Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information was available for the General Fund of the City of Thomasville for the Year Ended December 31, 2017: Revenues for the year

The following information was available for the General Fund of the City of Thomasville for the Year Ended December 31, 2017:

  1. Revenues for the year included property taxes in the amount of $6,612,000, fines and forfeits in the amount of $ 700,000, and miscellaneous in the amount of $400,000.
  2. Expenditures from current appropriations included: general government, $4,847,000; public safety, $1,884,000; culture and recreation, 812,000.
  3. In addition to (b) above, expenditures related to prior year appropriations (encumbered last year) amounted to $40,000 (public safety). Encumbrances issued this year but not filled amounted to $60,000 (general government).
  4. A transfer was made from the General Fund to a debt service fund in the amount of $500,000. A transfer was made from an enterprise fund to the General Fund in the amount of $450,000.
  5. A sale of park land was made during the year, which was considered infrequent but not unusual and under the control of management. The proceeds amounted to $126,000, and the land had a basis of $90,000 reported in the government-wide Statement of Net Position the year before.
  6. Beginning balances included Fund Balance in the amount of $222,000.

Required: Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund for the City of Thomasville for the Year Ended December

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Analytics Data Science For The Accounting Profession

Authors: J. Christopher Westland

1st Edition

3030490904, 9783030490904

More Books

Students also viewed these Accounting questions

Question

Able to describe variations in rewards practices.

Answered: 1 week ago