Prepare a general fund balance sheet

Case Study

The general fund of Middleville has presented you with the following trial balance as of June 30, 2011.

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Debits Credits

Cash $ 40,000

Taxes Receivable- Delinquent 142,000

Estimated Uncollectible Taxes- Delinquent 9,100

Interest and Penalties Receivable 32,000

Vouchers Payable 24,000

Budgetary Fund Balance-Reserve for Encumbrances 10,200

Fund Balance _________ 170,700

$ 214,000 $214,000

 

The information that is being presented to you pertains to the transactions for the city of Middleville for the fiscal year ended June 30, 2012.

 

1. The following budget was adopted by the city council:

Estimated Revenues:

Property Taxes $ 650,000

Fines and Penalties 44,000

Licenses and Permits 150,000

Federal Grant 85,000

929,000

Appropriations and Other Financing Uses

Public Safety 402,000

General Government 263,000

Public Works 102,000

Parks and Recreation 92,000

Transfers Out 34,000

893,000

 

2. Encumbrances outstanding at the end of the year were reopened.

3. Property taxes of $660,000 were levied. It is estimated that 2.5% of the property taxes levied are expected to be uncollectible.

4. Purchase orders issued for the 2012 fiscal year were as follows:

Public Safety, $395,000; General Government, $259,000; Public Works, $100,000; Parks and Recreation, $98,000.

5. Cash collected for the federal grant from the federal government: $94,000.

6. Cash collected and transferred in as follows:

Fines and Penalties $43,000

Licenses and Permits $164,000

7. Cash collected on property taxes were as follows: Current taxes, $559,000; Delinquent Taxes, $41,000; and $22,000 of interest and penalties were collected.

 

 

 

 

8. Purchase orders issued in 2012 in the following amounts were filled in at the following amounts.

Estimated Actual

Public Safety $395,000 $393,600

General Government $259,000 $258,200

Public Works $100,000 $99,400

Parks and Recreation $98,000 $97,500

————— —————

$852,000 $848,700

 

9. Vouchers paid amounted to $840,000 and the transfer out to the Debt Service Fund was $34,000.

10. Please reclassify the Taxes Receivable–Current and Estimated Uncollectible Taxes-Change from Current to Delinquent.

 

 

Instructions:

a. Prepare journal entries for the fiscal year ending 2012.

b. Prepare closing entries.

c. Prepare a general fund statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2012.

d. Prepare a general fund balance sheet as of June 30, 2012.

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