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. Show all necessary work. 2. All revenues of the City are accounted for on the modified accrual basis. Below is shown a list of the City’s General Fund transactions of a revenue nature. State which ones should be recognized by the General Fund as a revenue in the year of occurrence. If any item is not a current revenue, state the proper treatment for that item. 1) Receipt of money from issue of tax anticipation notes. 2) Collection of taxes that had been written off in prior year. 3) Collection of current-year property taxes. 4) Collection of prior years’ delinquent property taxes. 5) Receipt of money in prepayment of a property owner’s next-year taxes. 6) Collection of accounts receivable for charges for services. 3. The following is a pre-closing trial balance for the City’s General Fund as of June 30, 2017: Debits Credits Cash $116,500 Taxes Receivable—Current 29,000 Allowance for Uncollectible Current Taxes $3,000Accounts Payable 7,800Due to Other Funds 5,500 Tax Anticipation Notes Payable 50,000Fund Balance—Unassigned 70,200Budgetary Fund Balance 1,000Estimated Revenues 100,000 Revenues 102,000 Appropriations 99,000Expenditures 93,000 Totals $338,500 $338,500 What is the fund balance as of June 30, 2017, after all closing entries have been made? Show the work. 4. During fiscal year 2017, the Town issued purchase orders to various vendors in the amounts shown for the following functions of the town: General Government $ 82,500 Public Safety 148,700Public Works 130,400Culture and Recreation 97,300Health and Welfare 94,800Miscellaneous 14,200Total $567,900 All goods ordered during the year were received at the following actual costs: General Government $ 83,720Public Safety 147,940Public Works 131,140Culture and Recreation 98,780 Health and Welfare 93,970Miscellaneous 14,300Total $569,850 a. Prepare a summary journal entry in the General Fund general journal to record the issuance of purchase orders during fiscal year 2017. (Subsidiary detail may be omitted.) b. Prepare summary journal entries in the General Fund general journal to record the receipt of and payment for goods during fiscal year 2017. (Subsidiary detail may be omitted.) 5. The following transactions occurred for the City’s General Fund. a. The budget prepared for the fiscal year included Total estimated revenues of $2,774,000 and appropriations of $2,693,000. b. Encumbrances issued against the appropriations during the year were $931,000. c. The current year’s tax levy of $2,005,000 was recorded; uncollectibles were estimated as $65,000. d. Collections of delinquent taxes from prior years’ levies totaled $132,000; collections of the current year’s levy totaled $1,459,000. e. Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in Transaction (2) of this problem. The estimated liability was $851,200. Actual costs were $850,500. f. Revenue other than taxes collected during the year consisted of licenses and permits, $373,000; intergovernmental revenue, $400,000; and $66,000 of miscellaneous revenues. g. Payments on Vouchers Payable totaled $1,505,000. Prepare journal entries in the General Fund general journal to record the transactions. (Subsidiary detail may be omitted.)
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