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Project Description:

The trial balance for the General Fund of the City of Bigfork as of December 31, 2014 is presented below:                                      

CITY OF BIGFORK

The General Fund

Adjusted Trial Balance

December 31, 2014

           

Transactions for the year ended December 31, 2015 are summarized as follows:

1.   The City Council adopted a budget for the year with estimated revenue of $600,000 and appropriations of $500,000. (Journal entry completed by instructor)

    

2.   Property taxes in the amount of $450,000 were levied for the current year.  It is estimated that $59,000 of the taxes levied will prove to be uncollectible. (Journal entry completed by instructor)

    

3.   Proceeds from the sale of equipment in the amount of $10,000 were received by the General Fund.  The equipment was purchased four years ago with resources of the General Fund at a cost of $200,000.  On the date it was purchased, it was estimated that the equipment had a useful life of six years. (Journal entry completed by instructor)

    

4.   Licenses and fees in the amount of $50,000 were collected. (Journal entry completed by instructor)

    

5.   The total amount of encumbrances against fund resources for the year was $475,000. (Journal entry completed by instructor)

    

6.   Vouchers in the amount of $425,000 were authorized for payment. This was $20,000 less than the amount originally encumbered for these purchases. (Journal entry completed by instructor)

    

7.   An invoice in the amount of $26,000 was received for goods ordered in 2014.  The invoice was approved for payment. (Journal entry completed by instructor)

    

8.   Property taxes in the amount of $390,000 were collected. (Journal entry completed by instructor)

 

9.   Vouchers in the amount of $350,000 were paid. (Journal entry completed by instructor)

 

10. Twenty-five thousand dollars was transferred to the General Fund from the H2O Fund. (Journal entry completed by instructor)

    

11. The City Council authorized the write-off of $10,000 in uncollected property taxes. (Journal entry completed by instructor)

         

 

Required:

1st - Prepare the Year Ended 12/31/2015 Income Statement;

 

2nd – Year-End closing entries;

 

3rd - Statement of Fund Balance

 

4th - The 12/31/2015 --- Balance Sheet

 

                  Journal Entries provided below:                                                  

 

 

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