Problem

The following unadjusted trial balances are for the governmental funds of the City of Cope...

The following unadjusted trial balances are for the governmental funds of the City of Cope- land 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

Deferred Revenues

 

16,000

Fund Balance-Reserved for Encumbrances

 

9,000

Fund Balance-Unassigned

 

103,000

Revenues Control

 

176,000

Expenditures Control

110,000

 

Encumbrances Control

9,000

 

Estimated Revenues Control

190,000

 

Appropriations Control

 

171,000

Budgetary Fund Balance

 

19,000

Totals

$530,000

$530,000

Debt Service Fund

 

Debit

Credit

Cash

$ 8,000

 

Investments

51,000

 

Taxes Receivable

11,000

 

Due from General Fund

10,000

 

Fund Balance-Committed

 

$ 45,000

Revenues Control

 

20,000

Other Financing Sources-Operating TransfersIn

 

90,000

Expenditures Control

75,000

______

Totals

$155,000

$155,000

Capital Projects Fund

 

Debit

Credit

Cash

$ 70,000

 

Special Assessments Receivable

90,000

 

Contracts Payable

 

$ 50,000

Deferred Revenues

 

90,000

Fund Balance-Reserved for Encumbrances

 

16,000

Fund Balance-Unassigned

 

-0-

Other Financing Sources

 

150,000

Expenditures Control

130,000

 

Encumbrances

16,000

 

Estimated Other Financing Sources

150,000

 

Appropriations

_______

150,000

Totals

$456,000

$456,000

Special Revenue Fund

 

Debit

Credit

Cash

$ 14,000

 

Taxes Receivable

41,000

 

Inventory of Supplies

4,000

 

Vouchers Payable

 

$ 25,000

Deferred Revenues

 

3,000

Fund Balance-Nonspendable

 

4,000

Fund Balance-Reserved for Encumbrances

 

3,000

Fund Balance-Unassigned

 

19,000

Revenues Control

 

56,000

Expenditures Control

48,000

 

Encumbrances

3,000

 

Estimated Revenues

75,000

 

Appropriations

 

60,000

Budgetary Fund Balance

_______

15,000

Totals

$185,000

$185,000

Based on the information presented for each of these governmental funds, answer the following questions:

a. How much more money can city officials expend or commit from the General Fund during the remainder of the current year without amending the budget?

b. Why does the Capital Projects Fund have no construction or capital asset accounts?

c. What does the $150,000 Appropriations balance found in the Capital Projects Fund represent?

d. Several funds have balances for Encumbrances and Fund Balance—Reserved for Encumbrances. How will these amounts be accounted for at the end of the fiscal year?

e. Why does the Fund Balance—Unassigned account in the Capital Projects Fund have a zero balance?

f. What are possible explanations for the $ 150,000 Other Financing Sources balance found in the Capital Projects Fund?

g. What does the $75,000 balance in the Expenditures Control account of the Debt Service Fund represent?

h. What is the purpose of the Special Assessments Receivable found in the Capital Projects Fund?

i. In the Special Revenue Fund, what is the purpose of the Fund Balance—Nonspendable account?

j.  Why does the Debt Service Fund not have budgetary account balances?

Step-by-Step Solution

Request Professional Solution

Request Solution!

We need at least 10 more requests to produce the solution.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)


All students who have requested the solution will be notified once they are available.
Add your Solution
Textbook Solutions and Answers Search