Question
Listed below are the December 31, 2015 pre-closing Trial Balances for the General Fund, Motor Fuel Tax Special Revenue Fund, Debt Service Fund, and Capital
Listed below are the December 31, 2015 pre-closing Trial Balances for the General Fund, Motor Fuel Tax Special Revenue Fund, Debt Service Fund, and Capital Projects Fund for the Village of Janesville. Prepare a Governmental Funds Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balances as of and for the year ended December 31, 2015. The Village considers the Capital Projects Fund a major fund. Categorize the Fund Balances as appropriate and explain why you chose the classifications that you did for each fund. Each fund balance classification should be used at least once - you will need to create scenarios that you think would be happening inside the government that would explain each classification.
| Debit | Credit | ||
| General Fund | |||
| Cash | 443,000 | ||
| Taxes Receivable | 528,800 | ||
| Interest Receivable | 34,490 | ||
| Due from State | 60,000 | ||
| Accounts Payable | 90,300 | ||
| Due to other funds | 135,000 | ||
| Fund Balance, January 1, 2015 | 290,000 | ||
| Revenues - Property Taxes | 3,478,800 | ||
| Revenues - Sales Taxes | 1,452,490 | ||
| Revenue - Licenses and Permits | 540,000 | ||
| Revenue - Fines and Fees | 430,000 | ||
| Revenue - Intergovernmental Revenue | 450,000 | ||
| Revenue - Miscellaneous | 30,000 | ||
| Expenditures - General Government | 810,000 | ||
| Expenditures - Public Safety | 2,139,500 | ||
| Expenditures - Public Works | 630,000 | ||
| Expenditures - Health and Welfare | 480,100 | ||
| Expenditures - Parks and Rec | 950,400 | ||
| Expenditures - Miscellaneous | 20,300 | ||
| Transfer out to Debt Service Fund | 800,000 | ||
| Motor Fuel Tax Special Revenue Fund | |||
| Cash | 247,500 | ||
| Due from State | 125,000 | ||
| Accounts Payable | 135,000 | ||
| Fund Balance, January 1, 2015 | 212,500 | ||
| Revenues - Motor Fuel Taxes | 650,000 | ||
| Revenues - Licenses and Permits | 350,000 | ||
| Expenditures - Public Works | 975,000 | ||
| Debt Service Fund | |||
| Cash | 34,000 | ||
| Fund Balance, January 1, 2015 | - | ||
| Expenditures - Debt Service Principal | 370,000 | ||
| Expenditures - Debt Service Interest | 196,000 | ||
| Transfer In from General Fund | 600,000 | ||
| Capital Projects Fund | |||
| Cash | 102,000 | ||
| Investments | 260,000 | ||
| Interest Receivable | 6,000 | ||
| Fund Balance, January 1, 2015 | - | ||
| Revenues - Intergovernmental Revenue | - | ||
| Revenues - Investment Income | 18,000 | ||
| Proceeds from Bonds | 1,200,000 | ||
| Premium on Bonds | 200,000 | ||
| Transfer In from General Fund | 200,000 | ||
| Expenditure - Capital Outlay | 1,250,000 | ||
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Intermediate Accounting
Authors: kieso, weygandt and warfield.
14th Edition
9780470587232, 470587288, 470587237, 978-0470587287
