		150,000
Appropriations					150,000
Totals	$	456,000		$	456,000

Special Revenue Fund

	Debit		Credit
Cash	$	14,000
Taxes Receivable		41,000
Inventory of Supplies		4,000
Vouchers Payable				$	25,000
Grant Revenues Collected in Advance					3,000
Fund Balance—Nonspendable					4,000
Encumbrances Outstanding					3,000
Fund Balance—Restricted					19,000
Revenues					56,000
Expenditures		48,000
Encumbrances		3,000
Estimated Revenues		75,000
Appropriations					60,000
Budgetary Fund Balance					15,000
Totals	$	185,000		$	185,000

Based on the information presented for each of these governmental funds, answer the following question:

a. How much more money can city officials expend or commit from the General Fund during the remainder of the current year without amending the budget?

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