Question

Given the following pre-closing trial balance, prepare the Balance Sheet

CITY OF LASALLE
		General Fund
Trial Balance
December 31, 2017
			Debit	Credit
Estimated Revenues and Grants			2,300,000
Estimated Other Financing Sources			400,000
Appopriations				2,150,000
Estimated Other Financing Uses				500,000
Budgetary Fund Balance				50,000
Cash			500,000
Taxes Receivable			600,000
Allowance for uncollectible taxes				50,000
Due from Federal Government			200,000
Supplies			50,000
Tax Refunds Payable				800,000
Vouchers Payable				100,000
Due to Other Funds				150,000
Deferred Real Estate Taxes				50,000
Tax Revenue				2,100,000
Federal Grants				300,000
Expenditures			2,200,000
Other Financing Sources-Bonds Proceeds				450,000
Other Financing Uses-Transfers			550,000
Fund Balance-Nonspendable				50,000
Fund Balance-Unassigned				50,000
Totals			$   6,800,000	$   6,800,000

Answer 1

CITY OF LASALLE
BALANCE SHEET
AS AT DECEMBER 31, 2017
ASSETS			$	LIABILITIES			$
CURRENT ASSETS				LIABILITIES
Due from Federal Government			$200,000.00	Tax Refunds Payable			$800,000.00
Taxes Receivable			$600,000.00	Vouchers Payable			$100,000.00
Cash			$500,000.00	Due to Other Funds			$150,000.00
Supplies			$50,000.00	Deferred Real Estate Taxes			$50,000.00
Other Financing Uses- Transfers			$550,000.00	Other Financing Sources- Bonds Proce			$450,000.00
ESTIMATIONS				FUNDS & BALANCES
Estimated Revenues and Grants			$2,300,000.00	Funds Balance- Nonspendable			$50,000.00
Estimated Other Financing Sources			$400,000.00	Funds Balance - Unassigned			$50,000.00
				Income for the Year			$200,000.00
				Allowance for Uncollectible Taxes			$50,000.00
				ESTIMATIONS
				Appropriations			$2,150,000.00
				Estimated Other Financing Uses			$500,000.00
				Budgetary Fund Balance			$50,000.00
			4600000				4600000

CITY OF LASALLE
INCOME AND EXPENDITURE
FOR THE YEAR ENDED DECEMBER 31, 2017
Expenditure			$	INCOME			$
Expenditures			$2,200,000.00	Tax Revenue			$2,100,000.00
Excess of Income Over				Federal Grants			$300,000.00
Expenditure			$200,000.00
			$2,400,000.00				$2,400,000.00

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