FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
The following unadjusted
General Fund
Debit | Credit | ||||||
Cash | $ | 19,000 | |||||
Taxes Receivable | 202,000 | ||||||
Allowance for Uncollectible Taxes | $ | 2,000 | |||||
Vouchers Payable | 24,000 | ||||||
Due to Debt Service Fund | 10,000 | ||||||
Unavailable Revenues | 16,000 | ||||||
Encumbrances Outstanding | 9,000 | ||||||
Fund Balance—Unassigned | 103,000 | ||||||
Revenues | 176,000 | ||||||
Expenditures | 110,000 | ||||||
Encumbrances | 9,000 | ||||||
Estimated Revenues | 190,000 | ||||||
Appropriations | 171,000 | ||||||
Budgetary Fund Balance | 19,000 | ||||||
Totals | $ | 530,000 | $ | 530,000 | |||
Debt Service Fund
Debit | Credit | ||||||
Cash | $ | 8,000 | |||||
Investments | 51,000 | ||||||
Taxes Receivable | 11,000 | ||||||
Due from General Fund | 10,000 | ||||||
Fund Balance—Committed | $ | 45,000 | |||||
Revenues | 20,000 | ||||||
Other Financing Sources—Operating Transfers In | 90,000 | ||||||
Expenditures | 75,000 | ||||||
Totals | $ | 155,000 | $ | 155,000 | |||
Capital Projects Fund
Debit | Credit | ||||||
Cash | $ | 70,000 | |||||
Special Assessments Receivable | 90,000 | ||||||
Contracts Payable | $ | 50,000 | |||||
Unavailable Revenues | 90,000 | ||||||
Encumbrances Outstanding | 16,000 | ||||||
Fund Balance—Unassigned | 0 | ||||||
Other Financing Sources | 150,000 | ||||||
Expenditures | 130,000 | ||||||
Encumbrances | 16,000 | ||||||
Estimated Other Financing Sources | 150,000 | ||||||
Appropriations | 150,000 | ||||||
Totals | $ | 456,000 | $ | 456,000 | |||
Special Revenue Fund
Debit | Credit | ||||||
Cash | $ | 14,000 | |||||
Taxes Receivable | 41,000 | ||||||
Inventory of Supplies | 4,000 | ||||||
Vouchers Payable | $ | 25,000 | |||||
Grant Revenues Collected in Advance | 3,000 | ||||||
Fund Balance—Nonspendable | 4,000 | ||||||
Encumbrances Outstanding | 3,000 | ||||||
Fund Balance—Restricted | 19,000 | ||||||
Revenues | 56,000 | ||||||
Expenditures | 48,000 | ||||||
Encumbrances | 3,000 | ||||||
Estimated Revenues | 75,000 | ||||||
Appropriations | 60,000 | ||||||
Budgetary Fund Balance | 15,000 | ||||||
Totals | $ | 185,000 | $ | 185,000 | |||
Based on the information presented for each of these governmental funds, answer the following question:
a. How much more money can city officials expend or commit from the General Fund during the remainder of the current year without amending the budget?
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