Hi. I need some help with the assigned Connect homework problem for my accounting class. The homework problem is copied and pasted below. I need help specifically with the "Required D" part. There is obviously a "Required A, B, and C" also. I went ahead and posted the answers to those Required parts below. When you scroll down to the bottom of this message and look at "Required D", you will see two red "X" which indicate the two amounts I am having trouble figuring out. These amounts l need help with are for "Taxes" and "Interest and Penalties on Taxes". What I do know is that when these amounts in "Required D" are added to the "other sources" Revenue amount of $963,000 (this amount was from journal entry #11 under "Required A") it should result in a sum of $3,624,440 (this sum amount is derived from "Required B" in the second journal entry).

So, if you can tell me what those amounts are for in "Required D" with the red "X" and explain how you got them I would really appreciate it. Thanks.

Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Credits $ Debits 472,000 599,000 $ 205,000 27,880 12,760 Cash Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Taxes Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties Inventory of Supplies Vouchers Payable Due to Federal Government Deferred Inflows of Resources- Unavailable Revenues Fund Balance-Nonspendable-Inventory of Supplies Fund Balance-Unassigned 17,700 164,500 75,490 429,000 17,700 212,130 $1,116,580 $1,116,580 a. Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2020. b. Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. Do not close the governmental activities accounts. c. Prepare a General Fund balance sheet as of June 30, 2020. d. Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2020. Do not prepare the government-wide financial statements. Answer is not complete. Required A Required B Required C Required D Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2020. (If no entry required for a transaction/event, select "No Journal Entry Required in the first account field.) Credit Fund/ Transaction Governmental General Journal Debit Activties 1. The budget for FY 2020 provided for General Fund estimated revenues totaling $3,460,000 and appropriations totaling $3,404,000. General Fund Estimated Revenues 3,460,000 Appropriations Budgetary Fund Balance 3,404,000 56,000 Governmental Activities No Journal Entry Required 2. The city council authorized temporary borrowing of $660,000 in the form of a 120-day tax anticipation note. The loan was obtained from a local bank at a discount of 8 percent per annum (debit Expenditures for the discount in the General Fund journal and Expenses-General Government in the governmental activities journal). General Fund Cash 642,400 Expenditures 17,600 Tax Anticipation Notes Payable 660,000 Governmental Activities Cash 642,400 17,600 Expenses Tax Anticipation Notes Payable 660,000 3. The property tax levy for FY 2020 was recorded. Net assessed valuation of taxable property for the year was $49,100,000, and the tax rate was $5 per $100. It was estimated that 2 percent of the levy would be uncollectible. General Fund Taxes Receivable-Current 2,455,000 Allowance for Uncollectible Current Taxes 49,100 Revenues 2,405,900 Governmental Activities 2,455,000 Taxes ReceivableCurrent Allowance for Uncollectible Current Taxes General Revenues 49,100 2,405,900 4. Purchase orders and contracts were issued to vendors and others in the amount of $2,220,000. General Fund Encumbrances Encumbrances Outstanding 2,220,000 2,220,000 Governmental Activities No Journal Entry Required 5. $2,240,000 of current taxes, $399,270 of delinquent taxes, and $22,170 of interest and penalties were collected. The delinquent taxes and associated interest and penalties were collected more than 60 days after the prior year-end. Record the $2,240,000 of current taxes, $399,270 of delinquent taxes, and $22,170 of interest and penalties collected. 5 General Fund Cash 2,661,440 Taxes Receivable-Current 2,240,000 Taxes Receivable-Delinquent 399,270 Interest and Penalties Receivable 22,170 Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. Deferred Inflows of Resources-Unavailable Revenues 421,440 Revenues 421,440 - 5c Governmental Activities Record the $2,240,000 of current taxes, $399,270 of delinquent taxes, and $22,170 of interest and penalties collected Cash 2,661,440 Taxes Receivable-Current 2,240,000 Taxes ReceivableDelinquent 399,270 Interest and Penalties Receivable 22,170 Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. No Journal Entry Required 6. Additional interest and penalties on delinquent taxes were accrued in the amount of $40,030, of which 20 percent was estimated to be uncollectible. 6 General Fund 40,030 Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties 8,006 32,024 Revenues Governmental Activities Interest and Penalties Receivable 40,030 Allowance for Uncollectible Interest and Penalties General Revenues 8,006 32,024 7. Because of a change in state law, the city was notified that it will receive $112,000 less in intergovernmental revenues than was budgeted. General Fund Budgetary Fund Balance 112,000 Estimated Revenues 112,000 Governmental Activities No Journal Entry Required 8. Delinquent taxes of $13,507 were deemed uncollectible and written off. The associated interest and penalties of $1,005 also were written off. General Fund Allowance for Uncollectible Delinquent Taxes 13,507 Allowance for Uncollectible Interest and Penalties 1,005 Taxes Receivable-Delinquent Interest and Penalties Receivable 13,507 1,005 Governmental Activities Allowance for Uncollectible Delinquent Taxes 13,507 1,005 Allowance for Uncollectible Interest and Penalties Taxes Receivable-Delinquent Interest and Penalties Receivable 13,507 1,005 9. Total payroll during the year was $979,490. Of that amount, $78,690 was withheld for employees' FICA tax liability, $119,710 for employees' federal income tax liability, and $36,000 for state taxes; the balance was paid to employees in cash. General Fund Expenditures 979,490 Due to Federal Government 198,400 Due to State Government 36,000 Cash 745,090 Governmental Activities Expenses 979,490 Due to Federal Government Due to State Government Cash 198,400 36,000 745,090 10. The employer's FICA tax liability was recorded for $78,690. 10 General Fund Expenditures Due to Federal Government 78,690 78,690 Governmental Activities Expenses 78,690 Due to Federal Government 78,690 11. Revenues from sources other than taxes were collected in the amount of $963,000. 11 General Fund Cash 963,000 Revenues 963,000 Governmental Activities Cash 963,000 General Revenues 963,000 12. Amounts due the federal government as of June 30, 2020, and amounts due for FICA taxes and state and federal withholding taxes during the year were vouchered. 12 General Fund Due to Federal Government 352,580 Due to State Government 36,000 Vouchers Payable 388,580 Governmental Activities Due to Federal Government Due to State Government Vouchers Payable 352,580 36,000 388,580 13. Purchase orders and contracts encumbered in the amount of $2,148,040 were filled at a net cost of $2,147,570, which was vouchered. 13a General Fund Record the encumbrances outstanding for 2020. Encumbrances Outstanding 2,148,040 Encumbrances 2,148,040 Record the total expenditures against vouchers payable for 2020. Expenditures Vouchers Payable 2,147,570 2,147,570 Governmental Activities Record the total expenses against vouchers payable for 2020. 2,147,570 Expenses Vouchers Payable 2,147,570 14. Vouchers payable totaling $2,461,660 were paid after deducting a credit for purchases discount of $9,630 (credit Expenditures). General Fund Vouchers Payable 2,461,660 Cash Expenditures 2,452,030 9,630 Governmental Activities Vouchers Payable 2,461,660 Cash Expenses 2,452,030 9,630 15. The tax anticipation note of $660,000 was repaid. General Fund Tax Anticipation Notes Payable Cash 660,000 660,000 Governmental Activities 660,000 Tax Anticipation Notes Payable Cash 660,000 16. All unpaid current year's property taxes became delinquent. The balances of the current taxes receivables and related uncollectibles were transferred to delinquent accounts. The City uses the 60-day rule for all revenues and does not expect to collect any delinquent property taxes or interest and penalties in the first 60 days of the next fiscal year. 16a General Fund Record the delinquent amount of unpaid property taxes. Taxes Receivable-Delinquent 215,000 Taxes Receivable-Current 215,000 Record the adjustment for the delinquent amount of tax against the allowance. Allowance for Uncollectible Current Taxes Allowance for Uncollectible Delinquent Taxes 49,100 49,100 Record the deferred inflow of resource Revenues Deferred Inflows of Resources-Unavailable Revenues 197,924 197,924 16d Governmental Activities Record the delinquent amount of unpaid property taxes. Taxes Receivable-Delinquent Taxes Receivable-Current 215,000 215,000 16e Record the adjustment for the delinquent amount of tax against the allowance. Allowance for Uncollectible Current Taxes Allowance for Uncollectible Delinquent Taxes 49,100 49,100 16f Record the deferred inflow of resource No Journal Entry Required 17. A physical inventory of materials and supplies at June 30, 2020, showed a total of $22,300. Inventory is recorded using the purchases method in the General Fund; the consumption method is used at the government-wide level. (Note: A periodic inventory system is used both in the General Fund and at the government-wide level. When inventory was purchased during the year, Expenditures were debited in the General Fund journal and Inventory of Supplies was debited in the governmental activities journal. Recorded entry to reclassify the fund balance.) General Fund Inventory of Supplies 4,600 Fund Balance-Nonspendable-Inventory of Supplies 4,600 17 Governmental Activities No Journal Entry Required Required A Required B Required C Required D Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. Do not close the governmental activities accounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Debit Credit Transactions Fund General Journal 1. Record the closure of budgetary statements account. General Appropriations Fund Estimated Revenues Budgetary Fund Balance 3,404,000 3,348,000 56,000 3,624,440 2. Record the closure of operating statements account 2 General Fund Revenues Expenditures Fund Balance-Unassigned 3,213,720 410,720 Required A Required B Required C Required D Prepare a General Fund balance sheet as of June 30, 2020. $ 881,720 160,630 401,223 240,593 44,735 19,761 CITY OF CASTLETON General Fund Balance Sheet As of June 30, 2020 Assets Cash Taxes Receivable-Delinquent Less: Allowance for Uncollectible TaxesDelinquent Interest and Penalties Receivable Less: Allowance for Uncollectible Interest and Penalties Inventory of Supplies Total Assets Liabilities and Fund Balances Liabilities: Vouchers Payable Deferred Inflows of Resources-Unavailable Revenues Total Liabilities and Deferred Inflows of Resources Fund Balances: Nonspendable-Inventory of Supplies Unassigned Total Fund Balances Total Liabilities and Fund Balances 24,974 22,300 $ 1,089,624 238,990 205,484 444,474 $ 22,300 622,850 645,150 $ 1,089,624 Required A Required B Required C Required D Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2020. Do not prepare the government-wide financial statements. CITY OF CASTLETON General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended June 30, 2020 Revenues Taxes $ 2,207,976 X 255,540 X 963,000 3,426,516 Interest and Penalties on Taxes Other Sources Total Revenues Expenditures Salaries and Wages Interest on Note Payable Other Total Expenditures Excess of Revenues over Expenditures Increase in Inventory of Supplies Fund Balances, July 1, 2019 Fund Balances, June 30, 2020 $ 1,058,180 17,600 2,137,940 $ 3,213,720 4,600 229,830 234,430 $