Help with Continuous Problem City of Monroe

aka2016

Copyofch_4_General_Fund_student_template11.xlsx

Home >Business & Finance homework help >Accounting homework help >Help with Continuous Problem City of Monroe

General Fund Journal Entries

reference	Account Titles		Debits	Credits
3-C	type debit accounts in this column
		type credit accounts in this column
4-C

&"Arial,Bold"&14City of Monroe - General Fund Journal Entries

General Fund T-accounts

	CASH							ESTIMATED				INTEREST & PENALTIES				ESTM' UNCOLLECTIBLE				DUE FROM
bb	497,000				TAXES RECEIVABLE			UNCOLLECTIBLE TAXES				RECEIVABLE				INTEREST & PENALTIES				STATE GOV'T
				bb	210,000				37,000	bb	bb	5,200					950	bb	bb	210,000
					210,000				37,000			5,200					950			210,000
	497,000
					TAX ANTICIPATION			DUE TO				DUE TO				DUE TO				DEFERRED INFLOWS
	ACCOUNTS PAYABLE				NOTE PAYABLE			OTHER FUNDS				FEDERAL GOV'T				STATE GOV'T				- PROPERTY TAXES
		99,000	bb			-	bb		27,000	bb			-	bb				bb			21,000	bb
		99,000				-			27,000				-				-				21,000
					TOTAL FUND BALANCE											EXPENDITURES				OTHER FINANCING
					(beginning of year)			REVENUES CONTROL								CONTROL				USES CONTROL
						737,250	bb		-	2					5	-
						737,250			-							-				-
BUDGETARY ACCOUNTS
								ESTIMATED OTHER				BUDGETARY				BUDGETARY FUND BALANCE				ENCUMBRANCES
	ESTIMATED REVENUES				APPROPRIATIONS			FINANCING USES				FUND BALANCE			RESERVE FOR ENCUMBRANCES	RESERVE FOR ENCUMBRANCES				CONTROL
	-					-			-				-
																	-			-
			Total Debits			922,200
			Total Credits			922,200

&16City of Monroe &16General Fund - General Ledger

Closing Entries

				BUDGETARY
Account Title	Debits	Credits		FUND BALANCE
					-	Preclosing
						closing entry
					-
				FUND BALANCE
					737,250	Preclosing
						closing entry
					737,250	ending balance
Complete the following table
	Non-spendable	Restricted	Committed	Assigned	Unassigned	Total
Fund Balance						-

&14City of Monroe &14General Fund - Closing Entries

Stmt of revenues & expenditures

Revenues
Property Taxes	$6,657,500				Blue shaded cells were given as part of the problem.
Sales Taxes	2,942,000
Interest and Penalties on Taxes	16,100
Licenses and Permits	800,000
Intergovernmental Revenues	332,000
Miscellaneous Revenues	350,000
Total Revenues		$ 11,097,600	$ 11,097,600 : An error exists if this cell is not equal to zero Control and subsidiary accounts should equal
Expenditures
Current:
General Government	$1,646,900
Public Safety	3,026,900
Highways and Streets	1,441,400
Sanitation	591,400
Health	724,100
Welfare	374,300
Culture and Recreation	917,300
Capital Outlay	492,800
Total Expenditures		9,215,100	9,215,100 : An error exists if this cell is not equal to zero Control and subsidiary accounts should equal
			: An error exists if this cell is not equal to zero Control and subsidiary accounts should equal	Excess (Deficiency) of Revenues Over Expenditures	1,882,500
Other Financing Sources (Uses)
Transfers Out					enter links in grey shaded areas
Total Other Financing Sources (Uses)		-
Net Change in Fund Balance		1,882,500
Fund Balance, January 1
Fund Balance, December 31		$ 1,882,500
This information provided in the problem
Revenues
Property Taxes . . . . . .	$6,657,500
Sales Taxes	2,942,000
Interest and Penalties on Taxes . . . . . . . . . .	16,100
Licenses and Permits . .	800,000
Intergovernmental Revenue . . . . . . . . . .	332,000
Miscellaneous Revenue	350,000
Total . . . . . . . . . . . .	$11,097,600
Expenditures
General Government . . .	$1,646,900
Public Safety . . . . . . . . .	3,026,900
Highways and Streets . .	1,441,400
Sanitation . . . . . . . . . . . .	591,400
Health . . . . . . . . . . . . . .	724,100
Welfare . . . . . . . . . . . . .	374,300
Culture and Recreation .	917,300
Capital Outlay . . . . . . . .	492,800
Total . . . . . . . . . . . . .	$9,215,100

&"Times New Roman,Regular"&14City of Monroe Statement of Revenues, Expenditures and Changes in Fund Balance General Fund For the year ended December 31, 2017

Balance Sheet

		Assets
Cash
Taxes Reveivable - Deliquent				enter links in grey shaded areas
Less Allowance Uncollectible			-
Interest and Penalties Receivable on Taxes
Less Estimated Uncollectibles			-
Due from State Government
Total Assets			$ -
	Liabilities and Fund Equity
Liabilities
Accounts Payable
Due to Other funds
Total Liabilities			$ -
Deferred Inflows
Property Taxes
Fund Equity
Fund Balance - Assigned (for outstanding encumbrances)
Fund Balance - Unassigned
Total Fund Equity			-
Total Liabilities, Deferred Inflows and Fund Equity			$ -
			-

&"Times New Roman,Regular"&14City of Monroe General Fund Balance Sheet As of December 31, 2017