The following alphabetic listing displays selected balances in the governmental activities accounts of Westover Village as of its June 30 fiscal year end Assume that beginning net position is $1,773 (in thousands) and that there were no changes in net position during the year other than those reflected in the selected account balances shown For simplicity, assume that the village does not have business type activities or component units Greenville has provided the following information from its General Fund Revenues and Appropriations Expenditure Encumbrances subsidiary ledgers for the fiscal year ended Assume the beginning fund balances are $161 (in thousands) and that the budget was not amended during the year City of Greenville General Fund Subsidiary Ledger Account Balances (in thousands) For the Fiscal Year Debits Credits Estimated Revenue Taxes 6,048 Fines Forfeits 303 Intergovernmental Revenue 508 Charges for Services 370 Revenues Taxes 6,069 Fines Forfeits 308 Intergovernmental Revenue 508 Charges for Services 366 Appropriations General Government 1,643 Public Safety 3,375 Public Works 1,455 Culture Recreation 724 Estimated Other Financing Uses Interfund Transfers Out 58 Expenditures General Government 1,622 Public Safety 3,354 Public Works 1,443 Culture Recreation 713 Encumbrances General Government 20 Public Safety 19 Public Works 10 Culture Recreation 0 Other Financing Uses Interfund Transfers Out 58 Required Prepare a General Fund statement of revenues, expenditures, and changes in fund balance Prepare a General Fund schedule of revenues, expenditures, and changes in fund balancebudget and actual (assume the budget is prepared on a GAAP basis) Required Prepare a (partial) statement of activities (Enter your answers in thousands Input all amounts as positive values )

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 10, 2024

The following alphabetic listing displays selected balances in the governmental activities accounts of Westover Village as of its June 30 fiscal year-end. Assume that beginning

The following alphabetic listing displays selected balances in the governmental activities accounts of Westover Village as of its June 30 fiscal year-end. Assume that beginning net position is $1,773 (in thousands) and that there were no changes in net position during the year other than those reflected in the selected account balances shown. For simplicity, assume that the village does not have business-type activities or component units.

Greenville has provided the following information from its General Fund Revenues and Appropriations/Expenditure/Encumbrances subsidiary ledgers for the fiscal year ended. Assume the beginning fund balances are $161 (in thousands) and that the budget was not amended during the year.

City of Greenville
General Fund
Subsidiary Ledger Account Balances (in thousands)
For the Fiscal Year
	Debits		Credits
Estimated Revenue
Taxes		6,048
Fines & Forfeits		303
Intergovernmental Revenue		508
Charges for Services		370
Revenues
Taxes				6,069
Fines & Forfeits				308
Intergovernmental Revenue				508
Charges for Services				366
Appropriations
General Government				1,643
Public Safety				3,375
Public Works				1,455
Culture & Recreation				724
Estimated Other Financing Uses
Interfund Transfers Out				58
Expenditures
General Government		1,622
Public Safety		3,354
Public Works		1,443
Culture & Recreation		713
Encumbrances
General Government		20
Public Safety		19
Public Works		10
Culture & Recreation		0
Other Financing Uses
Interfund Transfers Out		58

Required

Prepare a General Fund statement of revenues, expenditures, and changes in fund balance.
Prepare a General Fund schedule of revenues, expenditures, and changes in fund balancebudget and actual (assume the budget is prepared on a GAAP basis).