Hunnington Township?s adjusted trial balance for the General Fund at the close of its fiscal year ended June 30, 2021, is presented here:

Note 1: The current tax roll and accounts receivable, recorded on the accrual basis as sources of revenue, amounted to $500,000 and $200,000, respectively.

Note 2: Includes $42,500 paid during the fiscal year in settlement of all purchase orders outstanding at the beginning of the fiscal year.

Note 3: Represents the difference between the budgeted (estimated) revenue of $700,000 and the actual revenue realized during the fiscal year.

Note 4: Represents the proceeds from the sale of equipment damaged by fire. The equipment originally cost $40,000 and had been held for 80% of its useful life prior to the fire.

Note 5: The interfund payable and receivable resulted from cash advances (loans) to and from the respective funds.

Note 6: Includes $44,000 of encumbrances from prior year.

Required:

A. Prepare a statement of revenues, expenditures, and changes in fund balance.

B. Prepare a balance sheet for the General Fund at June 30, 2021.?

(AICPA adapted)

Transcribed Image Text:

Hunnington Township General Fund Trial Balance June 30, 2021 $ 11,000 Cash Property Tax Receivable-current (Note 1) 82,000 Estimated Uncollectible Taxes-current 1,500 25,000 Property Tax Receivable-delinquent 16,500 Estimated Uncollectible Taxes delinquent 40,000 Accounts Receivable (Note 1) Allowance for Uncollectible Accounts 4,000 Due from Internal Service Fund (Note 5) 50,000 Expenditures (Note 2) 755,000 Encumbrances 37,000 60,000 Revenue (Note 3) Due to Enterprise Fund (Note 5) 10,000 Vouchers Payable 20,000 7,000 Surplus Receipts (Note 4) Appropriations 720,000 Fund Balance-Assigned (Note 6) 81,000 Fund Balance-Unassigned 80,000 $1,000,000 $1,000,000