Using the trial balance given, prepare any necessary financ categories. All bala

Question

Using the trial balance given, prepare any necessary financ categories. All balances are listed before closing al statements for City of Spainville, crai Fund for December 31, 2017. Be sure to categorize the fund balance into the necessary entries have been posted. City of Spainville Pre-closing Trial Balance December 31,2017 Cash S108,148 20,000 54,000$2.675 350 Investments Taxes receivable Allowance for uncollectible taxes Supplies Inventory Accounts payable Wages payable Deferred inflow-property taxes Fund Balance, beginning Revenue- property taxes Revenue-sales taxes Expenditure- General Government 2,000 850 22,600 156,758 226,952 35,123 181,560 39,900 43,000 265,000 Expenditure-Capital Outlay Other financing uses - transfer out Estimated Revenues Appropriations Budgetary Fund Balance 225,000 40,000 800 Encumbrances 800 Budgetary Fund Balance Reserved for Encumbrances

Explanation / Answer

Profit and Loss account Particulars Amount $ Revenue - property tax $    226,952 Revenue - Sales tax $      35,123 Expenditure $    181,560 Expenditure $      39,900 Expenditure $      43,000 Encumbrances $            800 Profit $      (3,185) Balancesheet Particulars Amount Assets Cash $    108,148 Investment $      20,000 Taxes Receivable $      54,000 Supplies Inventory $            350 Estimated revenue $    265,000 Total Asset $    447,498 Liabilities Allowances for uncollectible taxes $         2,675 Account payable $         2,000 Wages payable $            850 Differed inflow property tax $      22,600 Fund Balance $    156,758 Appropriation $    225,000 Budgetary Fund balance reserve for Encumbrances $            800 Budgetary Fund Balance $      36,815 Total Liabilities $    447,498

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