The following information was available for the General Fund of the City of Thomasville for the Year Ended December 31,2015:
(a)Revenues for the year included property taxes in the amount of $6,612,000,fines and forfeits in the amount of $ 700,000,and miscellaneous in the amount of $400,000.
(b)Expenditures from current appropriations included:
general government,$4,847,000; public safety,$1,924,000; culture and recreation,812,000.
(c)In addition to (b)above,expenditures related to prior year appropriations (encumbered last year)amounted to $40,000 (public safety).Encumbrances issued this year but not filled amounted to $60,000 (general government).
(d)A transfer was made from the General Fund to a debt service fund in the amount of $500,000.A transfer was made from an enterprise fund to the General Fund in the amount of $450,000.
(e)A sale of park land was made during the year,which was considered infrequent but not unusual and under the control of management.The proceeds amounted to $126,000,and the land had a basis of $90,000 reported in the government-wide Statement of Net Position the year before.
(f)Beginning balances included Fund Balance in the amount of $222,000.
Required:
Prepare a Statement of Revenues,Expenditures,and Changes in Fund Balances for the General Fund for the City of Thomasville for the Year Ended December 31,2015.
Correct Answer:
Verified
Q115: The expenditures account equals the amount of
Q116: $60,000 of property tax owed to the
Q117: Governmental fund financial statements are to be
Q117: Prepare entries in general journal form to
Q119: What is the different accounting treatment with
Q120: Interfund Transfers are flows of cash or
Q122: Center City's General Fund has the following
Q123: The City of Smithville was awarded a
Q124: The City of Morganville had the following
Q128: What is the difference between reciprocal interfund
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents