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Please help! Need ASAP on this governmental accounting quiz. Quiz #1 Below you will find a preclosing trial balance for the City of Carsonville's General
Please help! Need ASAP on this governmental accounting quiz.
Quiz #1 Below you will find a preclosing trial balance for the City of Carsonville's General Fund (for the year ended December 31, 2016). 000s have been omitted. Fund Balance Appropriations Expenditures Encumbrances Budgetary FB - Reserve for Encumbrances Estimated Revenues Revenues Estimated Other Financing Sources Other Financing Sources Budgetary Fund Balance Current Assets Current Liabilities Total 480 8,400 7,800 160 160 12,200 12,100 800 840 4,600 6,220 600 27,180 27,180 Requirements: 1. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the City of Carsonville's General Fund on a budget to actual basis for the year ended 12/31/16. Additional Information: The above budgeted amounts repersent the final budget for the year. On October 1, 2016 the city approved an increased in budgeted revenues of: $80 and a decrease in appropriations of $40 This change is reflected in the above amounts. Use this data to calculate the original budgetary amounts for your statement. 2. Prepare a balance sheet for the General Fund at 12/31/2016 3. Prepare closing entries based on the above information. 4. Post a "Fund Balance" T-account. Make sure it ties out to the balance sheet above. City of Carsonville Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended December 31, 2016 Description Budget Amounts Original Final Actual Amount Excess (deficiency) of Rev over Expend & Encumb Net Change in Fund Balance Fund Balance Beginning Fund Balance Ending City of Carsonville Balance Sheet For the Year Ended December 31, 2016 Assets Liabilities & Fund Equity Fund Equity: Fund Balance - Reserved for Enc Fund Balance - Unreserved Total Fund Equity Total Liabilities & Fund Equity Closing Entries T Account ance Variance w/Final Budget Positive (Neg)Step by Step Solution
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