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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 2 years ago
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