The unadjusted trial balance for the General Fund of the City of Allensville at June 30, 2019 is as follows: Debits Accounts Receivable $40,000 Cash 75,000 Due from Agency Fund 25,000 Encumbrances 60,000 Estimated Revenues 975,000 Expenditures 750,000 Taxes Receivable 250,000 $2,175,000 Credits Allowance for Doubtful Accounts $ 5,000 Allowance for Uncollectible Taxes 50,000 Appropriations 785,000 Due to a Utility Fund 40,000 Unassigned Fund Balance (160,000) Estimated Fund Balance 190,000 Reserve for Encumbrances 60,000 Revenues 990,000 Taxes Received in Advance 15,000 Vouchers Payable 200,000 $2,175,000 The $60,000 encumbrance relates to equipment ordered but not received by fiscal year-end. Required: 1. Prepare a Balance Sheet for the General Fund of the City of Allensville as of June 30, 2019. 2. Prepare a Statement of Revenues, Expenditures and Changes in Fund Balance for the fiscal year ended June 30, 2019. Note: Use GASB 54 to classify the Fund Balance on the Balance Sheet as follows: a). Non-spendable Fund Balance (inherently non-spendable) b). Restricted Fund Balance (externally enforceable) c). Committed Fund Balance (self-imposed limitations set in place prior to the end of the period.) d). Assigned Fund Balance (limitation resulting from intended use E.G. RESERVE FOR ENCUMBRANCES) e). Unassigned Fund Balance (residual net resources ONLY A GENERAL FUND CAN HAVE THIS)
The unadjusted
Debits
Cash 75,000
Due from Agency Fund 25,000
Encumbrances 60,000
Estimated Revenues 975,000
Expenditures 750,000
Taxes Receivable 250,000
$2,175,000
Credits
Allowance for Doubtful Accounts $ 5,000
Allowance for Uncollectible Taxes 50,000
Appropriations 785,000
Due to a Utility Fund 40,000
Unassigned Fund Balance (160,000)
Estimated Fund Balance 190,000
Reserve for Encumbrances 60,000
Revenues 990,000
Taxes Received in Advance 15,000
Vouchers Payable 200,000
$2,175,000
The $60,000 encumbrance relates to equipment ordered but not received by fiscal year-end.
Required:
1. Prepare a
2. Prepare a Statement of Revenues, Expenditures and Changes in Fund Balance for the fiscal year ended June 30, 2019.
Note: Use GASB 54 to classify the Fund Balance on the Balance Sheet as follows:
a). Non-spendable Fund Balance (inherently non-spendable)
b). Restricted Fund Balance (externally enforceable)
c). Committed Fund Balance (self-imposed limitations set in place prior to the end of the period.)
d). Assigned Fund Balance (limitation resulting from intended use E.G. RESERVE FOR ENCUMBRANCES)
e). Unassigned Fund Balance (residual net resources ONLY A GENERAL FUND CAN HAVE THIS)
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