The pre-closing trial balance for the general fund of Lancaster Company at December 31, 2019 is given below. Credit Debit Cash Taxes receivable Estimated revenues Estimated other financing sources Expenditure Transfers out Capital Outlay Debt service-principal Debt service-interest Allowance for uncollectible taxes Accounts payable Property tax revenues Other revenues Proceeds from bonds Transfers in Appropriations Estimated other financing uses Fund balance----unassigned Totals Multiple Choice о O $380,000 $425,000 $475,000 $362,000 113,000 1,290,000 60,000 What is the total fund balances-unassigned reported on 2019 balance sheet (after the closing entries)? $285,000 1,015,000 20,000 25,000 2,000 8,000 $2,895,000 $ 45,000 50,000 950,000 400,000 50,000 8,000 1,085,000 22,000 285,000 $2,895,000

The pre-closing trial balance for the general fund of Lancaster Company at December 31, 2019 is given below. Credit Debit Cash Taxes receivable Estimated revenues Estimated other financing sources Expenditure Transfers out Capital Outlay Debt service-principal Debt service-interest Allowance for uncollectible taxes Accounts payable Property tax revenues Other revenues Proceeds from bonds Transfers in Appropriations Estimated other financing uses Fund balance----unassigned Totals Multiple Choice о O $380,000 $425,000 $475,000 $362,000 113,000 1,290,000 60,000 What is the total fund balances-unassigned reported on 2019 balance sheet (after the closing entries)? $285,000 1,015,000 20,000 25,000 2,000 8,000 $2,895,000 $ 45,000 50,000 950,000 400,000 50,000 8,000 1,085,000 22,000 285,000 $2,895,000

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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None
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