Question

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

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