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 6 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...
Recording General Fund Operating Budget and Operating
Transactions. The Town of Bedford Falls approved a General Fund
operating budget for the fiscal year beginning on July 1. The
budget provides for estimated revenues of $2,700,000 as follows:
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
Miscellaneous, $50,000.
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
appropriations for 2016.
C. Property taxes for $650,000 were...
The following transactions relate to Newport City’s special revenue fund. In 2020, Newport City created a...
The following transactions relate to Newport City’s special
revenue fund. In 2020, Newport City created a special revenue fund
to help fund the 911 emergency call center. The center is to be
funded through a legally restricted tax on cellular phones. No
budget is recorded. During the first year of operations, revenues
from the newly imposed tax totaled $489,000. Of this amount,
$444,000 has been received in cash and the remainder will be
received within 60 days of the end...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- What are the two reasons that limit the ability of correlational studies to provide information on...
- Suppose that 20 monthly payments of $100 each are followed by 30 monthly payments of $200...
- D. Explain what it means for recommendations to be specific and actionable. E. Discuss how charts...
- Capital Toys’ management is considering eliminating product A, which has been showing a loss for several...
- Computer Networks IT 210 Please Use your own words . sorry No handwriting no copy paste...
- The Coronavirus will obviously impact the economy of big organizations like FIFA or the NBA but...
- Question: what is the difference between rights of assertion and observation assertion. Include which financial statements...
ADVERTISEMENT