ACCT567 Case Study I (Week 2)\tThe General Fund of Middleville has presented you with the following trial balance as of June 30, 2011.\tDebits Credits\tCash $ 40,000\tTaxes Receivable- Delinquent 142,000\tEstimated Uncollectible Taxes- Delinquent 9,100\tInterest and Penalties Receivable 32,000\tVouchers Payable 24,000\tBudgetary Fund Balance-Reserve for Encumbrances 10,200\tFund Balance _________ 170,700\t$ 214,000 $214,000\tThe information that is being presented to you pertains to the transactions for the city of Middleville for the fiscal year ended June 30, 2012.\tThe following budget was adopted by the city council:\tEstimated Revenues:\tProperty Taxes $ 650,000\tFines and Penalties 44,000\tLicenses and Permits 150,000\tFederal Grant 85,000\t929,000\tAppropriations and Other Financing Uses\tPublic Safety 402,000\tGeneral Government 263,000\tPublic Works 102,000\tParks and Recreation 92,000\tTransfers Out 34,000\t893,000\tEncumbrances outstanding at the end of the year were re-opened. Property taxes of $ 660,000 were levied. It is estimated that 2.5% of the property taxes levied are expected to be uncollectible\/ Purchase orders issued for the 2012 fiscal year were as follows:\tPublic Safety, $ 395,000; General Government, $ 259,000; Public Works, $ 100,000; Parks and Recreation, $ 98,000.\tCash collected for the Federal Grant from the Federal Government, $ 94,000. Cash collected and transferred in as follows:\tFines and Penalties 43,000\tLicenses and Permits 164,000\tCash collected on property taxes were as follows: Current taxes, $559,000, Delinquent Taxes, $ 41,000 and $ 22,000 of interest and penalties were collected. Purchase orders issued in 2012 in the following amounts were filled in at the following amounts:\tEstimated Actual\tPublic Safety $ 395,000 $ 393,600\tGeneral Government $ 259,000 $ 258,200\tPublic Works $ 100,000 $ 99,400\tParks and Recreation $ 98,000 $ 97,500\t————— —————\t$ 852,000 $ 848,700\tVouchers paid amounted to $ 840,000 and the transfer out to the Debt Service Fund, $34,000. Please reclassify the Taxes Receivable “\ufffdCurrent and Estimated Uncollectible Taxes- Change from Current to Delinquent.<\/p>\n","protected":false},"excerpt":{"rendered":"
ACCT567 Case Study I (Week 2) The General Fund of Middleville has presented you with the following trial balance as of June 30, 2011. Debits Credits Cash $ 40,000 Taxes Receivable- Delinquent 142,000 Estimated Uncollectible Taxes- Delinquent 9,100 Interest and Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-201454","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/201454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=201454"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/201454\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=201454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=201454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=201454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}