Calhoun County General Fund accounts problem done on june 2015

| October 3, 2018

The
following information is necessary to complete the problems portion of this
exam.

Calhoun County
General Fund
Balance Sheet
Dec 31, 2010

Assets

Liabilities and Fund Balance

Cash

$ 15,000

Accounts Payable

$ 6,000

Accounts Receivable

2,500

Total Liabilities

6,000

Reserve for Encumbrances

500

Unreserved Fund Balance

11,000

Total Assets

$ 17,500

Total Liabilities and Fund Balance

$ 17,500

Journalize
the following transactions for the Calhoun County General Fund for 2011.

1. (2pts) Reinstate Encumbrances closed Dec 31.

Account Name

Debit

Credit

2. (2pts) General Fund Budget is adopted:
Planned Expenditures= $700,000 and Planned revenues = $690,000. Book the
budget.

Account Name

Debit

Credit

3. (2pts) Property Tax levy set at $700,000. 3%
of levy not expected to be collected. Journalize Receivable.

Account Name

Debit

Credit

4. (2pts) Fire truck ordered for $80,000 and 2
Police cruisers ordered at a cost of $25,000 each. Journalize Encumbrance.

Account Name

Debit

Credit

5. (2pts)
$7,500 loaned to Special Revenue Fund #4. Amount to be repaip in 6 months. Journalize Cash transfer for General Fund
only.

Account Name

Debit

Credit

6. (2pts) $500,000
in property taxes collected. Journalize receipt of Cash.

Account Name

Debit

Credit

7. (2pts) $150,000
loaned to Capital Projects Fund #2.Loan to be repaid in 2 years. Journalize
cash transfer for General Fund only.

Account Name

Debit

Credit

8. (2pts) Payroll expenditures of $125,000 paid.
Journalize payment. Payroll is not an encumbered item.

Account Name

Debit

Credit

9. (2pts) BOTH Cruisers ordered arrive! Invoice
‘vouchered’ for $24,500 each. Journalize
the liability.

Account Name

Debit

Credit

10. (2pts) You discover $5,000 paid from Special
Revenue Fund#1 for fire dept equipment should have been paid from General Fund.
Correct expenditure for General Fund and transfer Cash next year. Special
Revenue expenditure occurred in 2010.
All 2010 temporary accounts have been closed. Journalize correcting
entry for General Fund.

Account Name

Debit

Credit

11. (2pts) $8,000 transferred to Debt Service
Fund #5. Amount transferred does not have to be repaid. Journalize Cash
transfer.

Account Name

Debit

Credit

12. (2pts) At year end, the county attorney says
lawsuit judgements totaling $300,000 will have to be paid. Of that total,
$50,000 is payable in the coming year.
Book appropriate liability for General Fund. No Encumbrance for this
item.

Account Name

Debit

Credit

13. (2pts) $90,000 federal Grant check arrives.
Grant is for the ‘DARE’ educational
project expenditures for calendar year 2011. Journalize receipt of Cash
and related Deferred Revenue.

Account Name

Debit

Credit

14. (2pts) County Commissioners spend $30,000 for
Dare police van. Journalize payment and recognition of grant revenue. No
encumbrance set up for van.

Account Name

Debit

Credit

15. (8pts) Prepare closing entries:

Account Name

Debit

Credit

16. (7pts) Complete the Statement of Revenues,
Expenditures, and Changes in Fund Balances.

Calhoun County
General Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balances
For the 2011 Fiscal Year

Revenues

$

Expenditures

Excess of Revenues Over Expenditures

Other Financing Sources (Uses)Interfund
Transfers (Out) – Debt Service

Net Change in Fund Balances

Fund Balance, Beginning of Year
As previously reported

$

Correction of Prior Year Error

Fund Balance, End of Year

$

17. (11pts) Complete the following Balance Sheet:

Calhoun County
General Fund
Balance Sheet
Dec 31, 2011

Assets
Cash

$

Accounts Receivable

Taxes Receivable, Current

$

Allowance for Uncollectable Taxes,
Current

Due from Special Revenue Fund #4

Advance to CPF#2

Total Assets

$

Liabilities
Accounts Payable

$

Vouchers Payable

Due to Special Revenue Fund #1

Deferred Revenue

Total Liabilities

$

Fund Balance
Reserved for Encumbrances

$

Reserved for Long Term Advance

Unreserved

Total Fund Balance

$

Total Liabilities and Fund Balance

$

Computation Worksheet

BUDGET SUMMARY

Calhoun County
Board of County Commissioners FISCAL YEAR 2009-2010

THE OPERATING
BUDGET EXPENDITURES OF THE CALHOUN COUNTY

BOARD OF
COMMISSIONERS ARE 16.9% MORE THAN LAST YEAR’S TOTAL OPERATING EXPENDITURES.

Millage per $1,000

General Fund
10.0

GENERAL
SPECIAL
TOTAL

FUND
REVENUE FUNDS
BUDGET

Cash Balances

Brought Forward

15,10,000

8,62,600

23,72,600

ESTIMATED REVENUES

AD VALOREM TAXES

35,89,540

35,89,540

Millage per $1,000= 10.0000

SALES & USE TAXES

7,03,167

2,83,241

9,86,408

LICENSES & PERMITS

46,000

3,600

49,600

INTERGOVERNMENTAL REVENUE

28,19,338

122,03,142

150,22,480

COURT-RELATED REVENUE

84,060

84,060

CHARGES FOR SERVICES

1,82,300

7,200

1,89,500

MISCELLANEOUS REVENUES

10,500

57,864

68,364

OTHER FINANCING SOURCES

2,16,540

2,16,540

Less Retainage

(3,67,542)

(60,663)

(4,28,205)

TOTAL REVENUES &
OTHER

FINANCING SOURCES

69,83,303

127,94,984

197,78,287

TOTAL ESTIMATED REVENUES

AND BALANCES

84,93,303

136,57,584

221,50,887

EXPENDITURES

GENERAL GOVERNMENT SERVICES

24,57,072

24,57,072

PUBLIC SAFETY

44,62,220

95,597

45,57,817

PHYSICAL ENVIRONMENT

81,818

10,92,187

11,74,005

TRANSPORTATION

4,00,000

99,34,150

103,34,150

ECONOMIC ENVIRONMENT

49,859

14,89,746

15,39,605

HUMAN SERVICES

2,99,909

2,99,909

CULTURE & RECREATION

3,80,123

7,02,644

10,82,767

COURT RELATED

1,45,762

3,43,260

4,89,022

OTHER FINANCING USES

2,16,540

2,16,540

TOTAL
EXPENDITURES
84,93,303

136,57,584
221,50,887

THE TENTATIVE,
ADOPTED AND/OR FINAL BUDGETS ARE ON FILE IN THE OFFICE OF THE ABOVE

MENTIONED TAXING
AUTHORITY AS A PUBLIC RECORD.

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