Question

Prepare a balance sheet for the Street Improvement Bond Debt Service Fund as of December 31,...

Prepare a balance sheet for the Street Improvement Bond Debt Service Fund as of December 31, 2021.

Hint: balance sheet - total assets 657,607 liabilities/deferred inflows/ fund balances 657,607

City of Smithville
Street Improvement Bond Debt Service Fund
Post-closing Trial Balance
For year 2021
Debits Credits
Cash $ 311,687
Taxes Receivable-Delinquent 45,000
Allowance for Uncollectible Delinquent Taxes $ 20,000
Interest and Penalties Receivable on Taxes 3,600
Allowance for Uncollectible Interest and Penalties 180
Investments 317,500
Deferred Inflows of Resources 8,124
Fund Balance-Restricted 649,483
Totals for all accounts $ 677,787 $ 677,787
Business   Accounting   
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Answer #1

City of Smithville

Street Improvement Bond Debt Service Fund

Balance Sheet

as of December 31, 2021.

Particulars

Amount ($)

Amount ($)

Assets

Cash

311,687

Taxes Receivable-Delinquent

45,000

Less: Allowance for Uncollectible Delinquent Taxes

(20,000)

Taxes Receivable-Delinquent (Net)

25,000

Interest and Penalties Receivable on Taxes

3,600

Less: Allowance for Uncollectible Interest and Penalties

(180)

Interest and Penalties Receivable on Taxes (Net)

3,420

Investments

317,500

Total Assets

657,607

Liabilities and Fund Balance

Deferred Inflows of Resources

8,124

Fund Balance

     Restricted

649,483

Total Liabilities and Fund Balance

657,607
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