Question

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, delinquent	22,000
Allowance for uncollectible property taxes, delinquent		$5,000
Salaries payable		6,000
Due to Water Enterprise Fund		3,000
Accounts payable		16,000
Fund balance (unassigned)		3,000
Property tax revenues		250,000
Sales tax revenues		40,000
Expenditures - salaries	220,000
Expenditures - other than personal services	23,000
Expenditures - utilities	14,000
Transfer to Debt Service Fund	30,000
Transfer to Water Enterprise Fund	10,000
Estimated revenues (total)	297,000
Appropriations (total)
Budgetary fund balance	3,000
Totals	$623,000	$623,000

Assess the financial condition of the village based on the information given in. Include a discussion of the village's quick ratio, number of days’ cash on hand, and budgetary cushion in developing your conclusion.

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Answer 1