Question
In: Accounting
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2017:
- Beginning balances were: Cash, $95,000; Taxes Receivable, $192,500; Accounts Payable, $53,750; and Fund Balance, $233,750.
- The budget was passed. Estimated revenues amounted to $1,250,000 and appropriations totaled $1,247,000. All expenditures are classified as General Government.
- Property taxes were levied in the amount of $925,000. All of the taxes are expected to be collected before February 2018.
- Cash receipts totaled $895,000 for property taxes and $302,500 from other revenue.
- Contracts were issued for contracted services in the amount of $98,750.
- Contracted services were performed relating to $88,500 of the contracts with invoices amounting to $86,500.
- Other expenditures amounted to $972,500.
- Accounts payable were paid in the amount of $1,107,500.
- The books were closed.
Required:
a. Prepare journal entries for the above
transactions.
b. Prepare a Statement of Revenues, Expenditures,
and Changes in Fund Balance for the General Fund.
c. Prepare a Balance Sheet for the General Fund
assuming there are no restricted or assigned net resources and
outstanding encumbrances are committed by contractual
obligation.
Solutions
ekkarill92 answered 8 months agoRelated Solutions
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2020:
Beginning balances were: Cash, $109,000; Taxes Receivable,
$213,500; Accounts Payable, $64,250; and Fund Balance,
$258,250.
The budget was passed. Estimated revenues amounted to
$1,390,000 and appropriations totaled $1,384,200. All expenditures
are classified as General Government.
Property taxes were levied in the amount of $995,000. All of
the taxes are expected to be collected before February 2021.
Cash receipts totaled...
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2017:
Beginning balances were: Cash, $90,000; Taxes Receivable,
$185,000; Accounts Payable, $50,000; and Fund Balance,
$225,000.
The budget was passed. Estimated revenues amounted to $1,200,000
and appropriations totaled $1,198,000. All expenditures are
classified as General Government.
Property taxes were levied in the amount of $900,000. All of the
taxes are expected to be collected before February 2018.
Cash receipts totaled...
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2017:
1. Beginning balances were: Cash,
$90,000; Taxes Receivable, $185,000; Accounts Payable, $50,000; and
Fund Balance, $225,000.
2. The budget was passed. Estimated
revenues amounted to $1,200,000 and appropriations totaled
$1,198,000. All expenditures are classified as General
Government.
3. Property taxes were levied in the
amount of $900,000. All of the taxes are expected to be collected
before February 2018....
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2020:
Beginning balances were: Cash, $105,000; Taxes Receivable,
$207,500; Accounts Payable, $61,250; and Fund Balance,
$251,250.
The budget was passed. Estimated revenues amounted to
$1,350,000 and appropriations totaled $1,345,000. All expenditures
are classified as General Government.
Property taxes were levied in the amount of $975,000. All of
the taxes are expected to be collected before February 2021.
Cash receipts totaled...
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2020:
Beginning balances were: Cash, $100,000; Taxes Receivable,
$200,000; Accounts Payable, $57,500; and Fund Balance,
$242,500.
The budget was passed. Estimated revenues amounted to
$1,300,000 and appropriations totaled $1,296,000. All expenditures
are classified as General Government.
Property taxes were levied in the amount of $950,000. All of
the taxes are expected to be collected before February 2021.
Cash receipts totaled...
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2020:
Beginning balances were: Cash, $93,000; Taxes Receivable,
$189,500; Accounts Payable, $52,250; and Fund Balance,
$230,250.
The budget was passed. Estimated revenues amounted to
$1,230,000 and appropriations totaled $1,227,400. All expenditures
are classified as General Government.
Property taxes were levied in the amount of $915,000. All of
the taxes are expected to be collected before February 2021.
Cash receipts totaled...
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2017:
Beginning balances were: Cash, $91,000; Taxes Receivable,
$186,500; Accounts Payable, $50,750; and Fund Balance,
$226,750.
The budget was passed. Estimated revenues amounted to
$1,210,000 and appropriations totaled $1,207,800. All expenditures
are classified as General Government.
Property taxes were levied in the amount of $905,000. All of
the taxes are expected to be collected before February 2018.
Cash receipts totaled...
Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General...
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property taxes, $1,900,000; licenses and permits, $350,000; fines
and forfeits, $250,000; and intergovernmental (state grants),
$200,000. The budget approved appropriations of $2,650,000 as
follows: General Government, $500,000; Public Safety, $1,600,000;
Public Works, $350,000; Culture and Recreation, $150,000; and
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a.Prepare the journal...
Problem 5. A summary of the general fund transactions for the city of Wautoma for the...
Problem 5. A summary of the general fund
transactions for the city of Wautoma for the year ended December
31, 2016, is as follows:
A. A budget was approved, showing estimated revenues of
$900,000, appropriations $875,000, transfers in of $27,000 from
other funds, and required transfers of $20,000 to other funds.
B. The outstanding encumbrance at the end of 2015 was $25,000.
Amounts encumbered in the prior period are included in
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The following transactions relate to Newport City’s special revenue fund. In 2020, Newport City created a...
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$444,000 has been received in cash and the remainder will be
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