ACC 4100 Final: Landfills
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Scarlett Cityâs general fund activities for 2016 are summarizedbelow. Accounts are maintained on a modified accrual basisconsistent with GAAP.
Property-tax revenues | $3,000 |
Utilities | 50 |
Wages and salaries | 900 |
Transfer to debt service fund | 100 |
Estimated revenues | 3,500 |
State grant | 800 |
Annual insurance premium | 200 |
Proceeds of long-term debt | 1,000 |
General administration | 1,200 |
Charges for current services | 600 |
Public safety | 2,000 |
Reimbursement from capital projects fund | 100 |
Fund balance, beginning of year | 20,000 |
Other taxes | 750 |
Sanitation | 500 |
Sale of capital assets | 400 |
Prepare in good form a statement of revenues, expenditures, andchanges in fund balance for 2016 for the cityâs general fund.Assume that the city reports revenues by source and expenditures byfunction. Assume also that 75 percent of the wages and salaries areattributable to public safety and 25 percent to generaladministration. Insurance is attributable in total to generaladministration.
In Governmental and NP accounting: "For the transactionworksheets for each fund, ... code the account 1 for balance sheetaccounts and 2 for operating statement accounts. For example, cashis a balance sheet account so you will put 1. These codes willallow the worksheet to automatically populate the operatingstatement and balance sheet columns on the worksheets" .... I needto Identify the fund entries that are transferred to the Balancesheet (with a 1) and those (with a 2 ) that are recorded onoperating statement accounts.
General FundTransactions | |||||||||||||
Account Title | |||||||||||||
Cash | |||||||||||||
Investments | |||||||||||||
Taxes Receivable -- Current | |||||||||||||
Allowance for Uncollectible Taxes -- Current | |||||||||||||
Taxes Receivable -- Delinquent | |||||||||||||
Allowance for Uncollectible Taxes -- Delinquent | |||||||||||||
Interest and Penalties Receivable | |||||||||||||
Allowance for Uncollectible Interest and Penalties | |||||||||||||
Accrued Interest Receivable | |||||||||||||
Inventory of Materials and Supplies | |||||||||||||
Vouchers Payable | |||||||||||||
Accrued Salaries Payable | |||||||||||||
Deferred Revenues | |||||||||||||
Due to Internal Service Fund | |||||||||||||
Fund Balance | |||||||||||||
Revenues -- Property Taxes | |||||||||||||
Revenues -- Fines and Forfeitures | |||||||||||||
Revenues -- Integovernmental | |||||||||||||
Revenues -- Licenses and Permits | |||||||||||||
Revenues -- Interest | |||||||||||||
Expenditures -- General Government | |||||||||||||
Expenditures -- Public Safety | |||||||||||||
Expenditures -- Highways and Streets | |||||||||||||
Expenditures -- Health & Sanitation | |||||||||||||
Expenditures -- Parks and Recreation | |||||||||||||
Due to Water and Sewer Fund | |||||||||||||
Expenditures -- Capital Outlay | |||||||||||||
Due from Addiction Prevention SRF | |||||||||||||
Transfer to Addiction Prevention SRF | |||||||||||||
Transfer to Parks and Recreation CPF | |||||||||||||
Transfer from Water and Sewer EF | |||||||||||||
Revenues -- Interest and Penalties | |||||||||||||
OFS -- Proceeds from Sale of Equipment | |||||||||||||
Tax Liens Receivable | |||||||||||||
OFS -- Capital Lease Capital Projects Fund Transactions:
|
The following General Fund information is available for thepreparation of the financial statements for the city of EasternShores for the year ended September 30, 2015:
Revenues: | |
Property taxes | $28,120,000 |
Sales taxes | 13,216,000 |
Fees and fines | 1,124,000 |
Licenses and permits | 1,921,000 |
Intergovernmental | 1,368,000 |
Investment earnings | 654,000 |
Expenditures: | |
Current: | |
Generalgovernment | 10,252,000 |
Publicsafety | 24,444,000 |
Publicworks | 6,211,000 |
Healthand sanitation | 1,163,000 |
Cultureand recreation | 2,154,000 |
Debt service-principal | 652,000 |
Debt service-interest | 821,000 |
Proceeds of long-term, capital-related debt | 2,210,000 |
Transfer to special revenue fund | 1,119,000 |
Special item-proceeds from sale of land | 821,000 |
Fund balance, October 1, 2014 | 1,812,000 |
From the information given above, prepare, in good form, aGeneral Fund Statement of Revenues, Expenditures, and Changes inFund Balances for the city of Eastern Shores General Fund for theYear Ended September 30, 2015.