Question
Below you will find a preclosing trial balance for the City of Carsonville's General Fund (for the year ended December 31, 2016). 000s have been
Below you will find a preclosing trial balance for the City of Carsonville's General Fund (for the year ended December 31, 2016). 000s have been omitted.
Fund Balance |
| 120 |
Appropriations |
| 2,100 |
Expenditures | 1,950 |
|
Encumbrances | 40 |
|
Budgetary FB Reserve for Encumbrances |
| 40 |
Estimated Revenues | 3,050 |
|
Revenues |
| 3,025 |
Estimated Other Financing Sources | 200 |
|
Other Financing Sources |
| 210 |
Budgetary Fund Balance |
| 1,150 |
Current Assets | 1,555 |
|
Current Liabilities |
| 150 |
|
|
|
Total | 6,795 | 6,795 |
Requirements:
- Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the City of Carsonville's General Fund on a budget to actual basis for the year ended 12/31/16.
Additional Information:
The above budgeted amounts represent the final budget for the year. On October 1, 2016 the city approved an increased in budgeted revenues of: $20 and a decrease in appropriations of: $10. This change is reflected in the above amounts. Use this data to calculate the original budgetary amounts for your statement.
- Prepare a balance sheet for the General Fund at 12/31/2016.
- Prepare closing entries based on the above information.
- Post a "Fund Balance" T-account. Make sure it ties out to the balance sheet above.
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