Problem #1

The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000; and Miscellaneous, $50,000.

Town of Bedford FALLS (A)

Revenue Ledger

Account Description

Est Revenue Dr (cr)

Revenue Cr (Dr)

Balance Dr (Cr)

Taxes

Budget

Licenses and Permits

Budget

Cash Collected

Fine Forfeits

Budget

Cash Collected

Intergovernemental Revenue

Budget

Town of Bedford FALLS (B)

Appropriations, Expenditures and Encumbrances Ledger

Encumbrances

Expenditures

Account/Description

Increase (Dr)

Decrease (Cr)

Balances Dr (Cr)

Increase Dr (Cr)

Balance Dr (Cr)

Appropriations Cr (Dr)

Balance Cr (Dr)

General Government

Appropriations

Order of Supplies

Supplies received

Public Safety

Appropriations

Order of Supplies

Supplies received

Public Works

Appropriations

Order of Supplies

Supplies received

Culture and Recreation

Appropriations

Order of Supplies

Supplies received

Miscellaneous

Appropriations

Order of Supplies

Supplies received

Problem #2

On July 1, 2017, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 5 percent of the taxes levied would be uncollectible. As of April 30, 2018, the due date for all property taxes, the county had collected $3,900,000 in taxes. The county imposed penalties and interest in the amount of $14,500, but only expects to collect $12,800 of that amount. At the end of the fiscal year (June 30, 2018) the county had collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes.

RIDGEDDALE COUNTY
Revenue Ledger				Balance Dr (Cr)
Year	Account title	Est. Revenue Cr (Dr)	Revenues Dr (Cr)
1-Jul-17	Property Taxe
1-Jul-17	Intergovernmental Revenue
1-Jul-17	Licenses and Permits
1-Jul-17	Fines and Forfeits
1-Jul-17	Miscellaneous Revenues