Following the case study please complete the excel template that us pre-fill by tomorrow at 1pm.

ACCT567 Case Study I (Week 2) The General Fund of Middleville has presented you with the following trial balance as of June 30, 2011. Cash Taxes Receivable- Delinquent Estimated Uncollectible Taxes- Delinquent Interest and Penalties Receivable Vouchers Payable Budgetary Fund Balance-Reserve for Encumbrances Fund Balance Debits $ 40,000 142,000 32,000 _________ $ 214,000 Credits 9,100 24,000 10,200 170,700 $214,000 The information that is being presented to you pertains to the transactions for the city of Middleville for the fiscal year ended June 30, 2012. 1. The following budget was adopted by the city council: Estimated Revenues: Property Taxes $ 650,000 Fines and Penalties 44,000 Licenses and Permits 150,000 Federal Grant 85,000 929,000 Appropriations and Other Financing Uses Public Safety 402,000 General Government 263,000 Public Works 102,000 Parks and Recreation 92,000 Transfers Out 34,000 893,000 2. Encumbrances outstanding at the end of the year were re-opened. 3. Property taxes of $ 660,000 were levied. It is estimated that 2.5% of the property taxes levied are expected to be uncollectible/ 4. Purchase orders issued for the 2012 fiscal year were as follows: Public Safety, $ 395,000; General Government, $ 259,000; Public Works, $ 100,000; Parks and Recreation, $ 98,000. 5. Cash collected for the Federal Grant from the Federal Government, $ 94,000. 6. Cash collected and transferred in as follows: Fines and Penalties 43,000 Licenses and Permits 164,000 7. Cash collected on property taxes were as follows: Current taxes, $559,000, Delinquent Taxes, $ 41,000 and $ 22,000 of interest and penalties were collected. 8. Purchase orders issued in 2012 in the following amounts were filled in at the following amounts: Estimated Actual Public Safety $ 395,000 $ 393,600 General Government $ 259,000 $ 258,200 Public Works $ 100,000 $ 99,400 Parks and Recreation $ 98,000 $ 97,500 ----------------------------$ 852,000 $ 848,700 9. Vouchers paid amounted to $ 840,000 and the transfer out to the Debt Service Fund, $34,000. 10. Please reclassify the Taxes Receivable -Current and Estimated Uncollectible Taxes- Change from Current to Delinquent. Instructions: a. Prepare journal entries for the fiscal year ending 2012. b. Prepare closing entries. c. Prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended June 30, 2012. d. Prepare a General Fund Balance Sheet as of June 30, 2012. Grading Rubric for Case Study 1: Category Documentation & Formatting Points 10 % 20% Organization and Cohesiveness 15 30% Content 25 50% Total 50 100% Description Project will be done in Excel and will contain formulas to receive maximum credit. Calculations for all parts should be organized and correctly labeled. A quality case study will have all required work completed and will be correct. A quality project will meet or exceed all of the above requirements. Part A - Ten Transactions Number 1 Account Titles Estimated Revenues Appropriations Budgetary Fund Balance DR CR GF only or GF & GA Part B - Closing Entries Number 1 Account Titles Appropriations Other Financing Uses - Transfers Out Budgetary Fund Balance Estimated Revenues 2 Revenues Expenditures Other Financing Uses - Transfer to Debt Service Fund Fund Balance 3 Fund Balance Encumbrances DR CR The General Fund of Middleville has presented you with the following trial balance as of June 30, 2011. Cash Taxes Receivable- Delinquent Estimated Uncollectible Taxes- Delinquent Interest and Penalties Receivable Vouchers Payable Budgetary Fund Balance-Reserve for Encumbrances Fund Balance DR 40,000 142,000 CR 9,100 32,000 214,000 24,000 10,200 170,700 214,000 Note: You may wish to create additional T-accounts for the accounts affected by the transactions in Parts A & B. Cash 40,000 Taxes Rec - Delinquent 142,000 Est. Unc. Taxes - Delinquent 9,100 Vouchers Payable 24,000 Int. & Penalties Receivable 32,000 Budgetary Fund Bal. - Reserve for Enc. 10,200 Fund Balance 170,700 City of Middleville-General Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended June 30, 2012 Revenues: Property Taxes Licenses and Permits Federal Grant Fines and Penalties Total Revenues Expenditures: Public Safety General Government Public Works Parks and Recreation Total Expenditures Excess of Revenues Over Expenditures Other Financing Uses- Transfer Out to Debt Service Fund Increase in Fund Balance Fund Balances, July 1, 2011 Fund Balances, June 30, 2012 City of Middleville General Fund Balance Sheet As of June 30, 2012 Assets: Cash Taxes Receivable-Delinquent Less: Estimated Uncollectible Taxes-Delinquent Interest and Penalties Receivable Total Assets Liabilities and Fund Balance: Liabilities: Vouchers Payable Fund Balances: Reserved for Encumbrances Fund Balance Total Fund Balance Total Liabilities and Fund Balance