ZuoTi.Pro
Question

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:...

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:

All numbers are in thousands.

Debit Credit
Cash $ 371,000
Taxes receivable 113,000
Estimated revenues 1,290,000
Estimated other financing sources 60,000
General expenditures 1,015,000
Capital outlay 25,000
Debt service: principal payments 2,000
Debt service: interest payments 8,000
Transfers out 20,000
Due from other funds 12,000
Allowance for uncollectible taxes $45,000
Accounts payable 50,000
Due to other funds 21,000
Property tax revenues 950,000
Speeding ticket revenues 400,000
Transfers in 8,000
Bond proceeds 50,000
Appropriations 1,085,000
Estimated other financing uses 22,000
Fund balance-unassigned 285,000
Totals $2,916,000 $2,916,000

Total assets reported on Lancaster County's December 31, 2020 balance sheet are:

$439,000.

$451,000.

$472,000.

$476,000.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Total assets = Cash + Taxes receivable - Allowance for uncollectible taxes + Due from other funds

= 371000 + 113000 - 45000 + 12000

= $451,000

1 0
Add a comment
Know the answer?
Add Answer to:
Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:...
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. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:...

    Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 371,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Transfers out 20,000 Due from other funds 12,000 Allowance for uncollectible taxes $45,000 Accounts payable 50,000 Due to other funds 21,000 Property tax revenues 950,000 Speeding ticket...

  • Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thou...

    Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 371,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Transfers out 20,000 Due from other funds 12,000 Allowance for uncollectible taxes $45,000 Accounts payable 50,000 Due to other funds 21,000 Property tax revenues 950,000 Speeding ticket...

  • Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:...

    Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 371,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Transfers out 20,000 Due from other funds 12,000 Allowance for uncollectible taxes $45,000 Accounts payable 50,000 Due to other funds 21,000 Property tax revenues 950,000 Speeding ticket...

  • Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:...

    Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 371,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Transfers out 20,000 Due from other funds 12,000 Allowance for uncollectible taxes $45,000 Accounts payable 50,000 Due to other funds 21,000 Property tax revenues 950,000 Speeding ticket...

  • Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thou...

    Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 371,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Transfers out 20,000 Due from other funds 12,000 Allowance for uncollectible taxes $45,000 Accounts payable 50,000 Due to other funds 21,000 Property tax revenues 950,000 Speeding ticket...

  • The preclosing trial balance at December 31, 20X1, for Lone Wolf’s general fund follows. Debit Credit...

    The preclosing trial balance at December 31, 20X1, for Lone Wolf’s general fund follows. Debit Credit Cash $ 94,000 Property Taxes Receivable—Delinquent 118,200 Allowance for Uncollectibles—Delinquent $ 7,100 Due from Other Funds 14,300 Vouchers Payable 63,000 Due to Other Funds 8,400 Fund Balance—Unassigned 120,000 Property Tax Revenue 1,140,000 Miscellaneous Revenue 38,000 Expenditures 1,125,000 Other Financing Uses—Transfer Out 25,000 Estimated Revenues Control 1,233,000 Appropriations Control 1,155,000 Estimated Other Financing Uses—Transfer Out 25,000 Encumbrances 39,000 Budgetary Fund Balance—Assigned for Encumbrances 39,000 Budgetary...

  • General Fund Closing Entries LO 8 Following is the preclosing trial balance for the General Fund...

    General Fund Closing Entries LO 8 Following is the preclosing trial balance for the General Fund of the City of Doyle. Doyle City The General Fund General Ledger Trial Balance December 31, 2016 Cash 400,000 Certificates of Deposit 350,000 Due from State Government 112,000 Due from Other Funds 30,000 Taxes Receivable 774,000 Estimated Revenue 3,110,000 Expenditures 1,960,000 Encumbrances 734,000 Transfers to Other Funds 90,000 Expenditures-2015 55,000 Estimated Uncollectible Taxes $ 30,000 Vouchers Payable 64,000 Due to Other Funds 27,000 Fund...

  • The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows Debit Credit $95,000 116,500 Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinqu...

    The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows Debit Credit $95,000 116,500 Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from Other Funds Vouchers Payable Due to Other Funds Fund Balance-Unassigned Property Tax Revenue Miscellaneous Revenue Expenditures Other Financing Uses-Transfer Out Estimated Revenues Control Appropriations Control Estimated Other Financing Uses-Transfer Out encumbranceS Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total 7,400 14,800 70,000 8,900 118,000 1,145,000 35,000 1,140,000 18,000 1,208,000 1,150,000 18,000 37,000...

  • The following is a pre-closing trial balance for the Village of Lake Augusta’s general Fund as of December 31, 2017:...

    The following is a pre-closing trial balance for the Village of Lake Augusta’s general Fund as of December 31, 2017: Debits Credits Accounts payable 6,800 Appropriations 160,000 Budgetary fund balance 38,000 Budgetary fund balance: reserve for encumbrances 5,000 Cash 116,500 Deferred revenues: property taxes 3,000 Due to other funds 5,000 Encumbrances 5,000 Estimated other financing sources 8,000 Estimated other financing uses 10,000 Estimated revenues 200,000 Estimated uncollectible taxes 2,000 Expenditures 154,000 Fund balance 54,700 Other financing sources 10,000 Other financing...

  • Create the balance sheet according to this trial balance The following unadjusted trial balances are for...

    Create the balance sheet according to this trial balance The following unadjusted trial balances are for the governmental funds of the City of Copeland prepared from the current accounting records: General Fund Debit Credit   Cash $ 19,000        Taxes Receivable 202,000        Allowance for Uncollectible Taxes $ 2,000   Vouchers Payable 24,000   Due to Debt Service Fund 10,000   Unavailable Revenues 16,000   Encumbrances Outstanding 9,000   Fund Balance—Unassigned 103,000   Revenues 176,000   Expenditures 110,000        Encumbrances 9,000        Estimated Revenues 190,000        Appropriations 171,000...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT