Question

Use Excel to prepare in good form a balance sheet for the General Fund as of December 31, 2017. Follow the format shown in Illustration 4-3 of Reck and Lowensohn, Accounting for Governmental & Nonprofit Entities, 17th edition textbook (hereafter referred to as “the textbook.”)

City of Smithville
General Fund
Post-closing Trial Balance
For year 2017
		Debits	Credits
Cash		$ 268,302
Taxes Receivable-Delinquent		193,371
Allowance for Uncollectible Delinquent Taxes			$ 109,730
Interest and Penalties Receivable on Taxes		16,840
Allowance for Uncollectible Interest and Penalties			15,226
Due from State Government		115,000
Vouchers Payable			8,804
Due to Federal Government			8,850
Due to State Government			3,413
Fund Balance-Restricted-Public Safety		21,000
Fund Balance-Committed-General Government		30,000
Fund Balance-Committed-Public Works			17,000
Fund Balance-Assigned-Culture and Recreation			56,800
Fund Balance-Unassigned			351,623
Budgetary Fund Balance			35,570
Encumbrances Outstanding			1,181,348
Estimated Revenues		3,204,070
Revenues			3,205,364
Appropriations			3,247,200
Expenditures		3,210,997
Encumbrances		1,181,348
Totals for all accounts		$ 8,240,928	$ 8,240,928

The format is:

ILLUSTRATION 4-4 TOWN OF BRIGHTON General Fund Balance Sheet December 31, 2020 Assets Cash $578,402 Taxes receivable-delinquent $345,023 Less: Allowance for uncollectible delinquent taxes 81,982 263,041 Interest and penalties receivable on taxes 17,900 Less: Allowance for uncollectible interest and penalties 2,655 15,245 Total Assets $856,688 Liabilities, Deferred Inflows of Resources, and Fund Balances Liabilities: Vouchers payable $302,800 Due to federal government 26,520 Due to state government 6,740 Due to other funds 5,000 Total Liabilities $341,060 Deferred inflows of resources-unavailable revenues 278,286 Fund Balances: Committed-culture and recreation 17,500 Assigned-public safety 23,700 Unassigned 196,142 237,342 Total Fund Balances Total Liabilities, Deferred Inflows of Resources, and Fund Balances $856,688

Answer 1

Solution to the question is as follows:

City of Smithville General Fund Balance Sheet December 31,2017 $268,302.00 Assets Cash Taxes receivable-delinquent Less: Allowance for uncollectible delinquent taxes Interest Penalties receivable in taxes Less: Allowance for uncollectible interest and penalties Due From State Government $83,641.00 $193,371.00 $109,730.00 $16,840.00 $15,226.00 $1,614.00 $115,000.00 Liabilities, Deferred inflows of Resources, and Fund Balances $468,557.00 $8,804.00 $8,850.00 $3,413.00 $21,067.00 $37,497.00 Liabilities: Voucheres Payable Due to federal government Due to state government Due to other fund Total Liabilities Deferred Inflows of resources-unavailable revenue Fund Balances: Committed -General Government Committed - Public Works Restricted - Public Safety Assigned- culture and recreation Unassigned Budgetary Fund Balance Total Fund Balances Total Liabilities, Deferred inflows of Resources, and Fund Balances ($30,000.00) $17,000.00 ($21,000.00) $56,800.00 $351,623.00 $35,570.00 $409,993.00 $468,557.00 Scanned with CamScanner