Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi i need help please its government Accounting class Part C Use Excel to prepare in good form a statement of revenues, expenditures, and changes

Hi i need help please its government Accounting class

Part C

Use Excel to prepare in good form a statement of revenues, expenditures, and changes in fund balance for the General Fund for the year ended December 31, 2017. (See Illustration 4-4 in the textbook for an example format.)

City of Smithville
General Fund
Operating statement account balances
For year 2017
Estimated Revenues Dr(Cr) Revenues Dr(Cr) Balance Dr(Cr)
Acct 3020/4020 Estimated Revenues-Taxes-Real Property $1,679,070 $0 $1,679,070
Acct 3040/4040 Estimated Revenues-Interest and Penalties on Taxes 9,000 1,686,570 (1,677,570)
Acct 3050/4050 Estimated Revenues-Licenses and Permits 600,000 601,314 (1,314)
Acct 3060/4060 Estimated Revenues-Fines and Forfeits 410,000 410,660 (660)
Acct 3070/4070 Estimated Revenues-Intergovernmental Revenue 275,000 275,000 0
Acct 3080/4080 Estimated Revenues-Charges for Services 231,000 231,820 (820)
Encumberances Dr(Cr) Expenditures Dr(Cr) Appropriations Cr(Dr) Available Balance Cr(Dr)
Acct 5020 / 6020 / 7020 Appropriations-General Government $98,453 $2,732,996 $617,200 ($2,214,249)
Acct 5030 / 6030 / 7030 Appropriations-Public Safety 183,259 175,406 1,425,600 1,066,935
Acct 5040 / 6040 / 7040 Appropriations-Public Works 217,675 194,408 806,600 394,517
Acct 5060 / 6060 / 7060 Appropriations-Culture and Recreation 108,927 108,187 397,800 180,686

Part D

Use the Excel worksheet of the General Fund pre-closing subsidiary ledger account balances created in part C above to prepare in good form a schedule of revenues, expenditures, and changes in fund balancebudget and actual for the General Fund for the year ended December 31, 2017. (See Illustration 4-5 in the textbook for an example format.)

Part E

Prepare a reconciliation of total expenditures reported in your solution to part c of this problem with the total expenditures and encumbrances reported in your solution to part d of this problem. (In Chapter 4below Illustration 4-5, see discussion and example which compares Illustrations 4-4 and 4-5.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Excel For Accountants Tips, Tricks & Techniques

Authors: Conrad Carlberg

1st Edition

1932925015, 9781932925012

More Books

Students also viewed these Accounting questions

Question

What is self-awareness? (p. 44)

Answered: 1 week ago