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Gilbert City had the following transactions involving resource inflows into its general fund for the year ended June 3 0 , 2 0 X 8
Gilbert City had the following transactions involving resource inflows into its general fund for the year ended June X:
The general fund levied $ of property taxes in July X The city estimated that percent of the levy would be uncollectible and that $ of the levy would not be collected until after August X
On April X the general fund received $ repayment of an advance made to the internal service fund. Interest on the advance of $ also was received.
During the year ended June X the general fund received $ of the property taxes levied in transaction
The general fund received $ in grant monies from the state to be used solely to acquire computer equipment. During March X the general fund acquired computer equipment using $ of the grant. The city has not yet determined the use of the remainder of the grant.
During the year ended June X the general fund received $ from the state as its portion of the sales tax. At June X the state owed the general fund an additional $ of sales taxes. The general fund does not expect to have the $ available until early August X
In July X the general fund borrowed $ from a local bank using the property tax levy as collateral. The loan was repaid in September X with the proceeds from property tax collections.
In February X a terminated debt service fund transferred $ to the general fund. The $ represented excess resources left in the debt service fund after a general longterm debt obligation had been paid in full.
On July X the general fund estimated that it would receive $ from the sale of liquor licenses during the fiscal year ended June X For the year ended June X $ had been received from liquor license sales.
The general fund received $ in October X from one of the citys special revenue funds. The amount received represented a reimbursement for an expenditure of the special revenue fund that the citys general fund paid.
In July X the general fund collected $ of delinquent property taxes that had been classified as delinquent on June X In the entry to record the property tax levy in July X the general fund estimated that it would collect all property tax revenues by July X
Required:
Prepare a schedule showing the amount of revenue that should be reported by Gilbert City's general fund on the statement of
revenues, expenditures, and changes in fund balance for the year ended June X
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