Need help completing the go journal. Thks M Inbox (1,056). Tub and Shower 6 Key

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Need help completing the go journal. Thks

M Inbox (1,056). Tub and Shower 6 Key Strat LinkedIn Tutor al 1: How to Create a CarMal Job Search My Account Login Restaurant.com| ogle omework Chapter 4 Question 1 (of 4 Score This Question value 5.00 points E4-24 Operating Transactions, Special Topics, and Financial Statem ents [LO 4-1, 4-2, 4-3] The City of Hinton's General Fund had the following post-closing triai balance at Apri 30, 2016, the end of its fiscal year Debits Credits 583,000 26 280 $ 97 000 Cash Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Taxes Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties Inventory of Supplies Vouchers Payable Due to Federal Government S189,000 11.160 148,500 59,490 16 100 298,130 Fund Balance Nonspendable -Inventory of Supplies Fund Balance-Unassigned here to

Explanation / Answer

Solution:

a) Recording the Effect of the Following Transactions on the General Fund and Governmental Activities for the Year Ended April 30, 2017:

b) Preparing Closing entries April 30, 2017:

c) Preparing a General Fund Balance Sheet as of April 30, 2017:

City of Hinton

General Fund Balance Sheet

As of April 30, 2017

Transaction Fund General Journal Debit Credit 1 General Fund Estimated Revenues $3,140,000 Appropriations $3,100,000 Budgetary fund balance $40,000 2 General Fund Cash $490,000 Expenditures $10,000 Tax anticipation notes payable $500,000 (Computation of Discount: $500,000 * 0.06 * 1/3 year = $10,000) Governemental Activities Cash $490,000 Expenses-General governement $10,000 Tax anticipation notes payable $500,000 3 General Fund Taxes receivable - current $2,150,000 Estimated uncollectiable current taxes $64,500 Revenues $2,085,500 (Computations: $43,000,000 Assesed valuation * $5 Tax rate per $100 =$2,150,000 Gross levy; $2,410,000 Gross levy * 0.03 = $64,500 estimated Uncollectiable) Governemental Activities Taxes receivable - current $2,150,000 Estimated uncollectiable current taxes $64,500 General Revenues-Property Taxes $2,085,500 4 General Fund Encumbrances $2,060,000 Encumbrances Outstanding $2,060,000 5 General Fund and Governmental Activities Taxes Receivables Current $25,000 Revenues (General and Governmental activities) $25,000 ($500,000 * $5 per $100 valuation) 6 General Fund and Governmental Activities Cash $2,364,840 Taxes Recievable Current $1,961,000 Taxes Receivable Delinquent $383,270 Interest and Penalties Receivable $20,570 7 General Fund Interest and Penalties Receivable $38,430 Estimated uncollectiable Interest and Penalities $11,529 Revenues $26,901 Governmental Activities Interest and Penalties Receivable $38,430 Estimated uncollectiable Interest and Penalities $11,529 General Revenues - Interest and penalities on delinquent taxes $26,901 8 General Fund Budgetary Fund Balance $80,000 Estimated Revenues $80,000 9 General Fund Expenditures $819,490 Due to Federal Government $166,400 Due to State Government $34,400 Cash $618,690 Governmental Activities Expenses $819,490 Due to Federal Government $166,400 Due to State Government $34,400 Cash $618,690 10 General Fund Expenditures $62,690 Due to Federal Government $62,690 Governmental Activities Expenses $62,690 Due to Federal Government $62,690 11 General Fund Cash $947,000 Revenues $947,000 Governmental Activities Cash $947,000 Revenues $947,000 12 General Fund and Governmental Activities Due to Federal Government $288,580 Due to State Government $34,400 Vouchers Payable $322,980 13 General Fund Encumbrances outstanding $1,988,040 Encumbrances $1,988,040 Expenditures $1,987,570 Vouchers Payable $1,987,570 Governmental Activities Expenses $1,987,570 Vouchers Payable $1,987,570 14 General Fund Vouchers Payable $2,301,660 Cash $2,293,630 Expenditures $8,030 Governmental Activities Vouchers Payable $2,301,660 Cash $2,293,630 Expenses $8,030 15 General Fund and Governmental Activities Tax Aniticipation Notes Payable $500,000 Cash $500,000 16 General Fund and Governmental Activities Taxes Receivable Delinquent $214,000 Taxes Receivable Current $214,000 Estimated Uncollectible Current Taxes $64,500 Estimated Uncollectiable Delinquent Taxes $64,500 17 General Fund Inventory of supplies $3,000 Fund balance-Nonspendable-Inventory supplies $3,000 Governmental Activities Inventory of supplies $3,000 Expenses (Function details omitted) $3,000

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