Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following is a pre-closing trial balance for Sun City's General Fund as of June 30, 2020: Debits Credits Cash $116,500 Taxes Receivable-Current 29,000 Allowance
The following is a pre-closing trial balance for Sun City's General Fund as of June 30, 2020: Debits Credits Cash $116,500 Taxes Receivable-Current 29,000 Allowance for Uncollectible Current Taxes $3,000 Vouchers Payable 8,800 Due to Other Funds 5,500 Tax Anticipation Notes Payable 40,000 Deferred Inflows of Resources-Unavailable Revenues 10,000 Encumbrances Outstanding 5,000 Fund Balance-Unassigned 70,200 Budgetary Fund Balance 1,000 Estimated Revenues 90,000 Estimated Other Financing Sources 10,000 Revenues 91,000 Other Financing Sources 10,000 Appropriations 99,000 Encumbrances 5,000 Expenditures 93,000 Totals $343,500 $343,500 Note: Do not use special characters in monetary answers. (No decimals, dollar signs, commas) Complete the June 30, 2020 year-end Financial Statements shown below for Sun City using the trial balance shown above. You must use the correct format for full credit! Sun City General Fund Balance Sheet As of June 30, 2020 ASSETS LIABILITIES & FUND BALANCES ACCOUNT DESCRIPTION AMOUNT ACCOUNT DESCRIPTION AMOUNT Subtotal Subtotal Sun City Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended June 30, 2020 ACCOUNT DESCRIPTION AMOUNT The following is a pre-closing trial balance for Sun City's General Fund as of June 30, 2020: Debits Credits Cash $116,500 Taxes Receivable-Current 29,000 Allowance for Uncollectible Current Taxes $3,000 Vouchers Payable 8,800 Due to Other Funds 5,500 Tax Anticipation Notes Payable 40,000 Deferred Inflows of Resources-Unavailable Revenues 10,000 Encumbrances Outstanding 5,000 Fund Balance-Unassigned 70,200 Budgetary Fund Balance 1,000 Estimated Revenues 90,000 Estimated Other Financing Sources 10,000 Revenues 91,000 Other Financing Sources 10,000 Appropriations 99,000 Encumbrances 5,000 Expenditures 93,000 Totals $343,500 $343,500 Note: Do not use special characters in monetary answers. (No decimals, dollar signs, commas) Complete the June 30, 2020 year-end Financial Statements shown below for Sun City using the trial balance shown above. You must use the correct format for full credit! Sun City General Fund Balance Sheet As of June 30, 2020 ASSETS LIABILITIES & FUND BALANCES ACCOUNT DESCRIPTION AMOUNT ACCOUNT DESCRIPTION AMOUNT Subtotal Subtotal Sun City Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended June 30, 2020 ACCOUNT DESCRIPTION AMOUNT
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started