Question

Scarlett City’s general fund activities for 2016 are summarized below. Accounts are maintained on a modified...

Scarlett City’s general fund activities for 2016 are summarized below. Accounts are maintained on a modified accrual basis consistent with GAAP.

Property-tax revenues $3,000
Utilities 50
Wages and salaries 900
Transfer to debt service fund 100
Estimated revenues 3,500
State grant 800
Annual insurance premium 200
Proceeds of long-term debt 1,000
General administration 1,200
Charges for current services 600
Public safety 2,000
Reimbursement from capital projects fund 100
Fund balance, beginning of year 20,000
Other taxes 750
Sanitation 500
Sale of capital assets 400

Prepare in good form a statement of revenues, expenditures, and changes in fund balance for 2016 for the city’s general fund. Assume that the city reports revenues by source and expenditures by function. Assume also that 75 percent of the wages and salaries are attributable to public safety and 25 percent to general administration. Insurance is attributable in total to general administration.

Homework Answers

Answer #1
Statement of Scarlett City’s Expenses and Revenues
City Expenses Program Expenses Program Revenue
Property-tax revenues 3,000
Utilities 50
Wages and salaries 900
Estimated revenues 3,500
State grant 800
Annual insurance premium 200
Proceeds of long-term debt 1,000
General administration 2,075
Charges for current services 600
Public safety 3,350
Other taxes 750
Sanitation 500
Sale of capital assets 400
Total 9425 7700
Scarlett City’s Fund Statement
Name of Fund Amount
Fund balance, beginning of year 20,000
Transfer to debt service fund 100
Reimbursement from capital projects fund 100
Total 20,200
Notes
1 Increased public safety expenses by 75% of wages and salaries expenes
2 General expenes increased by 25%
3 Insurance included in general administration
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