Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following transactions relate to the general f

The following transactions relate to the General Fund of the City of Buffalo Falls for...

70.2K

Verified Solution

Question

Accounting

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: Beginning balances were: Cash, $91,000; Taxes Receivable, $186,500; Accounts Payable, $50,750; and Fund Balance, $226,750. The budget was passed. Estimated revenues amounted to $1,210,000 and appropriations totaled $1,207,800. All expenditures are classified as General Government. Property taxes were levied in the amount of $905,000. All of the taxes are expected to be collected before February 2021. Cash receipts totaled $875,000 for property taxes and $292,500 from other revenue. Contracts were issued for contracted services in the amount of $91,750. Contracted services were performed relating to $82,500 of the contracts with invoices amounting to $81,300. Other expenditures amounted to $954,500. Accounts payable were paid in the amount of $1,077,500. The books were closed. Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

You are evaluating a capital project for equipment with a total installed cost of $750,000. The...

Finance
Q

What is denitrification in the context of ozone depletion, and why is it important? Group of answer...

Chemistry
Q

Marx and Mill both thought that there were historical forces blocking the full development of human...

Economics
Q

Choose the correct answer World War II created a new world dominated by O Germany...

Biology
Q

of x The diagram is not to scale D O 19 O 285 04 19...

Geometry
Q

In Exercises 17 and 18 consider RSTV with VX 1 RS and VY I ST...

Geometry
Q

An investor is considering three types of investments: a high-risk venture into oil leases with...

Algebra
Q

For n 1 and x 0 1 let n fn x j 1 cos jx...

Algebra
Q

List and briefly discuss the positive and negative limbs of $8-1 ITAA1997.

Accounting
Q

The purpose of a strategic investment is to maintain a long-term operating relationship with another...

Accounting
Q

The company Baja California Norte, S.A. conducts a study on the maintenance you have used,...

Finance
Q

Assume the following information concerning two stocks that make up an index. What is the...

Finance