Question

IV. The unadjusted trial balance for the general fund of the Coamo City at June 30,...

IV. The unadjusted trial balance for the general fund of the Coamo City at June 30, 2019 is as
follows:


Debits
Accounts receivable $ 40,000
Cash 75,000
Due from agency fund 25,000
Encumbrances 60,000
Estimated revenues 975,000
Expenditures 750,000
Taxes receivable 250,000


Credits
Allowance for doubtful accounts 5,000
Allowance for uncollectible taxes 50,000
Appropriations 785,000
Due to trust fund 40,000
Fund balance-unassigned 30,000
Encumbrances Outstanding 60,000
Revenues 990,000
Taxes received in advance 15,000
Vouchers payable 200,000
Supplies on hand at June 30, 2019 totaled $8,000. The $60,000 encumbrance relates to equipment
ordered but not received by fiscal year-end.


Required:
Prepare a balance sheet for the general fund of the Coamo City at June 30, 2019.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Rice County has the following preclosing account balances in its General Fund as of June 30,...
Rice County has the following preclosing account balances in its General Fund as of June 30, 2019. Assume each account had its “normal” balance (debit or credit amount). Among the expenditures recorded this year is an amount expended on supplies ordered at the end of the previous fiscal year. Assume the encumbrances do not lapse. Cash $ 50,000 Estimated Revenues 6,000,000 Revenues 5,900,000 Appropriations 5,700,000 Estimated Other Financing Sources 200,000 Financing Uses – Transfer to Debt Service Fund 300,000 Expenditures...
Following is the same pre-closing trial balance of a village's General Fund at December 31, 2019...
Following is the same pre-closing trial balance of a village's General Fund at December 31, 2019 as in the previous question. The amount shown as Fund balance (unassigned) has not changed since the year started. The amount shown as appropriations includes the amounts appropriated for transfers. Property tax invoices are mailed out on January 10 and are due to be paid on February 10. Property owners that have not paid their taxes are classified as delinquent on March 10. Debits...
The following information is provided about some of the City of Boston General Fund operating statement...
The following information is provided about some of the City of Boston General Fund operating statement and budgetary accounts for the fiscal year ended June 30. Estimated revenues $ 6,150,000 Revenues 6,190,000 Appropriations 6,185,000 Expenditures 6,175,000 Estimated other financing sources 300,000 Encumbrances 80,000 Encumbrances outstanding 80,000 Budgetary fund balance 265,000 Other financing sources 200,000 Prepare the closing journal entries for the City of Boston
Following is a pre-closing trial balance of a village's General Fund at December 31, 2019. The...
Following is a pre-closing trial balance of a village's General Fund at December 31, 2019. The amount shown as Fund balance (unassigned) has not changed since the year started. The amount shown as appropriations includes the amounts appropriated for transfers. Property tax invoices are mailed out on January 10 and are due to be paid on February 10. Property owners that have not paid their taxes are classified as delinquent on March 10. Debits Credits Cash $4,000 Property taxes receivable,...
following is a pre-closing trial balance of a village's General Fund at December 31, 2019. The...
following is a pre-closing trial balance of a village's General Fund at December 31, 2019. The amount shown as Fund balance (unassigned) has not changed since the year started. The amount shown as appropriations includes the amounts appropriated for transfers. Property tax invoices are mailed out on January 10 and are due to be paid on February 10. Property owners that have not paid their taxes are classified as delinquent on March 10. Debits Credits Cash $4,000 Property taxes receivable,...
The beginning balances as of 1/1/2017 for the City of Monroe's General Fund are listed below....
The beginning balances as of 1/1/2017 for the City of Monroe's General Fund are listed below. The City follows the modified accrual accounting method for its general fund journal entries and financial statements. The following steps are required for this project. Beginning balances: Cash $711,250; Delinquent Property Taxes Receivable $210,000; Allowance for Uncollectible Property Taxes $37,000; Accounts Payable $99,000; Due to Other Funds $27,000; Deferred Inflows of Resources $210,000; Total Fund Balance $548,250 Step 1) Record journal entries for the...
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial...
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial balance showed the following balances for operating and budgetary accounts and fund balance accounts. Debits Credits Appropriations $ 6,324,000 Estimated Other Financing Uses 2,826,000 Estimated Revenues $ 8,097,000 Encumbrances 0 Expenditures 6,292,000 Other Financing Uses 2,820,000 Revenues 8,080,000 Budgetary Fund Balance 1,053,000 Fund Balance—Nonspendable—Inventory of Supplies 143,900 Fund Balance—Unassigned 1,993,000 The City of Columbus uses the purchases method of accounting for its inventory of...
The following information was available for the General Fund of the City of San Dimas for...
The following information was available for the General Fund of the City of San Dimas for the Year Ended December 31, 2018:               Revenues for the year included property taxes in the amount of $6,612,000, fines and forfeits in the amount of $ 700,000, and miscellaneous in the amount of $400,000. Expenditures from current appropriations included: general government, $4,847,000; public safety, $1,884,000; culture and recreation, 812,000. In addition to (b) above, expenditures related to prior year appropriations (encumbered last year)...
The Edward City Council approved and adopted the budget for its general fund for the year...
The Edward City Council approved and adopted the budget for its general fund for the year just ended. The budget contained the following amounts: Estimated revenues $4,900,000 Appropriations 4,780,000 Authorized interfund transfer to the sports and recreation debt service fund 90,000 During the year, various transactions and events occurred that affected the general fund. Edward City levied property taxes of $4,000,000, of which it estimated that $25,000 would be uncollectible. During the discount period between the levy and the date...
Missing data can be derived, and journal entries constructed from accounts. The following schedule shows the...
Missing data can be derived, and journal entries constructed from accounts. The following schedule shows the amounts (in thousands) related expenditures that a city welfare department debited and credited to the indicated accounts during a year (not necessarily the year-end balances). Excluding closing entries, the department records its budget encumbers all of its expenditures, and initially vouchers all payments. Some information is missing. You are to determined the missing data and construct all entries (in summary form), excluding closing entries...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT