The Town of Tyler approved the following general fund budget for the fiscal year July 1, 2014, to June 30, 2015:
TOWN OF TYLER GENERAL FUND BUDGET SUMMARY FOR THE YEAR JULY 1, 2014 TO JUNE 30, 2015
Revenue Sources |
|
Taxes | $250,000 |
Licenses and permits | 20,000 |
Intergovernmental revenue | 40,000 |
Charges for services | 60,000 |
Fines and forfeits | 15,000 |
Rents and royalties | 10,000 |
Miscellaneous revenues | 5,000 |
Total budgeted revenues | $400,000 |
TOWN OF TYLER GENERAL FUND BUDGET SUMMARY FOR THE YEAR JULY 1, 2014 TO JUNE 30, 2015
Expenditures |
|
Current services |
|
General government | $45,000 |
Public safety | 140,000 |
Highways and streets | 90,000 |
Sanitation | 55,000 |
Health and welfare | 20,000 |
Recreation | 30,000 |
Capital outlays | 15,000 |
Total appropriations | $395,000 |
Budgeted increase in fund balance | $5,000 |
The after-closing trial balance of the Town of Tyler general fund at June 30, 2014, shows the following ledger account balances:
Debits |
|
Cash | $31,000 |
Tax receivable—delinquent | 15,000 |
Accounts receivable | 3,000 |
Supplies inventory | 6,000 |
Total debits | $55,000 |
Credits |
|
Allowances for uncollectible taxes—delinquent | $1,000 |
Vouchers payable | 14,000 |
Note payable (short-term) | 15,000 |
Fund balance—committed | 9,000 |
Fund balance—nonspendable | 6,000 |
Fund balance—unassigned | 10,000 |
Total credits | $55,000 |
1. Prepare journal entries to record the budget and each of the following transactions:
a. The treasurer of Tyler sends out property tax bills of $200,000; 1 percent is considered uncollectible.
b. Current property taxes of $176,000 and past-due taxes of $14,000 were collected.
c. A specific property tax bill ($1,000) is determined to be uncollectible.
d. Fees in the amount of $20,000 are collected for hunting licenses.
e. Other revenues in the amount of $200,000 are collected.
f. The payroll for salaries of $20,000 is vouchered for payment.
g. Playground equipment expected to cost $15,000 is ordered.
h. The playground equipment is received and has an actual cost of $14,000.
i. Tyler received equipment that had been ordered in the previous fiscal year. The actual cost was $9,500.
j. Supplies in the amount of $11,000 were ordered. By year-end, only $5,000 worth of these supplies has been received. The consumption method is used.
k. The note payable that was outstanding at June 30, 2014, becomes due and is paid.
l. Various expenditures are paid throughout the year totaling $348,040.
m. Supplies in the amount of $3,000 are on hand at year-end.
n. Assume that uncollected taxes on June 30, 2014, are past due.
o. Closing entries are made.
2. Prepare a budgetary comparison statement for the Tyler general fund.
3. Identify the transactions above that will be reconciling items between the fund financial statements and the government-wide financial statements.
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