The New Douglas School District had a beginning cash balance of $500,000 and a fund balance of

$500,000. The board of education approved a budget that included the following amounts for revenue:

Transcribed Image Text:

Revenue-local ad valorem taxes Revenue-local tuition Revenue-state unrestricted grants-in-aid Revenue-state in lieu of taxes Revenue-federal in lieu of taxes $140,000 25,000 280,000 26,000 68,000 From July 1, XXXX, to September 30, XXXX, the following transactions were completed in the general fund of the New Douglas School District: T1 Property taxes were assessed and levied in the amount of $147,000. it is estimated that 5 percent of local property taxes will be uncollectible. T2 The district received $145,000 in payment of property taxes previously assessed and levied (T1). T3 Unrestricted grant-in-aid from the state was received in the amount of $44,000. T4 State revenue in lieu of taxes in the amount of $15,000 was received. T5 A general state aid payment of $120,000 was received. T6 Revenue in lieu of taxes from the federal government was received in the amount of $45,000. T7 Tuition from students in the amount of $24,000 was received. T8 State revenue in lieu of taxes in the amount of $12,000 was received. T9 Unrestricted grant-in-aid from the state was received in the amount of $110,000. T10 Revenue in lieu of taxes from the federal government was received in the amount of $22,000.