Question

Chapter 17 - Governmental Entities: Introduction and General Fund Accounting 2,000 84. The adjusted trial balance for White River for the fiscal year ended June 30, 20X9, is presented below. Debits Credits Cash $ 51,000 Property Taxes Receivable-Delinquent 20,000 Allowance for Uncollectible Taxes-Delinquent $ 15,000 Inventory of Supplies Vouchers Payable 10,000 Due to Internal Service Fund 2,000 Fund Balance-Assigned for Inventories 2,000 Fund Balance-Assigned for Encumbrances 12,000 Fund Balance-Unassigned 6,000 Expenditures 718,000 Transfer Out to Internal Service Fund 40,000 Property Taxes Revenues 685,000 99,000 Fine and License Revenues Estimated Revenues Control 800,000 40,000 Estimated Transfer Out to Internal Service Fund 750,000 Appropriations Control 10,000 Budgetary Fund Balance-Unassigned Totals $ 1,631,000 $ 1,631,000 Required: a. Prepare a statement of revenues, expenditures, and changed in fund balance for White River for the year ended June 30, 20X9. Assume there were no supplies or outstanding encumbrances at the beginning of the year. b. Prepare a balance sheet for White River at June 30, 20X9.

Answer 1

White River Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended June 30, 20X9 Revenues: $ 6,85,000 Fines and Licenses 99,000 Total Revenue (A) $ 7,84,000 ...................... Property Taxes Expenditures: General Government (B) Excess of Revenues Over Expenditures (C) = (A) - (B) 7,18,000 66,000 $ ................................ ..................... ................ Other Financing Uses: Transfer Out to Internal Service Fund (D). Net Change in Fund Balance (E) = (C)-(D). Fund Balance, July 1, 20X8 (F) ($2,000 + 12,000 + 6,000) Fund Balance June 30, 20X9 (G) = (E) + (F) | $ 40,000 26,000 20,000 46,000 $ White River Balance Sheet As on 30th June, 20X9 Assets: ........... ....... ....... ........... **** Cash Property Taxes Receivable --Delinquent Allowance for Uncollectible Taxes-Delinquent Inventory of Supplies Total Assets $ 51,000 $ 20,000 -15,000 $ 5,000 2,000 58,000 $ Liabilities and Fund Balance: Liabilities: Vouchers Payable Due to Internal Service Fund Total Liabilities ...................................................... Fund Balance: Total Liabilities and Fund Balance 10,000 2,000 12,000 . $ .......................... 46,000 58,000 | $