The General Fund the trial balance of Masfout Village as of January 1, 2020, was asfollows:DebitsCreditsCash$50,000Accounts Payable$70,000Taxes Receivable80,000Estimated Uncollectible Taxes 10,000Fund Balance50,000Total130,000Total130,000The following data pertaining to General Fund operations for Masfout Village for thefiscal year ended December 31, 2020:On January 1, 2020, the budgeted revenues are: $700,000 licenses, and $100,000other revenues. The budgeted expenditures are: $600,000 general expenditure and$50,000 as transfer out.2. An order of $400,000 was issued for some contract services.3. Property taxes of $1,000,000 were levied. 2% of the tax levy is expected tobe uncollectible.4. Cash collections during the year: $800,000 of the previous tax receivables, $150,000operating revenues, and $50,000 other sources of revenues.5. Orders received during the year are $400,000 and $350,000 has been consumed.6. Additional account payable of $250,000 is recognized for salary expenditure.7. Cash of $500,000 paid for payables, and $50,000 for transfer out.Required:1) Record journal entries for the above transactions.2) Prepare the General Fund Statement of Revenues, Expenditure and Changes inFund Balance for the year ended December 31, 2020.3) Prepare the General Fund Statement of Net Assets (Position) as of the end of 2020..

Journal entries refers to the systematic documentation of the financial transactions of a company in…

The General Fund the trial balance of Masfout Village as of January 1, 2020, was as Follows: Debits Credits Cash $50,000 Accounts Payable $70,000 axes Receivable 80,000 Estimated Uncollectible Taxes 10,000 Fund Balance 50,000 otal 130,000 Total 130,000 The following data pertaining to General Fund operations for Masfout Village for the

The General Fund the trial balance of Masfout Village as of January 1, 2020, was as Follows: Debits Credits Cash $50,000 Accounts Payable $70,000 axes Receivable 80,000 Estimated Uncollectible Taxes 10,000 Fund Balance 50,000 otal 130,000 Total 130,000 The following data pertaining to General Fund operations for Masfout Village for the

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 Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.
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The following information pertains to Hempstead City which has a December 31st year-end. Fiscal year 2020 governmental fund property tax revenues that are measurable and available equaled $12,000,000. Sales taxes collected by merchants in 2020 but not remitted to Hempstead City until January 2021 equaled $4,000,000. For the year ended December 31, 2020, Hempstead City should recognize revenues in its governmental fund financial statements of: A. $18,000,000. B. $16,000,000. C. $14,000,000. D. $12,000,000.
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Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars). Debits Credits Cash $1,800 Property taxes receivable 800 Salaries payable $700 Deferred property tax revenues 300 Unassigned fund balance - 1,600 Totals $2,600 $2,600 Croton has adopted the following budgetary and accounting policies: Encumbrance accounting is used only for the acquisition of supplies and for the award of contracts for construction and construction-related activities. Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget. Because final income tax returns are not required to be filed until April 15 of the year following the end of a calendar…
at the end of the 2023 fiscal year the general fund had $500 in encumbrances that remained opened into fiscal year 2024. In 2024 the encumbered goods were received at an invoiced cost of $520. How much would be recorded as the 2024 expenditure?
City of Smithville General Fund Operating statement account balances For year 2023 Estimated Revenues Dr(Cr) Revenues Dr(Cr) Balance Dr(Cr) Acct 3020/4020 Estimated Revenues-Property Taxes $1,877,413 $1,877,578 ($165) Acct 3030/4030 Estimated Revenues-Sales Taxes 1,578,000 1,579,203 (1,203) Acct 3040/4040 Estimated Revenues-Interest and Penalties on Taxes 15,000 12,571 2,429 Acct 3050/4050 Estimated Revenues-Licenses and Permits 500,000 497,960 2,040 Acct 3060/4060 Estimated Revenues-Fines and Forfeits 175,000 173,590 1,410 Acct 3070/4070 Estimated Revenues-Intergovernmental Revenue 789,000 789,000 0 Acct 3080/4080 Estimated Revenues-Charges for Services 659,720 661,253 (1,533) Acct 3090/4090 Estimated Revenues-Miscellaneous Revenues 91,300 91,250 50 Encumberances Dr(Cr) Expenditures Dr(Cr) Appropriations Cr(Dr) Available Balance Cr(Dr) Acct 5020 / 6020 / 7020 Appropriations-General…
ces Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous 2. Appropriations: General government Culture and recreation Health and welfare. 3. Revenues received (cash) Property taxes Sales taxes Licenses and permits General government Culture and recreation Health and welfare. 5. Goods and services received (paid in cash) General government culture and recreation Health and welfare Miscellaneous 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 4,630,000 995,000 6. Budget revisions Estimated Revenues Appropriations Increase appropriations: General government $ 140,000 110,000 Culture and recreation. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date. a. Record the transactions using appropriate journal entries, b. Prepare…