The pre-closing trial balance for the general fund of Lancaster Company at December 31, 2019 is given below. Credit Debit 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 о O $380,000 $425,000 $475,000 $362,000 113,000 1,290,000 60,000 What is the total fund balances-unassigned reported on 2019 balance sheet (after the closing entries)? $285,000 1,015,000 20,000 25,000 2,000 8,000 $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
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- The pre-closing trial balance for the general fund of Lancaster Company at December 31, 2019 is given below. Debit Credit Cash $ 362,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 1,015,000 Expenditure Transfers out 20,000 Capital Outlay Debt service-principal 25,000 2,000 Debt service-interest 8,000 Allowance for uncollectible taxes $ 45,000 Accounts payable 50,000 Property tax revenues 950,000 400,000 50,000 Other revenues Proceeds from bonds Transfers in 8,000 1,085,000 Appropriations Estimated other financing uses Fund balance---unassigned 22,000 285.000 Totals $2,895,000 $2,895,000 What is the total fund balances-unassigned reported on 2019 balance sheet (after the closing entries)? Multiple Choice $380,000 $425,000 $475,000 $285,000Question: The trial balance below relates to the Consolidated Fund for the year ended 31st December, 2019. GHc'000 GHc'000 Indirect Taxes 120,300 Direct Taxes 85,000 Non taxe revenues 60,000 Compensation for employees 76,000 Goods and services 45,000 Consumption of fixed consumption 24,000 Loans and advances 30,000 Bank and cash balances 12,000 Equity investment 40,000 Domestic debt 90,500 External debt 110,000 Trust fund 50,000 Sundry creditors 24,500 Other expenditures 20,000 Public debt interest 33,000 Social benefit 12,000 Grants 20,000 Subsidies 12,000 Accumulated Fund (1/12/16) 216,300 540300 540,300 Required: 1. Prepare Statement of Revenue and Expenditure for the Consolidated Fund for the year ended 31st December 2019. 2. Prepare Statement of Financial Position as at 31st December 2019.The following 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 Payable 50,000 Fund Balance-Unassigned 70,200 Budgetary Fund Balance 1,000 Estimated Revenues 100,000 Revenues 102,000 Appropriations 99,000 Expenditures 93,000 Totals $ 338,500 $ 338, 500 What is the fund balance as of June 30, 2023, after all closing entries have been made?
- Question You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019. Debit Credit GHC'000 GHc'000 Corporate taxes 200,000 Personal income taxes 120,000 Capital gain taxes and sundries 50,000 Taxes on general goods and services 180,000 Fees, fines and penalties 80,000 Investment income 20,000 Custom duties 250,000 Grants 150,000 Communication service taxes 100,000 Royalties 40,000 Established post 240,000 Casual labour 60,000 Travel and transport 70,000 Repairs and maintenance 50,000 13% Social security contribution 26,000 Gratuity and end of service benefit 168,000 State protocol 180,000 Independence Day celebration 205,000 Seminar and conferences 30,000 Probation 25,000 Property plant and equipment (at cost) 300,000 Infrastructure (at…Question You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019. Debit Credit GHC'000 GHc'000 Corporate taxes 200,000 Personal income taxes 120,000 Capital gain taxes and sundries 50,000 Taxes on general goods and services 180,000 Fees, fines and penalties 80,000 Investment income 20,000 Custom duties 250,000 Grants 150,000 Communication service taxes 100,000 Royalties 40,000 Established post 240,000 Casual labour 60,000 Travel and transport 70,000 Repairs and maintenance 50,000 13% Social security contribution 26,000 Gratuity and end of service benefit 168,000 State protocol 180,000 Independence Day celebration 205,000 Seminar and conferences 30,000 Probation 25,000 Property plant and equipment (at cost) 300,000 Infrastructure (at…Calculate the amount that J&J's retirement fund obligations are underfunded as of each year-end. How much of the underfunding is reported on the company's balance sheet? Analyzing Retirement Fund Obligations. The following information is taken from the 2018 annual report of Johnson & Johnson (J&J): ($ millions) 2018 2017 $31,670 26,818 (4,852) $33,221 Projected benefit obligation Plan assets at fair value .... Net amount recognized in the company's balance sheet (as a liability). 28,404 (4,817)
- 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 financial performance of the Consolidated Fund for the past three years is produced below. Statements of financial performance of the year ended 31st December Revenue Direct tax Indirect tax Non-tax revenue Grants Total revenue Expenses Compensation of employees Goods and services Consumption of fixed assets Interest Subsidies cost Grants Social benefits Other expenses Total expenses Surplus (deficit) 2020 GH¢ m 45,000 36,450 19,250 4,380 105,080 40,000 16,540 7,500 35,730 1100 3,590 500 2,500 107,460 (2,380) 2019 GH¢ m 42,350 26,500 12,490 9,840 91,180 30,000 13,400 7,500 23,540 950 1,590 890 1,890 79,760 11,420 2018 GHe m 28,900 23,500 11,400 10,500 74,300 21,500 11,400 6,000 19,000 500 1,400 320 950 61,070 13,230 Required: a) b) In a report to the CEO the Chairman of the Finance Committee of Parliament, discuss and analyse the financial performance of the Consolidated Fund for the periods given, using the financial statement produced in question (a). Prepare a common size…Question The following are the balances extracted from the public Accounts on the consolidated fund from the year ended 31 December 2016. GHS000 Direct Tax 1044460 compensation of employee 808672 Goods and Services 404336 Non-financial Assets 134779 Indirect tax 939556 Grants 28110 Interest Expenses 398138 Social benefits 238882 Other Expenses 159255 Other revenue…
- Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and state mcnt of cash flows: Long-term debt S 4,400 Interest expense S 398 Total liabilities 8,972 Net income 559 Total assets 38,775 Interest payments 432 Total equity 29,803 Cash flows from operations 1.015 Operating income 1.223 Income tax expenses 266 Income taxes paid 150 Required: Calculate the following ratios for Rising Stars: (a) debt to equity, (b) debt to total assets, (c) long-term debt to equity, (d) times interest earned (accrual basis), and (e) times interest earned (cash basis). (Note: Round answers to three decimal places.) CONCEPTUAL CONNECTION Interpret these results. 3.What does it mean if a bond is callableThe preclosing trial balance of the general fund of Shorewood Village for fiscal year ended June 30, 2019, is as follows: Debit CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90,000Receivables (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120,000Vouchers Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,000Fund Balance—Assigned . . . . . . . . . . . . . . . . . . . . . 60,000Fund Balance—Unassigned . . . . . . . . . . . . . . . . . . 92,000Budgetary Fund Balance . . . . . . . . . . . . . . . . . . . . . 50,000Estimated Revenues . . . . . . . . . . . . . . . . . . . . . . . . . 600,000Estimated Other Financing Sources. . . . . . . . . . . 150,000Appropriations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…The preclosing, year-end trial balance for a capital projects fund of the city of Rochester as of December 31, 2019, follows: Debit CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110,000Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250,000Contracts Payable—Retained Percentage. . . . . . . . . . . 110,000Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,600Other Financing Sources . . . . . . . . . . . . . . . . . . . . . . . . . . 800,000Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .586,600Other Financing Uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5,000Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…