The Village of Seaside Pines prepared the following General Fund Trial Balance as of December 31,...

The Village of Seaside Pines prepared the following General Fund Trial Balance as of December 31, 2017, the last day of its fiscal year. Control accounts are used for budgetary entries.

	Debits	Credits
Accounts Payable		$ 19,000
Allowance for Uncollectible Taxes		12,000
Appropriations (Control)		494,000
Budgetary Fund Balance		5,000
Cash	$175,000
Deferred Inflows—Property Taxes		38,000
Due from Capital Projects Fund	5,000
Due to Debt Service Fund		17,000
Encumbrances	63,000
Estimated Revenue (Control)	534,000
Estimated Other Financing Uses (Control)		35,000
General Government Expenditures	195,000
Other Revenues		55,000
Property Tax Revenue		491,000
Public Safety Expenditures	238,000
Budgetary Fund Balance—
Reserve for Encumbrances		63,000
Supplies Inventory	24,000
Tax Anticipation Note Payable		100,000
Taxes Receivable	202,000
Transfer Out (to Internal Service Fund)	33,000
Fund Balance		140,000
Totals	$1,469,000	$1,469,000

Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the year ended December 31.

Solutions

Expert Solution

Village of Seaside pines

General fund:

Statement of Revenues, Expenditures, and Changes in Fund Balance

For the Year Ended December 31, 2017

Revenues:
Property Taxes	491000
Other Revenues	55000
Total Revenues		546000
Expenditures:
General Government	195000
Public Safety	238000
Total Expenditures		(433000)
Revenues over (under) expenditures		113000
Other financing sources (uses)
Transfer out		(33000)
Net change in fund balance		80000
Fund Balance, January 1, 2017		140000
Fund Balance, December 31, 2017		220000

Village of Seaside Pines

Balance Sheet

General Fund

As of December 31, 2017

Assets
Cash	175000
Taxes receivable, net (202000-12000)	190000
Supplies Inventory	24000
Due from Capital Projects Fund	5000
Total Assets	394000
Liabilities
Accounts Payable	19000
Deferred inflows – property taxes	38000
Due to Debt Service Fund	17000
Encumbrances	63000
Fund Balance	157000
Tax anticipation note payable	100000
Total Liabilities	394000

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31,...

The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 96,000 Accounts receivable $ 32,000 Accrued interest payable 28,000 Accumulated depreciation 45,000 Administrative and selling expenses 47,000 Allowance for uncollectible accounts 12,000 Capital assets 712,000 Cash 89,000 Charges for sales and services 550,000 Cost of sales and...

The village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31,...

The village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020. the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund Debits Credits Accounts payable $ 103,000 Accounts receivable $ 25,800 Accrued interest payable 28,900 Accumulated depreciation 46,500 Administrative and selling expenses 48,500 Allowance for uncollectible accounts 12400 Capital assets 707,000 Cash 90,200 charges for sales and services 553,000 Cost of sales and...

The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31,...

The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 117,000 Accounts receivable $ 31,900 Accrued interest payable 35,100 Accumulated depreciation 53,500 Administrative and selling expenses 55,500 Allowance for uncollectible accounts 13,900 Capital assets 732,000 Cash 99,500 Charges for sales and services 579,000 Cost of sales and...

The trial balance for the General Fund of the City of Topeka as of December 31,...

The trial balance for the General Fund of the City of Topeka as of December 31, 2017 is presented below: CITY OF TOPEKA The General Fund Adjusted Trial Balance - December 31, 2017 Debit Credit Cash 216,000 Property Tax Receivable 31,000 Estimated Uncollectible Taxes 8,000 Due from Trust Fund 41,000 Vouchers Payable 55,000 Reserve for Encumbrances 20,000 Unassigned Fund Balance 205,000 288,000 288,000 Transactions for the year ended December 31, 2018 are summarized as follows: 1. The City Council adopted...

The following is a pre-closing trial balance for the Village of Lake Augusta’s general Fund as...

The following is a pre-closing trial balance for the Village of Lake Augusta’s general Fund as of December 31, 2017: Debits Credits Accounts payable 6,800 Appropriations 160,000 Budgetary fund balance 38,000 Budgetary fund balance: reserve for encumbrances 5,000 Cash 116,500 Deferred revenues: property taxes 3,000 Due to other funds 5,000 Encumbrances 5,000 Estimated other financing sources 8,000 Estimated other financing uses 10,000 Estimated revenues 200,000 Estimated uncollectible taxes 2,000 Expenditures 154,000 Fund balance 54,700 Other financing sources 10,000 Other financing...

Following is a pre-closing trial balance of a village's General Fund at December 31, 2019. The...

Following is a pre-closing trial balance of a village's General Fund at December 31, 2019. The amount shown as Fund balance (unassigned) has not changed since the year started. The amount shown as appropriations includes the amounts appropriated for transfers. Property tax invoices are mailed out on January 10 and are due to be paid on February 10. Property owners that have not paid their taxes are classified as delinquent on March 10. Debits Credits Cash $4,000 Property taxes receivable,...

PROBLEM 6: Following is a pre-closing trial balance of a village's General Fund at December 31,...

PROBLEM 6: Following is a pre-closing trial balance of a village's General Fund at December 31, 2019. The amount shown as Fund balance (unassigned) has not changed since the year started. The amount shown as appropriations includes the amounts appropriated for transfers. Property tax invoices are mailed out on January 10 and are due to be paid on February 10. Property owners that have not paid their taxes are classified as delinquent on March 10. Debits Credits Cash $4,000 Property...

Following is the post-closing trial balance of the General Fund of Leisure City as at December...

Following is the post-closing trial balance of the General Fund of Leisure City as at December 31, 2012: Cash $300,000 Property taxes receivable—delinquent 50,000 Due from state government 80,000 Supplies and materials 30,000 Salaries payable $ 25,000 Deferred revenues—property taxes 20,000 Nonspendable fund balance 30,000 Assigned fund balance 15,000 Unassigned fund balance 370,000 The following additional information is provided regarding the city’s accounting policies and other matters: 1. Only items charged to the appropriation “Supplies and materials—other programs” are encumbered....

The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:...

The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account Title Debits Credits Sales revenue 3,100,000 Interest revenue 95,000 Loss on sale of investments 30,000 Cost of goods sold 1,340,000 Loss on inventory write-down (obsolescence) 350,000 Selling expense 450,000 General and administrative expense 225,000 Interest expense 94,000 There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare...

The following is a partial trial balance for General Lighting Corporation as of December 31, 2018:...

The following is a partial trial balance for General Lighting Corporation as of December 31, 2018: Account Title Debits Credits Sales revenue 3,300,000 Interest revenue 99,000 Loss on sale of investments 32,000 Cost of goods sold 1,380,000 Loss from write-down of inventory due to obsolescence 390,000 Selling expenses 490,000 General and administrative expenses 245,000 Interest expense 98,000 300,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax rate is 40%....

Subjects