Question
Teds Village has five governmental funds: a General Fund, a Debt Service Fund, and three special revenue fund. IT has no proprietary funds. The following
Teds Village has five governmental funds: a General Fund, a Debt Service Fund, and three special revenue fund. IT has no proprietary funds. The following information is available at December 31, 2019 for each of the funds. First, determine which of the funds are major funds. Then, prepare a balanace sheet in the appropriate format, showing the major funds, a total for the nonmajor funds, and a total for all government funds
Special Revenue | |||||
General | Debt Service | Fund A | Fund B | Fund C | |
Cash | 10,000 | 5,000 | 600 | 300 | 700 |
Taxes Receivable | 5,000 | 2,000 | |||
Accounts Payable | 6,000 | 200 | 100 | 400 | |
Assigned Fund Balance | 1,000 | 400 | 200 | 300 | |
Restricted Fund Balance | 7,000 | ||||
Unassigned fund balance | 8,000 | ||||
total revenues | 52,000 | 6,000 | 2,400 | 1,200 | 3,400 |
total expenditures | 48,000 | 5,000 | 2,300 | 1,100 | 3,200 |
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