Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
C. ELLIPELE TE-C E3-5 (Statement of Revenues. Expenditures, and Changes in Fund Balances) Prepare, in good form the 20X9 GAAP-based Statement of Revenues. Expenditures, and
C. ELLIPELE TE-C E3-5 (Statement of Revenues. Expenditures, and Changes in Fund Balances) Prepare, in good form the 20X9 GAAP-based Statement of Revenues. Expenditures, and Changes in Fund Balance for the General Fund of Hicks Township, based on the following information: Property tax revenues..... Licenses and permits....... Intergovernmental grants........ Short-term note proceeds........ General capital asset sale proceeds (Equal to book value less 10%)... $13.000.000 800.000 2.500.000 775.000 523.000 CLU uy grants and borrowings. 9. The county borrowed $100.000 for General Fund purposes on a 6-month. 6% note. The note was issued 2 months before year-end. Prepare any required year-end adjustments as . well as recording the original transaction. P3-3 (Various General Fund Transactions) Prepare the general journal entries required for the following transactions of the Farmer County General Fund during 20X6. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. 1. Levied property taxes. $9.000.000 (with uncollectible taxes estimated at $50.000). 2. Taxes collected before the due date totaled $7.500.000 of current taxes and $320.000 of 20X5 and other prior year taxes. 3. Purchased supplies on account for $110.000. 4. Purchased equipment costing $198.659. which was vouchered. 5. Issued a 9-month. 10%. note to Jones National Bank on September 30, 20X6. to raise $300,000 to provide for a temporary cash shortfall in the General Fund. 6. Loaned $90.000 to the Self-Insurance Internal Service Fund. Repayment is required in 4 years. 7. Paid salaries of $5.800.000 during 20X6. Accrued salaries at the end of the year totaled $100.000, while at the beginning of the year they were $75.000. 8. Contributed $82.000 of General Fund resources to help cover the cost of the new water distribution lines installed by the county's Water Department, which provides services for a fee that is intended to recover the costs of providing the services 9. Received $5.000 from the Economic Development Special Revenue Fund because General Fund resources had been used to pay a bill of the Economic Development Fund earlier in the year. General Fund expenditures were recorded when the bill was paid. 10. Paid $1.750 to the Central Printing Internal Service Fund for printing services used by the general administration of the county. 11. Record any necessary accruals at December 31, 20X6. P3-4 (Debt-Related Transactions) Prepare the general journal entries (budgetary and actual) to record the following transactions of the Quinones County General Fund: u wan Cumhuwd 1 An nhw cenina 6-month tax anticipation notes bearing
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669ad76f3abd2_726669ad76e916f4.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669ad7701d160_727669ad76f7e82f.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started