Problem

A general ledger trial balance at June 30, 2011, for Millar City is as follows:...

A general ledger trial balance at June 30, 2011, for Millar City is as follows:

 

Debits

Credits

Cash

$12,000

Taxes receivable

30,000

Allowance for uncollectible taxes

$2,000

Due from other funds

3,000

Supplies inventory, June 30, 2011

4,000

Estimated revenues

300,000

Expenditures

290,000

Expenditures—prior year

5,000

Encumbrances

6,000

Vouchers payable

13,000

Due to other funds

5,000

Reserve for encumbrances

6,000

Reserve for encumbrances—prior year

5,000

Fund balance—nonspendable

4,000

Fund balance—unassigned

10,000

Appropriations

300,000

Revenues

305,000

 

$650,000

$650,000

Millar City uses a purchases basis in accounting for supplies. Open encumbrances are considered constrained by the highest decision-making level of the city.

REQUIRED: Prepare a fund balance sheet as of June 30, 2011.

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Solutions For Problems in Chapter 20