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Problem #1

The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000; and Miscellaneous, $50,000.

Town of Bedford FALLS (A)
Revenue Ledger
Account Description	Est Revenue Dr (cr)	Revenue Cr (Dr)	Balance Dr (Cr)
Taxes
Budget
Licenses and Permits
Budget
Cash Collected
Fine Forfeits
Budget
Cash Collected
Intergovernemental Revenue
Budget Town of Bedford FALLS (B) Appropriations, Expenditures and Encumbrances Ledger Encumbrances Expenditures Account/Description Increase (Dr) Decrease (Cr) Balances Dr (Cr) Increase Dr (Cr) Balance Dr (Cr) Appropriations Cr (Dr) Balance Cr (Dr) General Government Appropriations Order of Supplies Supplies received Public Safety Appropriations Order of Supplies Supplies received Public Works Appropriations Order of Supplies Supplies received Culture and Recreation Appropriations Order of Supplies Supplies received Miscellaneous Appropriations Order of Supplies Supplies received Problem #2 On July 1, 2017, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 5 percent of the taxes levied would be uncollectible. As of April 30, 2018, the due date for all property taxes, the county had collected $3,900,000 in taxes. The county imposed penalties and interest in the amount of $14,500, but only expects to collect $12,800 of that amount. At the end of the fiscal year (June 30, 2018) the county had collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. RIDGEDDALE COUNTY Revenue Ledger Balance Dr (Cr) Year Account title Est. Revenue Cr (Dr) Revenues Dr (Cr) 1-Jul-17 Property Taxe 1-Jul-17 Intergovernmental Revenue 1-Jul-17 Licenses and Permits 1-Jul-17 Fines and Forfeits 1-Jul-17 Miscellaneous Revenues

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