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5. (20pts) The town of Seagull, RI has the following balances at June 30, 2023 in their General Fund: Instructions are below. Government Dr.
5. (20pts) The town of Seagull, RI has the following balances at June 30, 2023 in their General Fund: Instructions are below. Government Dr. Cr. Wide Tax Revenue Get Out of Jail Free Revenue $800,000 50,000 License & Bribery Revenue 420,000 $1,270,000 Expenditures for Schools $465,000 Expenditures for Services Encumbrances for Services Expenditures for Other 325,000 200,000 300,000 $1,290,000 Change in Fund Balance ($20,000) Fund Bal July 1, 2022 270,000 Fund Bal June 30, 2023 $250,000 Cash $150,000 Taxes Receivable 155,000 Estate Receivable 380,000 $685,000 Vouchers Payable $160,000 Deferred Tax Revenue to 2024 75,000 Reserve for Encumbrances, 2024 200,000 Fund Balance 250,000 $685,000 a. Deferred Tax Revenue at the beginning of the year of $30,000 was collected 90 days after fiscal 2022 and charged to Tax Revenue. b. C. d. e. f. Property, plant and equipment with a cost of $3,500,000 at the beginning of the year is not included on this statement. Accumulated depreciation associated with these items at July 1, 2022 was $1,200,000. $150,000 of Expenditures for Schools was for snow equipment. Depreciation for the current year for equipment is $250,000 and requires a separate expense. Unrecorded liabilities for pensions at the beginning of the year was $200,000 and at the end of the year was $360,000. This is a general or other expense. Bonds Payable at June 30, 2022 are $850,000, and $50,000 of Expenditures for Other this year is for interest paid which should be a separate expene. Another $25,000 of interest needs to be accrued at year end. Bonds paid during the current year were $100,000 and are included in Expenditures for Other, making the June 30, 2023 balance of Bonds Payable $750,000. Prepare on the worksheet above adjustments showing the conversion for government wide statements and the government-wide balances. Not everything has been mentioned in 'a through f.'
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