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Ch 17 P7 [25 points] Tinsel Town has at the beginning of the year a $TBA1 Net Position balance and a $TBA2 Fund Balance. The
Ch 17 P7 [25 points] Tinsel Town has at the beginning of the year a $TBA1 Net Position balance and a $TBA2 Fund Balance. | ||||
The following data relates to activities within Tinsel Town for the year of 2020. NOTE: There are no proprietary funds for 2020. |
Receipts: | In US$ |
Property Taxes | 400,000 |
Income Taxes | 100,000 |
Fees charged to business owners for Public Safety | 7,000 |
Fees charged to citizens for Sanitation | 5,000 |
Payments: | |
Salaries | |
General Government | 54,000 |
Public Safety | 43,000 |
Sanitation | 36,000 |
Rent | |
General Government | 15,000 |
Public Safety | 12,000 |
Sanitation | 3,500 |
Maintenance | |
General Government | 4,000 |
Public Safety | 2,000 |
Sanitation | 1,500 |
Insurance | |
General Government | 1,000 |
Public Safety | 2,500 |
Sanitation | 4,500 |
Final Payment on Debt Principal | 5,000 |
Payment for Interest on Debt | 15,000 |
Receivables at the end of the year: | |
Property Taxes (80% estimated to be collectible) | 95,000 |
Payables at year-end: Salaries | |
General Government | 4,000 |
Public Safety | 3,000 |
Sanitation | 4,400 |
Other items at year-end: | |
Cash | 130,900 |
Building | 95,000 |
Equipment | 80,000 |
Supplies Inventory | 9,500 |
Investments | 160,000 |
Year-end utility & maintenance expenses, expected to be paid in 2 months | 9,000 |
Net position TBA1 | 220,000 |
Fund balance TBA2 | 54,000 |
A. Prepare a Statement of Revenues, Expenditures and Other Changes in Fund Balances for the year ended December 31, 2020. |
B. Prepare a Statement of Net Position at December 31, 2020. |
C. Prepare a Statement of Activities for the year ended December 31, 2020. |
D. Reconcile (1) the ending fund balance to ending net assets and (2) the change in fund balance to the change in net assets |
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