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The following selected information about the general fund is taken from Shar City's governmental fund statement of revenues, expenditures, and changes in fund balances for
The following selected information about the general fund is taken from Shar City's governmental fund statement of revenues, expenditures, and changes in fund balances for the year ended December 31, Year 5:
Revenues | ||
Property taxes -- Year 5 | $825,000 |
Expenditures | ||
Current Services | ||
Public safety | $ 428,000 | |
Capital outlay (police vehicles) | 100,000 | |
Debt service | 74,000 |
Expenditures -- Year 5 | $1,349,000 | |
Expenditures -- Year 4 | 56,000 | |
$1,405,000 |
Excess of revenues over expenditures | $ 153,000 |
Other financing uses | (125,000) |
Excess of revenues over expenditures and other | |
financing uses | $ 28,000 |
Decrease in assigned fund balance during Year 5 | 15,000 |
Interfund transfers out | (190,000) |
Decrease in unassigned fund balance during Year 5 | $(147,000) |
Unassigned fund balance January 1, Year 5 | 304,000 |
Unassigned fund balance December 31, Year 5 | $ 157,000 |
The following selected information about the general fund is taken from Shar City's governmental fund balance sheet at December 31, Year 5:
Property taxes receivable -- delinquent -- Year 5 | $34,000 |
Minus: Allowance for estimated uncollectible taxes -- delinquent | 20,000 |
Vouchers payable | $89,000 |
Fund balances | |
Assigned -- Year 5 | $43,000 |
Nonspendable -- supplies inventory | 38,000 |
Unassigned | 157,000 |
Additional Information:
- Debt service was for bonds used to finance a library building and included interest of $22,000.
- $8,000 of Year 5 property taxes receivable was written off. Otherwise, the allowance for uncollectible taxes balance is unchanged from the initial entry at the time of the original tax levy at the beginning of the year.
- Shar reported supplies inventory of $21,000 at December 31, Year 4.
Enter the appropriate amount for each of the following questions about Shar's general fund in the designated cells. Enter all amounts as positive values.
Question | Amount |
1. What was the total of the fund balance of the Year 4 general fund not classified as unassigned? | |
2. What amount was collected from Year 5 tax assessments? | |
3. What amount is Shar's liability to general fund vendors and contractors at December 31, Year 5? | |
4. What amount should be included as general capital assets for the cost of assets acquired in Year 5 through the general fund? | |
5. What amount arising from Year 5 transactions decreased amounts reported as general long-term liabilities? | |
6. What amount of total actual expenditures should Shar report in its Year 5 budgetary comparison schedule for the general fund? |
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