Ellwood City General Fund Preclosing Trial Balance December 31,2016 Debits Credi

Question

Ellwood City General Fund Preclosing Trial Balance December 31,2016 Debits Credits Cash Marketable securities Property taxes receivable Allowance for uncollectible property taxes Sales taxes receivable Due from state government Supplies invento Vouchers payable Due to other funds Advances from other funds Encumbrances--contractual services Fund balance reserved for supplies inventory (Nonspendable) Unassigned fund balan Budgetary fund balance reserved for encumbrances Budgetary fund balance Estimated revenues--property taxes Estimated revenues--sales taxes Estimated revenues--charges for services Estimated revenues--fines and forfeits Estimated revenues--federal grants Estimated transfer in from Enterprise Fund Appropriations--salaries Appropriations--contractual services Appropriations--materials and supplies Appropriations--capital equipment Appropriations--transfer out to Debt Service Fund Revenues--property taxes Revenues--sales taxes Revenues-charges for services Revenues--fines and forfeits Revenues-federal grants Transfer in from Enterprise Fund Expenditures--salaries Expenditures--contractual services Expenditures--materials and supplies Expenditures--capital equipment Transfer out to Debt Service Fund 26,940 60,000 42,630 21,600 10,200 19,200 8,400 14,730 16,080 42,000 12,000 8,400 25,200 12,000 25,800 150,000 87,600 16,800 10,200 12,000 36,000 128,400 32,400 18,000 84,000 24,000 141,000 88,320 14,880 10,680 12,000 42,000 126,240 18,000 18,360 82,920 24,000 761,490 761,490

Explanation / Answer

ELLWOOD CITY GENERAL FUND Statement of Revenue and Expenses FTYE December 31, 2016 Actual Budgeted Particulars Amount in $ Amount in $ Amount in $ Amount in $ Revenues: Property Taxes 141000 150000 Sales Taxes 88320 87600 Charges for Services 14880 16800 Fines & Forfeits 10680 10200 Federal Grants 12000 12000 Total Revenues 266880 276600 Expenditures: Salaries 126240 128400 Contractual Service 18000 32400 Materials & Supplies 18360 18000 Capital Equipment 82920 84000 Total Expenses 245520 262800 Income over Expenditures: Surplus/(Deficit) 21360 13800 Transfer-in from Enterprise Fund 42000 -36000 Transfer-out to Debt Service Fund -24000 24000 Balance 39360 1800 Fund Position As on Dec. 31, 2016 Particulars Amount in $ Amount in $ Cash 26940 Marketable Securities 60000 Property taxes Receivable (net) 21030 sales Tax receivable 10200 Due from state government 19200 Supplies 8400 Encumbrances - contractual services 12000 Vouchers payable 14730 Due to other funds 16080 Advance from other funds 42000 Surplus 39360 Unassigned balance 25200 157770 137370

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