The General Fund collected the following amounts in cash: Current year Real Property Taxes $6,484,000 Delinquent...
The General Fund collected the following amounts in cash:
Current year Real Property Taxes $6,484,000
Delinquent Taxes 348,000
Interest and Penalties Receivable on Taxes 23,860
Sales Taxes 748,000
Licenses and Permits 479,000
Fines and Forfeits 519,000
Intergovernmental Revenues 515,000
Charges for Services 361,000
Miscellaneous Revenues 226,500
Total $9,704,360
Required: Record the receipt of cash and the related credits to receivables and revenues accounts, as applicable, in both the General Fund and governmental activities journals. (Select “Received in Cash” in the drop down [Description] menu in the Detail Journal related to the General Fund revenue entries.) For governmental activities at the government-wide level, all Licenses and Permits and Charges for Services were attributable to the General Government function as Program Revenue-Charges for
Services. Fines and forfeits were collected by General Government departments in the amount of $200,000 and by Public Safety departments in the amount of $319,000. Intergovernmental Revenues should be credited to “Program Revenues—General Government—Operating Grants and Contributions.” (In addition to the cash collection, remember to recognize revenue in the General Fund for the delinquent taxes and interest and penalties collected by reducing the deferred inflows of resources balance. These revenues were not expected to be collected within 60 days of year end, thus they were not considered “available” under the modified accrual basis of accounting and were classified as Deferred Inflows of Resources in the General Fund. Select “Previous Deferral” in the drop down [Description] menu in the Detail Journal.)
Homework Answers
The General Fund collected the following amounts in cash:
Current year Real Property Taxes $6,484,000
Delinquent Taxes 348,000
Interest and Penalties Receivable on Taxes 23,860
Sales Taxes 748,000
Licenses and Permits 479,000
Fines and Forfeits 519,000
Intergovernmental Revenues 515,000
Charges for Services 361,000
Miscellaneous Revenues 226,500
Total $9,704,360 
Add Answer to:
The General Fund collected the following amounts in cash: Current year Real Property Taxes $6,484,000 Delinquent...
Current year Real Property Taxes $6,484,000 Delinquent Taxes 348,000 interest and Penalties Receivable on Taxes 23,860...
Current year Real Property Taxes $6,484,000 Delinquent Taxes 348,000 interest and Penalties Receivable on Taxes 23,860 Sales Taxes 748,000 Licenses and Permits 479,000 Fines and Forfeits 519,000 Intergovernmental Revenues 515,000 Charges for Services 361,000 Miscellaneous Revenues 226,500 Total $9,704,360 Required: Record the receipt of cash and the related credits to receivables and revenues accounts, as applicable, in both the General Fund and governmental activities journals. (Select “Received in Cash” in the drop-down [Description] menu in the Detail Journal related to...
The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2019,...
The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Credits Debits $ 298,000 584,000 $299,120 26,380 11,260 Cash Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Taxes Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties Inventory of Supplies Vouchers Payable Due to Federal Government Deferred Inflows of Resources-Unavailable Revenues Fund Balance-Nonspendable-Inventory of Supplies Fund Balance-Unassigned 16,200 149,500 60,490 300,000 16,200 88,010 $924,580 $924,580 5. $1,971,000 of current...
The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019,...
The City of Castleton’s General Fund had the following
post-closing trial balance at June 30, 2019, the end of its fiscal
year:
Debits
Credits
Cash
$
276,120
Taxes Receivable—Delinquent
183,000
Allowance for Uncollectible Delinquent Taxes
$
21,960
Interest and Penalties Receivable
6,280
Allowance for Uncollectible Interest and Penalties
1,160
Inventory of Supplies
6,100
Vouchers Payable
48,500
Due to Federal Government
29,490
Deferred Inflows of Resources—Unavailable Revenues
166,160
Fund Balance—Nonspendable—Inventory of Supplies
6,100
Fund Balance—Unassigned
198,130
$
471,500
$
471,500
Record...
Part C: The Johnson City's legislative group approved a General Fund operating budget for the fiscal...
Part C: The Johnson City's legislative group approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000, and Miscellaneous, $50,000. as follows: property taxes Required Prepare the journal entry (or entries), to record...
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning...
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2,746,000 as follows: property taxes, $1,916,000; licenses and permits, $360,000; fines and forfeits $260,000; and intergovernmental (state grants), $210,000. The budget approved appropriations of $2,694,000 as follows: General Government, $510,000; Public Safety, $1,620,000; Public Works, $360,000; Culture and Recreation, $152,000; and Miscellaneous, $52,000 Required a. & b. Prepare the journal entry (or entries), to...
The Town of Bedford Falls approved a General Fund operatingbudget for the fiscal year beginning...
The Town of Bedford Falls approved a General Fund operating
budget for the fiscal year beginning on July 1. The budget provides
for estimated revenues of $2,700,000 as follows: property taxes,
$1,900,000; licenses and permits, $350,000; fines and forfeits,
$250,000; and intergovernmental (state grants), $200,000. The
budget approved appropriations of $2,650,000 as follows: General
Government, $500,000; Public Safety, $1,600,000; Public Works,
$350,000; Culture and Recreation, $150,000; and Miscellaneous,
$50,000.Requireda. & b. Prepare the journal entry (or entries), to
record the...
Part A: Johnson City adopted the following General Fund budget for fiscal year 2017: Estimated...
Part A: Johnson City adopted the following General Fund budget for fiscal year 2017: Estimated revenues: Taxes $ 15,000,000 Intergovernmental revenues 1,000,000 Licenses and permits 400,000 Fines and forfeits 150,000 Miscellaneous revenues 100,000 Total estimated revenues $ 16,650,000 Appropriations: General government $ 8,000,000 Public safety 6,000,000 Public works 1,550,000 Health and welfare 950,000 Miscellaneous 100,000 Total appropriations $ 16,600,000 Required Prepare the general journal entries to record the adopted budget at the beginning of FY 2017
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July...
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: Estimated revenues: Taxes Intergovernmental revenues Licenses and permits Fines and forfeits Miscel1aneous revenues $15,600,000 850,000 390,000 120,000 70,000 $17,030,000 Total estimated revenues Appropriations: eneral government Public safety Public works Health and welfare Miscellaneous ş 8,150,000 6,060,000 1,610,000 1,010,000 130,000 Total appropriations $16,960,000 a-2. Show entries in the subsidiary ledger accounts TOWN OF WILLINGDON Revenues Ledger Year July 01 Taxes July 01 Intergovernmental Revenues...
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July...
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: $ 15,800,000 800,000 380,000 110,000 60,000 $17,150,000 Estimated revenues : Taxes Intergovernmental revenues Licenses and permits Fines and forfeits Miscellaneous revenues Total estimated revenues Appropriations: General government Public safety Public works Health and welfare Miscellaneous Total appropriations $ 8,200,000 6,080,000 1,630,000 1,030,000 140,000 $17,080,000 Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year....
The City of Jackson Hole adopted the following General Fund budget for the fiscal year: Estimated...
The City of Jackson Hole adopted the following General Fund budget for the fiscal year: Estimated revenues: Taxes $ 3,000,000 Intergovernmental revenues 1,000,000 Licenses and permits 400,000 Fines and forfeits 150,000 Miscellaneous revenues 100,000 Total estimated revenues $ 4,650,000 Appropriations: General government $ 1,000,000 Public safety 2,000,000 Public works 950,000 Health and welfare 850,000 Miscellaneous revenues 50,000 Total appropriations $ 4,850,000 Prepare a summary general journal entry to record the adopted budget at the beginning of the fiscal year. (If...
The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Credits Debits $ 298,000 584,000 $299,120 26,380 11,260 Cash Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Taxes Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties Inventory of Supplies Vouchers Payable Due to Federal Government Deferred Inflows of Resources-Unavailable Revenues Fund Balance-Nonspendable-Inventory of Supplies Fund Balance-Unassigned 16,200 149,500 60,490 300,000 16,200 88,010 $924,580 $924,580 5. $1,971,000 of current...
The City of Castleton’s General Fund had the following
post-closing trial balance at June 30, 2019, the end of its fiscal
year:
Debits
Credits
Cash
$
276,120
Taxes Receivable—Delinquent
183,000
Allowance for Uncollectible Delinquent Taxes
$
21,960
Interest and Penalties Receivable
6,280
Allowance for Uncollectible Interest and Penalties
1,160
Inventory of Supplies
6,100
Vouchers Payable
48,500
Due to Federal Government
29,490
Deferred Inflows of Resources—Unavailable Revenues
166,160
Fund Balance—Nonspendable—Inventory of Supplies
6,100
Fund Balance—Unassigned
198,130
$
471,500
$
471,500
Record...
Part C: The Johnson City's legislative group approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000, and Miscellaneous, $50,000. as follows: property taxes Required Prepare the journal entry (or entries), to record...
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2,746,000 as follows: property taxes, $1,916,000; licenses and permits, $360,000; fines and forfeits $260,000; and intergovernmental (state grants), $210,000. The budget approved appropriations of $2,694,000 as follows: General Government, $510,000; Public Safety, $1,620,000; Public Works, $360,000; Culture and Recreation, $152,000; and Miscellaneous, $52,000 Required a. & b. Prepare the journal entry (or entries), to...
The Town of Bedford Falls approved a General Fund operating
budget for the fiscal year beginning on July 1. The budget provides
for estimated revenues of $2,700,000 as follows: property taxes,
$1,900,000; licenses and permits, $350,000; fines and forfeits,
$250,000; and intergovernmental (state grants), $200,000. The
budget approved appropriations of $2,650,000 as follows: General
Government, $500,000; Public Safety, $1,600,000; Public Works,
$350,000; Culture and Recreation, $150,000; and Miscellaneous,
$50,000.Requireda. & b. Prepare the journal entry (or entries), to
record the...
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: Estimated revenues: Taxes Intergovernmental revenues Licenses and permits Fines and forfeits Miscel1aneous revenues $15,600,000 850,000 390,000 120,000 70,000 $17,030,000 Total estimated revenues Appropriations: eneral government Public safety Public works Health and welfare Miscellaneous ş 8,150,000 6,060,000 1,610,000 1,010,000 130,000 Total appropriations $16,960,000 a-2. Show entries in the subsidiary ledger accounts TOWN OF WILLINGDON Revenues Ledger Year July 01 Taxes July 01 Intergovernmental Revenues...
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: $ 15,800,000 800,000 380,000 110,000 60,000 $17,150,000 Estimated revenues : Taxes Intergovernmental revenues Licenses and permits Fines and forfeits Miscellaneous revenues Total estimated revenues Appropriations: General government Public safety Public works Health and welfare Miscellaneous Total appropriations $ 8,200,000 6,080,000 1,630,000 1,030,000 140,000 $17,080,000 Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year....
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