Accounting- The following information is provided about the Town’s General Fund operating statement

| January 30, 2017

Question
1. The following information is provided about the Town’s General Fund operating statement and budgetary accounts for the fiscal year ended June 30, 2017. (Note: The Town has no restricted, committed, or assigned fund balances.)

Estimated revenues $3,150,000

Revenues 3,190,000

Appropriations 3,185,000

Expenditures 3,175,000

Fund Balance Unassigned at the beginning of year had a $600,000 credit balance. The Budgetary Fund Balance (after the FY 2017 budget was recorded) had a $35,000 debit balance.

Required

Calculate the end-of-year balances for the Fund Balance Unassigned and Budgetary Fund Balance accounts that would be reported on the town’s balance sheet prepared as of June 30, 2017.

3. The following is a preclosing trial balance for the Citys General Fund as of June 30, 2017

Debits

Credits

Cash

$116,500

Taxes Receivable—Current

29,000

Allowance for Uncollectible Current Taxes

$3,000

Accounts Payable

7,800

Due to Other Funds

5,500

Tax Anticipation Notes Payable

50,000

Fund Balance—Unassigned

70,200

Budgetary Fund Balance

1,000

Estimated Revenues

100,000

Revenues

102,000

Appropriations

99,000

Expenditures

93,000

Totals

$338,500

$338,500

What is the fund balance as of June 30, 2017, after all closing entries have been made?

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