Problem IV. Government-wide Statement of Activities (Partial)

The following listing of selected balances in the Town of Freaz governmental activities accounts of as of June 30, 2017. Assume the beginning net positions is $6,589 and that there were no changes in net positions during the year other than those reflected in the selected balances shown. For simplicity, assume that the Town of Freaz does not have business-type activities or component units.

Program Revenues General Government -- Charges for Services $ 4,411

Program Revenues Public Safety Charges for Services 996

Program Revenues Culture & Recreation Charges for Services 359

Program Revenues General Government Operating Grants &

Contributions 307

Program Revenues Public Works Capital Grants & Contributions 1,680

General Revenues Property Taxes 13,665

General Revenues Interest & Penalities 746

General Revenues Interest Income 345

Special ItemGain on Sale of Park Land 2,546

Expenses General Government $ 2,468

Expenses Public Safety 11,577

Expenses Public Works 5,311

Expenses Culture & Recreation 1,817

Expenses Interest on Lon-term Debt 749

Expenses Depreciation on Assets Benefiting all Functions 567

Problem III. End of Year Fund Balances

The following information is provided about the Town of Truesdales General Fund operating statement and budgetary accounts for the fiscal year ended June 30, 2017. (Note: The Town of Truesdale has no restricted, committed, or assigned fund balances.)

Estimated revenues $3,150,000

Revenues 3,190,000

Appropriations 3,185,000

Expenditures 3,175,000

Fund BalanceUnassigned at the beginning of year had a $600,000 credit balance. The Budgetary Fund Balance (after the FY 2017 budget was recorded) had a $35,000 debit balance.

Part A. Calculate the end-of-year balances for the Fund BalanceUnassigned and Budgetary Fund Balance accounts that would be reported on the towns balance sheet prepared as of June 30, 2017. Show all necessary work.

Part B. What, if anything, do the end-of-year fund balances tell you about the Town of Truesdale finances? You are required to use full and complete sentences.

Problem II. Budgetary and Actual Entries

The City of Jackson Hole adopted the following General Fund budget for fiscal year 2017:

Estimated revenues:

Taxes $3,000,000

Intergovernmental revenues 1,000,000

Licenses and permits 400,000

Fines and forfeits 150,000

Miscellaneous revenues 100,000

Total estimated revenues $4,650,000

Appropriations:

General government $1,000,000

Public safety 2,000,000

Public works 950,000

Health and welfare 850,000

Miscellaneous 50,000

Total appropriations $4,850,000

Part A. Prepare a summary general journal entry to record the adopted budget at the beginning of FY 2017. You may ignore entries in the subsidiary ledger accounts.

Part B. During July 2016, the first month of the 2017 fiscal year, the City of Jackson Hole issued the following purchase orders and contracts:

General government $ 50,000

Public safety 200,000

Public works 75,000

Health and welfare 65,000

Miscellaneous 5,000

Total $395,000

Show the summary general journal entry to record the issuance of the purchase orders and contracts. You may ignore entries in the subsidiary ledger accounts.

Part C. During July 2016 supplies were received at the actual costs shown below and were paid in cash. Some of the functions received all supplies ordered and others received part of the supplies ordered:

Actual Cost Estimated Cost

General Government $ 51,000 $ 50,000

Public Safety 184,000 185,000

Public Works 77,000 75,000

Health & Welfare 60,000 58,000

Miscellaneous 5,000 5,000

Total $377,000 $373,000

Show the summary general journal entry to record the receipt of the supplies associated with the purchase orders and contracts. You may ignore entries in the subsidiary ledger accounts.

Part D. Calculate and show in good form the amount of available appropriation in total and for each function as of July 31, 2016.