is a pre-closing trial balance for Montpelier's General... The following is a pre-closing trial balance for Montpelier's General Fund as of June 30, 2023: Debits Credits Cash $116,500 Taxes Receivable-Current 29,000 Allowance for Uncollectible Current Taxes $3,000 Accounts Payable 7,800 Due to Other Funds 5, 500 Tax Anticipation Notes
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- The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit $ 371,000 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 25,000 Cash Taxes receivable Capital outlay Debt service: principal payments Debt service: interest payments Transfers out Due from other funds Allowance for uncollectible taxes Accounts payable Due to other funds Property tax revenues Speeding ticket revenues Transfers in Bond proceeds Appropriations Estimated other financing uses Fund balance-unassigned Totals 2,000 8,000 20,000 12,000 Credit $45,000 50,000 21,000 950,000 400,000 8,000 50,000 1,085,000 22,000 285,000 $2,916,000 $2,916,000 By how much do the closing entries at the end of 2020 increase fund balance- unassigned? $37,000 $40,000 $73,000 $95,000The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2020. Cash Taxes Receivable Allowance for Uncollectible Taxes Accounts Payable Fund Balance View transaction llest Postclosing Trial Balance June 30, 2019 $571,600 36,000 $687,608 5,608 182,808 500,000 $607,608 Clear entry 1 Record the transfer of taxes receivable to revenues control account. 2 Record the receipt of taxes and the uncollectibles. 3 Record the expenditures payable. 4 Record the payment of expenditure. 5 Record the transfer out of general fund. Hint: This is the plug needed to make cash balance after considering the other entries. 6 Record the transfer of revenue and expenditure control accounts to fund balance. Note: = journal entry has been entered Record entry Transactions July 1, 2019, to June 30, 2020 Debits $1,370,000 1,482,488 5,600 1,387,600 X There were no transfers into the General Fund, but there…
- Agawa City presents the following pre-closing trial balance for its General Fund as of the end of the year: Cash Taxes receivable Estimated uncollectible taxes Due from other funds Vouchers payable Tax anticipation notes payable Fund balance Budgetary fund balance Estimated revenues Revenues Appropriations Expenditures Totals Debit $116,000 29,000 2,000 11,000 249,000 245.000 $652,000 Credit 5,000 14,800 50,000 69,200 258,000 255,000 $652,000 Required: Calculate the amount of fund balance at fiscal year-end after all closing entries are made that is spendable in the next fiscal year.4. 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. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…The pre-closing trial balance for the general fund of Lancaster Company at December 31, 2019 is given below. Credit Debit $362,000 113,000 1,290,000 60,000 Cash Taxes receivable Estimated revenues Estimated other financing sources Expenditure Transfers out Capital Outlay Debt service-principal Debt service-interest Allowance for uncollectible taxes Accounts payable Property tax revenues Other revenues Proceeds from bonds Transfers in Appropriations Estimated other financing uses Fund balance----unassigned Totals Multiple Choice O O о $380,000 What is the total fund balances-unassigned reported on 2019 balance sheet (after the closing entries)? $425,000 $475,000 1,015,000 20,000 25,000 2,000 8,000 $285,000 $2,895,000 $ 45,000 50,000 950,000 400,000 50,000 8,000 1,085,000 22,000 285,000 $2,895,000
- 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 12,400 Capital assets 707,000 Cash 90,200 Charges for sales and services 553,000 Cost of sales and services 495,000 Depreciation expense 46,500 Due from General Fund 17,100 Interest expense 40,200 Interest revenue 4,300 Transfer in from General Fund 115,200 Bank note payable 625,300 Supplies inventory 18,300 Totals $ 1,488,600 $ 1,488,600…The General Fund of a city had the following post-closing trial balance at September 30 2020. the end of its fiscal year: Debits Credits Cash 100,000 Taxes Receivable – Delinquent 583,000 Allowance for Uncollectible Delinquent Taxes 189,000 Interest and Penalties Receivable 26,280 Allowance for Uncollectible Interest & Penalties 11,160 Inventory of Supplies 16,100 Vouchers Payable 148,500 Due to Federal Government 62,490 Fund Balance – Nonspendable – Inventory Supplies…Here is the pre closing December 31, 2017 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 225,000 Taxes receivable 150,000 Estimated revenues 750,000 Estimated other financing sources 30,000 General expenditures 620,000 Capital outlay 10,000 Debt service: principal paym 1,000 Debt service: interest payments 6,000 Transfers out 15,000 Due from other funds 20,000 Allowance for uncollectible taxes $25,000 Accounts payable 20,000 Due to other funds 15,000 Property tax revenues 725,000 Speeding ticket revenues 200,000 Transfers in 10,000 Bond proceeds 12,000 Appropriations 650,000 Estimated other financing uses 20,000 Fund balance-unassigned 150,000 Totals $1,827,000 $1,827,000 By how much do the closing entries at the end of 2017 increase fund balance-unassigned? si8,000 S167,000 $203,000 s185,000
- The adjusted beginning and ending balances of three of Towson County's general fund accounts for 2023 are below. All accounts relate to property taxes, and deferred inflows relate to taxes receivable that are not expected to be collected within 60 days. December 31, 2023 January 1, 2023 Taxes receivable $1,700,000 $1,600,000 Allowance for uncollectible taxes (360,000) (400,000) Deferred inflows (70,000) (60,000) The county sent out 2023 property tax bills totaling $20,700,000 at the beginning of the year, of which 2 percent were considered uncollectible. During 2023, $20,000,000 was collected in cash, including $1,000,000 related to past-due taxes from 2022. Towson County writes off all remaining balances related to 2022 taxes by the end of 2023. Of the total 2023 taxes still unpaid at year-end, how much tax does the county expect to collect within 60 days of year-end? Select one and explain: a. $1,270,000 b. $1,340,000 c. $360,000 d. $430,000The unadjusted trial balance for the General Fund of the City of Allensville at June 30, 2019 is as follows: Debits Accounts Receivable $40,000 Cash 75,000 Due from Agency Fund 25,000 Encumbrances 60,000 Estimated Revenues 975,000 Expenditures 750,000 Taxes Receivable 250,000 $2,175,000 Credits Allowance for Doubtful Accounts $ 5,000 Allowance for Uncollectible Taxes 50,000 Appropriations 785,000 Due to a Utility Fund 40,000 Unassigned Fund Balance (160,000) Estimated…The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: Contracts were issued for contracted services in the amount of $91,750. Note: Enter debits before credits. Transaction General Journal Debit Credit 6a
