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I ONLY need part C (The General Fund Balance Sheet) and D (Statements of Revenues, Expenditures and Changes in Fund balance), I have completed the
I ONLY need part C (The General Fund Balance Sheet) and D (Statements of Revenues, Expenditures and Changes in Fund balance), I have completed the parts above already. Please show computations to answers
The City of Castletons General Fund had the following post-closing trial balance at June 30, 2022, the end of its fiscal year:
Debits | Credits | ||||||
Cash | $ | 265,120 | |||||
Sales Taxes Receivable | 11,000 | ||||||
Taxes ReceivableDelinquent | 183,000 | ||||||
Allowance for Uncollectible Delinquent Taxes | $ | 21,960 | |||||
Interest and Penalties Receivable | 6,280 | ||||||
Allowance for Uncollectible Interest and Penalties | 1,160 | ||||||
Inventory of Supplies | 6,100 | ||||||
Vouchers Payable | 48,500 | ||||||
Due to Federal Government | 29,490 | ||||||
Deferred Inflows of ResourcesUnavailable Revenues | 166,160 | ||||||
Fund BalanceNonspendableInventory of Supplies | 6,100 | ||||||
Fund BalanceUnassigned | 198,130 | ||||||
$ | 471,500 | $ | 471,500 | ||||
- Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2023.
- Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only.
- Prepare a General Fund balance sheet as of June 30, 2023.
- Prepare a General Fund statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2023.
16. A transfer of $100,000 was made to establish a special revenue fund to account for expenditures related to a federal grant. \begin{tabular}{|c|l|l|l|l|} \hline 16 & General Fund & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & Governmental Activities & & & \\ \hline & & & & \\ \hline \end{tabular} 17. All unpaid current year's property taxes became delinquent. The balances of the current taxes receivable 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. 11. Cash collections from sales taxes totaled $825,000 and from revenue sources other than taxes were $110,000. In addition, sales taxes receivable due July 1 were accrued in the amount of $12,000. 12. Amounts due to the federal government as of June 30,2023 , and amounts due for FICA taxes and state and federal withholding taxes during the year were vouchered. 13. Purchase orders and contracts encumbered in the amount of $1,988,040 were filled at a net cost of $1,887,570, which was vouchered. Prepare a General Fund statement of revenues, expenditures, and changes in fund balance for the year ended June 30,2023. \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ CITY OF CASTLETON } \\ \hline \multicolumn{2}{|c|}{ General Fund } \\ \hline \multicolumn{2}{|c|}{\begin{tabular}{c} Statement of Revenues, Expenditures, and Changes in Fund \\ Balance \end{tabular}} \\ \hline \multicolumn{2}{|c|}{ For the Year Ended June 30, 2023} \\ \hline \multicolumn{2}{|l|}{ Revenues } \\ \hline \multicolumn{2}{|l|}{ Taxes } \\ \hline \multicolumn{2}{|l|}{ Interest and Penalties on Taxes } \\ \hline \multicolumn{2}{|l|}{ Other Sources } \\ \hline Total Revenues & 0 \\ \hline \multicolumn{2}{|l|}{ Expenditures } \\ \hline \multicolumn{2}{|l|}{ Salaries and Wages } \\ \hline \multicolumn{2}{|l|}{ Interest on Notes Payable } \\ \hline \multicolumn{2}{|l|}{ Other } \\ \hline Total Expenditures & $ \\ \hline \multicolumn{2}{|c|}{ Excess of Revenues over Expenditures } \\ \hline \multicolumn{2}{|l|}{ Other Financing Uses } \\ \hline Change In Fund Balance & 0 \\ \hline \multicolumn{2}{|l|}{ Increase in Inventory of Supplies } \\ \hline \multicolumn{2}{|l|}{ Fund Balances, July 1, 2022} \\ \hline Fund Balances, June 30, 2023 & $ \\ \hline \end{tabular} Prepare a General Fund balance sheet as of June 30,2023 . \begin{tabular}{|c|c|} \hline \multicolumn{2}{|l|}{ CITY OF CASTLETON } \\ \hline \multicolumn{2}{|c|}{ General Fund Balance Sheet } \\ \hline \multicolumn{2}{|l|}{ As of June 30,2023} \\ \hline \multicolumn{2}{|l|}{ Assets } \\ \hline \multicolumn{2}{|l|}{ Cash } \\ \hline \multicolumn{2}{|l|}{ Sales Taxes Receivable } \\ \hline \multicolumn{2}{|l|}{ Taxes Receivable-Delinquent } \\ \hline Less: Allowance for Uncollectible Taxes_Delinquent & 0 \\ \hline \multicolumn{2}{|l|}{ Interest and Penalties Receivable } \\ \hline Less: Allowance for Uncollectible Interest and Penalties & 0 \\ \hline \multicolumn{2}{|l|}{ Inventory of Supplies } \\ \hline Total Assets & $ \\ \hline \multicolumn{2}{|c|}{ Liabilities and Fund Balances } \\ \hline \multicolumn{2}{|l|}{ Liabilities: } \\ \hline \multicolumn{2}{|l|}{ Vouchers Payable } \\ \hline \multicolumn{2}{|l|}{ Deferred Inflows of Resources_Unavailable Revenues } \\ \hline Total Liabilities and Deferred Inflows of Resources & 0 \\ \hline \multicolumn{2}{|l|}{ Fund Balances: } \\ \hline \multicolumn{2}{|l|}{ Nonspendable_Inventory of Supplies } \\ \hline \multicolumn{2}{|l|}{ Unassigned } \\ \hline Total Fund Balances & 0 \\ \hline Total Liabilities and Fund Balances & $ \\ \hline \end{tabular} Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. required for a transaction/event, select "No Journal Entry Required" in the first account field.) 5d Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. 6. Additional interest and penalties on delinquent taxes were accrued in the amount of $3,430, of which 30 percent was estimated to be uncollectible. 7. Because of a change in state law, the city was notified that it will receive $80,000 less in intergovernmental revenues than was budgeted. med uncollectible and written off. The associated interest and penalties of $952 also were written off. \begin{tabular}{|c|c|c|c|c|} \hline Transaction & \begin{tabular}{c} Fund / Governmental \\ Activities \end{tabular} & General Journal & Debit & Credit \\ \hline \multicolumn{5}{|c|}{\begin{tabular}{l} 1. The budget for FY 2023 provided for General Fund estimated revenues totaling $3,140,000, appropriations totaling $3,000,000, and an other financing \\ use-interfund transfer out of $100,000. \end{tabular}} \\ \hline \multirow[t]{5}{*}{1} & General Fund & Estimated Revenues & 3,140,000 & \\ \hline & & Appropriations & & 3,100,000 \\ \hline & & Budgetary Fund Balance & & 40,000 \\ \hline & & & & \\ \hline & & & & \\ \hline \multicolumn{5}{|c|}{ 2. The city council authorized temporary borrowing of $500,000 in the form of a 120-day tax anticipation note obtained from a local bank. } \\ \hline & \begin{tabular}{l} General Fund and \\ Governmental Activities \end{tabular} & Cash & 500,000 & \\ \hline & & Tax Anticipation Notes Payable & & 500,000 \\ \hline & & & & \\ \hline \end{tabular} 3. The property tax levy for FY2023 was recorded. Net assessed valuation of taxable property for the year was $43,000,000, and the tax rate was $5 per $100. It was estimated that 3 percent of the levy would be uncollectible. \begin{tabular}{|l|l|l|r|r|} \hline 3 & General Fund & Taxes Receivable_Current & 2,150,000 & \\ \hline & & Allowance for Uncollectible Current Taxes & & 64,500 \\ \hline & & Revenues & 2,085,500 \\ \hline & & & \\ \hline & Governmental Activities & Taxes Receivable_Current & 2,150,000 & \\ \hline & & Allowance for Uncollectible Current Taxes & 64,500 \\ \hline & Revenues & 2,085,500 \\ \hline & & & \end{tabular} \begin{tabular}{|c|l|l|l|} \hline 13b & & Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023. \\ \hline & & & \\ \hline & & & \\ \hline 13c & Governmental Activities & Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023. \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} 14. Vouchers payable totaling $2,101,660 were paid after deducting a credit for purchases discount of $8,030 (credit Expenditures). \begin{tabular}{|c|c|c|c|c|} \hline 14 & General Fund & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline 15. The tax anticipation note of $500,000 was repaid. Interest totaled $10,000. & & \\ \hline 15 & General Fund & & & \\ \hline & & & \\ \hline & Governmental Activities & & \\ \hline & & & \\ \hline \end{tabular} 4. Purchase orders and contracts were issued to vendors and others in the amount of $2,060,000. \begin{tabular}{|c|l|l||c|c|} \hline 4 & General Fund & Encumbrances & 2,060,000 & \\ \hline & & Encumbrances Outstanding & & 2,060,000 \\ \hline & & & & \\ \hline & Governmental Activities & No Journal Entry Required & & \\ \hline & & & & \\ \hline \end{tabular} 5. $1,961,000 of current taxes, $103,270 of delinquent taxes, $3,570 of interest and penalties, and $11,000 of accrued sales taxes were collected. The delinquent taxes and associated interest and penalties were collected more than 60 days after the prior year-end. \begin{tabular}{|c|c|c|c|c|} \hline & & \multicolumn{3}{|c|}{\begin{tabular}{l} Record the $1,961,000 of current taxes, $103,270 of delinquent taxes, and $3,570 of interest and penalties \\ collected. \end{tabular}} \\ \hline \multirow[t]{4}{*}{5a} & General Fund & Cash & 2,067,840 & \\ \hline & & Taxes Receivable-Current & & 1,961,000 \\ \hline & & Taxes Receivable-Delinquent & & 103,270 \\ \hline & & Interest and Penalties Receivable & & 3,570 \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{5b} & & \multicolumn{3}{|c|}{\begin{tabular}{l} Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior \\ year-end. \end{tabular}} \\ \hline & & Deferred Inflows of Resources_Unavailable Revenues & 106,840 & \\ \hline & & Revenues & & 106,840 \\ \hline \multirow[t]{5}{*}{5c} & Governmental Activities & \multicolumn{3}{|c|}{\begin{tabular}{l} Record the $1,961,000 of current taxes, $103,270 of delinquent taxes, and $3,570 of interest and penalties \\ collected. \end{tabular}} \\ \hline & & Cash & 2,067,840 & \\ \hline & & Taxes Receivable-Current & & 1,961,000 \\ \hline & & Taxes Receivable_-Delinquent & & 103,270 \\ \hline & & Interest and Penalties Receivable & & 3,570 \\ \hline \end{tabular} 16. A transfer of $100,000 was made to establish a special revenue fund to account for expenditures related to a federal grant. \begin{tabular}{|c|l|l|l|l|} \hline 16 & General Fund & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & Governmental Activities & & & \\ \hline & & & & \\ \hline \end{tabular} 17. All unpaid current year's property taxes became delinquent. The balances of the current taxes receivable 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. 11. Cash collections from sales taxes totaled $825,000 and from revenue sources other than taxes were $110,000. In addition, sales taxes receivable due July 1 were accrued in the amount of $12,000. 12. Amounts due to the federal government as of June 30,2023 , and amounts due for FICA taxes and state and federal withholding taxes during the year were vouchered. 13. Purchase orders and contracts encumbered in the amount of $1,988,040 were filled at a net cost of $1,887,570, which was vouchered. Prepare a General Fund statement of revenues, expenditures, and changes in fund balance for the year ended June 30,2023. \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ CITY OF CASTLETON } \\ \hline \multicolumn{2}{|c|}{ General Fund } \\ \hline \multicolumn{2}{|c|}{\begin{tabular}{c} Statement of Revenues, Expenditures, and Changes in Fund \\ Balance \end{tabular}} \\ \hline \multicolumn{2}{|c|}{ For the Year Ended June 30, 2023} \\ \hline \multicolumn{2}{|l|}{ Revenues } \\ \hline \multicolumn{2}{|l|}{ Taxes } \\ \hline \multicolumn{2}{|l|}{ Interest and Penalties on Taxes } \\ \hline \multicolumn{2}{|l|}{ Other Sources } \\ \hline Total Revenues & 0 \\ \hline \multicolumn{2}{|l|}{ Expenditures } \\ \hline \multicolumn{2}{|l|}{ Salaries and Wages } \\ \hline \multicolumn{2}{|l|}{ Interest on Notes Payable } \\ \hline \multicolumn{2}{|l|}{ Other } \\ \hline Total Expenditures & $ \\ \hline \multicolumn{2}{|c|}{ Excess of Revenues over Expenditures } \\ \hline \multicolumn{2}{|l|}{ Other Financing Uses } \\ \hline Change In Fund Balance & 0 \\ \hline \multicolumn{2}{|l|}{ Increase in Inventory of Supplies } \\ \hline \multicolumn{2}{|l|}{ Fund Balances, July 1, 2022} \\ \hline Fund Balances, June 30, 2023 & $ \\ \hline \end{tabular} Prepare a General Fund balance sheet as of June 30,2023 . \begin{tabular}{|c|c|} \hline \multicolumn{2}{|l|}{ CITY OF CASTLETON } \\ \hline \multicolumn{2}{|c|}{ General Fund Balance Sheet } \\ \hline \multicolumn{2}{|l|}{ As of June 30,2023} \\ \hline \multicolumn{2}{|l|}{ Assets } \\ \hline \multicolumn{2}{|l|}{ Cash } \\ \hline \multicolumn{2}{|l|}{ Sales Taxes Receivable } \\ \hline \multicolumn{2}{|l|}{ Taxes Receivable-Delinquent } \\ \hline Less: Allowance for Uncollectible Taxes_Delinquent & 0 \\ \hline \multicolumn{2}{|l|}{ Interest and Penalties Receivable } \\ \hline Less: Allowance for Uncollectible Interest and Penalties & 0 \\ \hline \multicolumn{2}{|l|}{ Inventory of Supplies } \\ \hline Total Assets & $ \\ \hline \multicolumn{2}{|c|}{ Liabilities and Fund Balances } \\ \hline \multicolumn{2}{|l|}{ Liabilities: } \\ \hline \multicolumn{2}{|l|}{ Vouchers Payable } \\ \hline \multicolumn{2}{|l|}{ Deferred Inflows of Resources_Unavailable Revenues } \\ \hline Total Liabilities and Deferred Inflows of Resources & 0 \\ \hline \multicolumn{2}{|l|}{ Fund Balances: } \\ \hline \multicolumn{2}{|l|}{ Nonspendable_Inventory of Supplies } \\ \hline \multicolumn{2}{|l|}{ Unassigned } \\ \hline Total Fund Balances & 0 \\ \hline Total Liabilities and Fund Balances & $ \\ \hline \end{tabular} Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. required for a transaction/event, select "No Journal Entry Required" in the first account field.) 5d Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. 6. Additional interest and penalties on delinquent taxes were accrued in the amount of $3,430, of which 30 percent was estimated to be uncollectible. 7. Because of a change in state law, the city was notified that it will receive $80,000 less in intergovernmental revenues than was budgeted. med uncollectible and written off. The associated interest and penalties of $952 also were written off. \begin{tabular}{|c|c|c|c|c|} \hline Transaction & \begin{tabular}{c} Fund / Governmental \\ Activities \end{tabular} & General Journal & Debit & Credit \\ \hline \multicolumn{5}{|c|}{\begin{tabular}{l} 1. The budget for FY 2023 provided for General Fund estimated revenues totaling $3,140,000, appropriations totaling $3,000,000, and an other financing \\ use-interfund transfer out of $100,000. \end{tabular}} \\ \hline \multirow[t]{5}{*}{1} & General Fund & Estimated Revenues & 3,140,000 & \\ \hline & & Appropriations & & 3,100,000 \\ \hline & & Budgetary Fund Balance & & 40,000 \\ \hline & & & & \\ \hline & & & & \\ \hline \multicolumn{5}{|c|}{ 2. The city council authorized temporary borrowing of $500,000 in the form of a 120-day tax anticipation note obtained from a local bank. } \\ \hline & \begin{tabular}{l} General Fund and \\ Governmental Activities \end{tabular} & Cash & 500,000 & \\ \hline & & Tax Anticipation Notes Payable & & 500,000 \\ \hline & & & & \\ \hline \end{tabular} 3. The property tax levy for FY2023 was recorded. Net assessed valuation of taxable property for the year was $43,000,000, and the tax rate was $5 per $100. It was estimated that 3 percent of the levy would be uncollectible. \begin{tabular}{|l|l|l|r|r|} \hline 3 & General Fund & Taxes Receivable_Current & 2,150,000 & \\ \hline & & Allowance for Uncollectible Current Taxes & & 64,500 \\ \hline & & Revenues & 2,085,500 \\ \hline & & & \\ \hline & Governmental Activities & Taxes Receivable_Current & 2,150,000 & \\ \hline & & Allowance for Uncollectible Current Taxes & 64,500 \\ \hline & Revenues & 2,085,500 \\ \hline & & & \end{tabular} \begin{tabular}{|c|l|l|l|} \hline 13b & & Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023. \\ \hline & & & \\ \hline & & & \\ \hline 13c & Governmental Activities & Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023. \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} 14. Vouchers payable totaling $2,101,660 were paid after deducting a credit for purchases discount of $8,030 (credit Expenditures). \begin{tabular}{|c|c|c|c|c|} \hline 14 & General Fund & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline 15. The tax anticipation note of $500,000 was repaid. Interest totaled $10,000. & & \\ \hline 15 & General Fund & & & \\ \hline & & & \\ \hline & Governmental Activities & & \\ \hline & & & \\ \hline \end{tabular} 4. Purchase orders and contracts were issued to vendors and others in the amount of $2,060,000. \begin{tabular}{|c|l|l||c|c|} \hline 4 & General Fund & Encumbrances & 2,060,000 & \\ \hline & & Encumbrances Outstanding & & 2,060,000 \\ \hline & & & & \\ \hline & Governmental Activities & No Journal Entry Required & & \\ \hline & & & & \\ \hline \end{tabular} 5. $1,961,000 of current taxes, $103,270 of delinquent taxes, $3,570 of interest and penalties, and $11,000 of accrued sales taxes were collected. The delinquent taxes and associated interest and penalties were collected more than 60 days after the prior year-end. \begin{tabular}{|c|c|c|c|c|} \hline & & \multicolumn{3}{|c|}{\begin{tabular}{l} Record the $1,961,000 of current taxes, $103,270 of delinquent taxes, and $3,570 of interest and penalties \\ collected. \end{tabular}} \\ \hline \multirow[t]{4}{*}{5a} & General Fund & Cash & 2,067,840 & \\ \hline & & Taxes Receivable-Current & & 1,961,000 \\ \hline & & Taxes Receivable-Delinquent & & 103,270 \\ \hline & & Interest and Penalties Receivable & & 3,570 \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{5b} & & \multicolumn{3}{|c|}{\begin{tabular}{l} Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior \\ year-end. \end{tabular}} \\ \hline & & Deferred Inflows of Resources_Unavailable Revenues & 106,840 & \\ \hline & & Revenues & & 106,840 \\ \hline \multirow[t]{5}{*}{5c} & Governmental Activities & \multicolumn{3}{|c|}{\begin{tabular}{l} Record the $1,961,000 of current taxes, $103,270 of delinquent taxes, and $3,570 of interest and penalties \\ collected. \end{tabular}} \\ \hline & & Cash & 2,067,840 & \\ \hline & & Taxes Receivable-Current & & 1,961,000 \\ \hline & & Taxes Receivable_-Delinquent & & 103,270 \\ \hline & & Interest and Penalties Receivable & & 3,570 \\ \hline \end{tabular}
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