The pre-closing trial balance for the general fund of Lancaster Company at December 31, 2019 is given below.DebitCreditCash$ 362,000Taxes receivable113,000Estimated revenues1,290,000Estimated other financing sources60,0001,015,000ExpenditureTransfers out20,000Capital OutlayDebt service-principal25,0002,000Debt service-interest8,000Allowance for uncollectible taxes$ 45,000Accounts payable50,000Property tax revenues950,000400,00050,000Other revenuesProceeds from bondsTransfers in8,0001,085,000AppropriationsEstimated other financing usesFund balance---unassigned22,000285.000Totals$2,895,000$2,895,000What 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

Total Expenditure = General Expenditure + Capital outlay + Debt service-principal + Debt…

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

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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Need help questions 2 and 3.