CITY OF MONROE General Fund Balance Sheet As of December 31, 2016 Assets $497,0 Cash 00 $210,0 Taxes receivable 00 (37,000 Less: Estimated uncollectible taxes 173,00 0 net 5,200 Interest and penalties receivable on taxes Less: Estimated uncollectible interest and penalties (950) net 4,250 210,00 Due from state government $884,2 Total assets 50 Liabilities, Deferred Inflows, and Fund Equity Liabilities: 99,000 Accounts payable Due to other funds 27,000 126,00 Total liabilities 21,000 Deferred inflows - Property taxes Fund equity: Screenshot Fund balance-assigned (for outstanding encumbrances) $17,00 720,25 Fund balanceunassigned 737,25 Total fund balance 0 Total liabilities, deferred inflows and fund equity $884,2 50 CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2016 Assets Cash $23,000 Investments 59,000 Due from state government 107,000 Total assets $189,000 Liabilities and Fund Equity Liabilities: Accounts payable $9,000 Fund equity: Fund balance assigned for streets and highways 180.000 Total liabilities and fund equity $189,000 3-C. This portion of the continuous problem continues the General Fund and special revenue fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget information for the City includes: Screenshot a) As of January 1, 2017, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,350,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment of principal and interest. Record the budget for the General Fund and post to the ledger. b) Also as of January 1, 2017, the City Council approved and the mayor signed a budget for the Street and Highway Fund that provided for estimated revenues from the state government in the amount of $1,068,000 and appropriations of $1,047,000. Record the budget and post to the ledger