The pre-closing trial balance for the general fund of Lancaster Company at December 31, 2019 is given below. Credit Debit $ 362,000 Cash Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 Expenditure Transfers out 1,015,000 20,000 Capital Outlay Debt service-principal 25,000 2,000 Debt service-interest 8,000 Allowance for uncollectible taxes $ 45,000 Accounts payable Property tax revenues 50,000 950,000 Other revenues 400,000 Proceeds from bonds 50,000 Transfers in 8,000 Appropriations Estimated other financing uses Fund balance---unassigned 1,085,000 22,000 285,000 Totals $2,895,000 $2,895,000 What is the total fund balances-unassigned reported on 2019 balance sheet (after the closing entries)? Multiple Choice $380,000 $425,000 $475,000 $285,000
The pre-closing trial balance for the general fund of Lancaster Company at December 31, 2019 is given below. Credit Debit $ 362,000 Cash Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 Expenditure Transfers out 1,015,000 20,000 Capital Outlay Debt service-principal 25,000 2,000 Debt service-interest 8,000 Allowance for uncollectible taxes $ 45,000 Accounts payable Property tax revenues 50,000 950,000 Other revenues 400,000 Proceeds from bonds 50,000 Transfers in 8,000 Appropriations Estimated other financing uses Fund balance---unassigned 1,085,000 22,000 285,000 Totals $2,895,000 $2,895,000 What is the total fund balances-unassigned reported on 2019 balance sheet (after the closing entries)? Multiple Choice $380,000 $425,000 $475,000 $285,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 5E
Related questions
Question
![The pre-closing trial balance for the general fund of Lancaster Company at December 31, 2019 is given below.
Debit
Credit
Cash
$ 362,000
Taxes receivable
113,000
Estimated revenues
1,290,000
Estimated other financing sources
60,000
1,015,000
Expenditure
Transfers out
20,000
Capital Outlay
Debt service-principal
25,000
2,000
Debt service-interest
8,000
Allowance for uncollectible taxes
$ 45,000
Accounts payable
50,000
Property tax revenues
950,000
400,000
50,000
Other revenues
Proceeds from bonds
Transfers in
8,000
1,085,000
Appropriations
Estimated other financing uses
Fund balance---unassigned
22,000
285.000
Totals
$2,895,000
$2,895,000
What is the total fund balances-unassigned reported on 2019 balance sheet (after the closing entries)?
Multiple Choice
$380,000
$425,000
$475,000
$285,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F825ef5ad-ad54-4f3d-b126-85fb8c11ed6e%2F5c87c0c1-d3f0-4077-8aed-b1fa1e8183ff%2Fuhe5ggi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The pre-closing trial balance for the general fund of Lancaster Company at December 31, 2019 is given below.
Debit
Credit
Cash
$ 362,000
Taxes receivable
113,000
Estimated revenues
1,290,000
Estimated other financing sources
60,000
1,015,000
Expenditure
Transfers out
20,000
Capital Outlay
Debt service-principal
25,000
2,000
Debt service-interest
8,000
Allowance for uncollectible taxes
$ 45,000
Accounts payable
50,000
Property tax revenues
950,000
400,000
50,000
Other revenues
Proceeds from bonds
Transfers in
8,000
1,085,000
Appropriations
Estimated other financing uses
Fund balance---unassigned
22,000
285.000
Totals
$2,895,000
$2,895,000
What is the total fund balances-unassigned reported on 2019 balance sheet (after the closing entries)?
Multiple Choice
$380,000
$425,000
$475,000
$285,000
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning