The General Fund of Middleville has presented you with the following trial balance as of June 30, 2011.<\/p>\n
Debits Credits<\/p>\n
Cash $ 40,000<\/p>\n
Taxes Receivable- Delinquent 142,000<\/p>\n
Estimated Uncollectible Taxes- Delinquent 9,100 <\/p>\n
Interest and Penalties Receivable 32,000<\/p>\n
Vouchers Payable 24,000<\/p>\n
Budgetary Fund Balance-Reserve for Encumbrances 10,200<\/p>\n
Fund Balance _________ 170,700<\/p>\n
$ 214,000 $214,000<\/p>\n
The information that is being presented to you pertains to the transactions for the city of Middleville for the fiscal year ended June 30, 2012.<\/p>\n
1. The following budget was adopted by the city council:<\/p>\n
Estimated Revenues:<\/p>\n
Property Taxes $ 650,000<\/p>\n
Fines and Penalties 44,000<\/p>\n
Licenses and Permits 150,000<\/p>\n
Federal Grant 85,000<\/p>\n
929,000<\/p>\n
Appropriations and Other Financing Uses<\/p>\n
Public Safety 402,000<\/p>\n
General Government 263,000<\/p>\n
Public Works 102,000<\/p>\n
Parks and Recreation 92,000<\/p>\n
Transfers Out 34,000<\/p>\n
893,000<\/p>\n
2. Encumbrances outstanding at the end of the year were re-opened.<\/p>\n
3. Property taxes of $ 660,000 were levied. It is estimated that 2.5% of the property taxes levied are expected to be uncollectible\/<\/p>\n
4. Purchase orders issued for the 2012 fiscal year were as follows:<\/p>\n
Public Safety, $ 395,000; General Government, $ 259,000; Public Works, $ 100,000; Parks and Recreation, $ 98,000.<\/p>\n
5. Cash collected for the Federal Grant from the Federal Government, $ 94,000.<\/p>\n
6. Cash collected and transferred in as follows:<\/p>\n
Fines and Penalties 43,000<\/p>\n
Licenses and Permits 164,000<\/p>\n
7. Cash collected on property taxes were as follows: Current taxes, $559,000, Delinquent Taxes, $ 41,000 and $ 22,000 of interest and penalties were collected.<\/p>\n
8. Purchase orders issued in 2012 in the following amounts were filled in at the following amounts:<\/p>\n
Estimated Actual<\/p>\n
Public Safety $ 395,000 $ 393,600<\/p>\n
General Government $ 259,000 $ 258,200<\/p>\n
Public Works $ 100,000 $ 99,400<\/p>\n
Parks and Recreation $ 98,000 $ 97,500<\/p>\n
————— —————<\/p>\n
$ 852,000 $ 848,700<\/p>\n
9. Vouchers paid amounted to $ 840,000 and the transfer out to the Debt Service Fund, $34,000.<\/p>\n
10. Please reclassify the Taxes Receivable “\u201cCurrent and Estimated Uncollectible Taxes- Change from Current to Delinquent.<\/p>\n
Instructions:<\/p>\n
a. Prepare journal entries for the fiscal year ending 2012.<\/p>\n
b. Prepare closing entries.<\/p>\n
c. Prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended June 30, 2012.<\/p>\n
d. Prepare a General Fund Balance Sheet as of June 30, 2012.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 Penalties Receivable 32,000 Vouchers Payable 24,000 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-53303","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/53303","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=53303"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/53303\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=53303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=53303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=53303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}