The following water and sewer fund information is available for the preparation of the financial statements for the City of Western Sands for the year ended December 31, 2020: Operating revenues-charges for services Operating expenses: Personnel services $18,236,000 6,323,000 3,032,000 923,000 2,027,000 5,458,000 66,000 136,000 123,000 1,668,000 387,000 2,736,000 Contractual services Utilities Repairs and maintenance Depreciation Interest revenue State aid (intergovernmental revenue) Interest expense Capital contributions Transfer to General Fund Net position, January 1, 2020
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From the information given above, prepare a Water and Sewer Fund column for the proprietary fund Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31, 2020. (Deductions should be entered with a minus sign.)
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- Calculate operating margin Assume the following information was derived from the fund financial statements prepared by the city of Tallahassee, Florida for the fiscal year ended September 30, 2019: Assets: City of Tallahassee General Fund Balance Sheet (in thousands) Cash and cash equivalents Due from other governments All other assets Total assets Liabilities: Total current liabilities Fund balance: Nonspendable Committed Assigned $2,480 0 11,848 $14,328 $11,287 1,500 0 0Can someone help with the fund balances amount (red) for requirement c? The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2024: Beginning balances were: Cash, $95, 000; Taxes Receivable, $185, 000; Accounts Payable, $50, 000; and Fund Balance, $230,000. The budget was passed. Estimated revenues amounted to $1,200,000 and appropriations totaled $1, 197,500. All expenditures are classified as General Government. Property taxes were levied in the amount of $902, 000. All of the taxes are expected to be collected before February 2025. Cash receipts totaled $870,000 for property taxes and $272,000 from other revenue. Contracts were issued for contracted services in the amount of $90,000. Contracted services were performed relating to $82,000 of the contracts with invoices amounting to $81,500. Other expenditures amounted to $947, 000. Accounts payable were paid in the amount of $ 1,070,000. The books were closed. Required: a.…The following selected information was taken from SunValley City’s general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019:Revenues:Property taxes—2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 825,000Expenditures:Current services:Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000Capital outlay (police vehicles) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,000Excess of revenues over expenditures . . . . . . . . . . . . . . . . . . . . $ 153,000Other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (125,000)Excess of revenues over expenditures and other financing uses. $ 28,000Decrease in fund balance assigned (encumbrances) during 2019 . 15,000Residual equity transfers-out…
- City of Smithville General Fund Operating statement account balances For year 2023 Estimated Revenues Dr(Cr) Revenues Dr(Cr) Balance Dr(Cr) Acct 3020/4020 Estimated Revenues-Property Taxes $1,877,413 $1,877,578 ($165) Acct 3030/4030 Estimated Revenues-Sales Taxes 1,578,000 1,579,203 (1,203) Acct 3040/4040 Estimated Revenues-Interest and Penalties on Taxes 15,000 12,571 2,429 Acct 3050/4050 Estimated Revenues-Licenses and Permits 500,000 497,960 2,040 Acct 3060/4060 Estimated Revenues-Fines and Forfeits 175,000 173,590 1,410 Acct 3070/4070 Estimated Revenues-Intergovernmental Revenue 789,000 789,000 0 Acct 3080/4080 Estimated Revenues-Charges for Services 659,720 661,253 (1,533) Acct 3090/4090 Estimated Revenues-Miscellaneous Revenues 91,300 91,250 50 Encumberances Dr(Cr) Expenditures Dr(Cr) Appropriations Cr(Dr) Available Balance Cr(Dr) Acct 5020 / 6020 / 7020 Appropriations-General…4. The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…Accounting Cycle Project Following is the trial balance of City of Kendall Green’s General Fund at December 31, 2019. Using MS-Excel, prepare well-formatted worksheets as follows: (a) closing entries (b) a post-closing trial balance. (c) a statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019 (d) a balance sheet at December 31, 2019.
- Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…CITY OF Grafton Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual: General Fund (Non-GAAP Budgetary Basis) For The Year Ended December 31, 2020 Budgeted Amounts REVENUES Original Final Actual Amounts Budgetary Basis Variance with Final Budget Property Taxes $ - Licenses and permits - Intergovernmental - Miscellaneous - TOTAL REVENUES - - - - EXPENDITURES AND ENCUMBRANCES Current General Government - Public Safety - Health and Welfare…City of Rocky Basin Private - Purpose Trust Fund College Scholarship Fund Statement of Changes in Fiduciary Net Position For the Year Ended December 31, 2022 Additions: 1. A prominent citizen funds the trust for the College Scholarship Fund with $4,500,000 from her estate based on the provisions of her will. The City of Rocky Basin controls the trust assets. The terms of the will require the trust to maintain the principal intact; investment income is to be used to provide college scholarships for deserving graduates of Rocky Basin High School, which is independent from the City of Rocky Basin. 2. The entire gift is invested in certificates of deposit (CDs). 3. Interest income of $225,000 was received in cash. 4. That $225,000 was reinvested in short-term CDs. 5. The short-term CDs matured, yielding interest income of $2,250. 6. Interest income of $252,000 was received in cash. 7. Scholarships totaling $146,250 were paid to eligible students based on the provisions of the will that…
- Required information Exercise 6-4 and Exercise 6-5 (Algo) [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Exercise 6-4 (Algo) $ Debits 31,900 55,500 732,000 99,500 509,000 53,500 18, 200 41,400 Credits $ 117,000 35,100 53,500 13,900 579,000 6,200 128,500 628,500 20,700 $1,561,700 $1,561,700 Required: a. Prepare the closing entries for December 31. b. Prepare…Miscellaneous scenarios requiring journal entries The following transactions and events pertain to Bean County’s General Fundfor the calendar year 2022:1. The entity receives invoices in early January 2023 for $25,000 for professional servicesobtained in 2022, and $32,000 for December 2022 utility services.2. The entity borrows $500,000 on August 1, 2022, in anticipation of thecollection of property taxes. The borrowed amount is due to be repaid onJanuary 31, 2023, with interest at the rate of 1.5 percent per annum.3. The entity invests $300,000 cash in a CD on November 1, 2022, at an interest rateof 1 percent per annum. The CD will mature on January 31, 2023.4. In September 2022, the entity receives and accepts supplies that had beenordered in August. The amount that had been encumbered was $40,000,but the amount of the approved invoice was $42,000.Prepare journal entries for the transactions and events listed above.Enter 0 or leave the field blank if no entry is required for calendar…! Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Required A Required B Complete this question by entering your answers in the tabs below. Required C VILLAGE OF SEASIDE PINES ENTERPRISE FUND Statement of Net Position December 31, 2024 Net Position: Net Investment in Capital Assets Unrestricted Total Net Position Debits Required: a.…