Please help with problemPreparation of fund financial statements and schedules Prepare a governmental funds balance sheet; a governmental funds statement of revenues, expenditures, and changes in fund balances; and a General Fund budgetary comparison schedule. In the budgetary comparison schedule, include a column for variances. To ease financial statement preparation, we supply you with the pre-closing trial balances for Croton City’s General Fund, Library Special Revenue Fund, Capital Projects Fund, and Debt Service Fund. Consider all funds as major funds for this exercise and classify the fund balance for the Debt Service Fund as Assigned fund balance. In addition, make calculations to determine which of the funds would be considered as nonmajor if Croton had not considered all of them to be major. Preclosing Trial Balance for Croton CityGeneral FundDecember 31, 2019 DebitsCreditsBudgetary Accounts Estimated revenues – property taxes$9,000 Estimated revenues – personal income taxes5,000 Estimated revenues – intergovernmental1,000 Estimated revenues – recreation fees600 Budgetary fund balance600 Appropriations – public safety salaries 7,100Appropriations – public safety supplies 500Appropriations – public works salaries 5,000Appropriations – parks salaries 2,300Appropriations – transfer to Library Fund 100Appropriations – transfer to Debt Service Fund 1,200Encumbrances150 Budgetary fund balance reserved for encumbrances 150Financial Accounts Cash1,050 Property taxes receivable – delinquent930 Income taxes receivable700 Allowance for uncollectible property taxes – delinquent 30Income tax refunds payable 300Salaries payable 700Accrued vacation pay payable 10Deferred property tax revenues 400Unassigned fund balance 1,600Revenues – property taxes 8,880Revenues – personal income taxes 5,000Revenues – intergovernmental 1,000Revenues – recreation fees 700Expenditures – public safety salaries7,060 Expenditures – public safety supplies330 Expenditures – public works salaries4,950 Expenditures – parks salaries2,300 Transfer out to Library Special Revenue Fund100 Transfer out to Debt Service Fund1,200 Totals$34,970$34,970 Preclosing Trial Balance for Croton CityLibrary Special Revenue FundDecember 31, 2019 DebitsCreditsCash$35 Restricted fund balance 5Transfer in from General Fund 100Revenues - intergovernmental grant 300Revenues - miscellaneous 20Expenditures - culture salaries350 Expenditures - culture supplies40 Totals$425$425 Preclosing Trial Balance for Croton CityCapital Projects FundDecember 31, 2019 DebitsCreditsRevenues - intergovernmental grants $1,000Other financing source – long-term debt issued 2,000Expenditures - construction costs2,800 Expenditures - architect/supervision fees200 Totals$3,000$3,000 Preclosing Trial Balance for Croton CityDebt Service FundDecember 31, 2019 DebitsCreditsCash$30 Transfer in from General Fund 1,200Expenditures - interest520 Expenditures - bond principal650 Totals$1,200$1,200

1. General Fund Property taxes- delinquent (net) = Property taxes receivable – delinquent minus…

Answered: Prepare a governmental funds balance…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Preparation of fund financial statements and schedules

Prepare a governmental funds balance sheet; a governmental funds statement of revenues, expenditures, and changes in fund balances; and a General Fund budgetary comparison schedule. In the budgetary comparison schedule, include a column for variances. To ease financial statement preparation, we supply you with the pre-closing trial balances for Croton City’s General Fund, Library Special Revenue Fund, Capital Projects Fund, and Debt Service Fund. Consider all funds as major funds for this exercise and classify the fund balance for the Debt Service Fund as Assigned fund balance. In addition, make calculations to determine which of the funds would be considered as nonmajor if Croton had not considered all of them to be major.

Preclosing Trial Balance for Croton City
General Fund
December 31, 2019
	Debits	Credits
Budgetary Accounts
Estimated revenues – property taxes	$9,000
Estimated revenues – personal income taxes	5,000
Estimated revenues – intergovernmental	1,000
Estimated revenues – recreation fees	600
Budgetary fund balance	600
Appropriations – public safety salaries		7,100
Appropriations – public safety supplies		500
Appropriations – public works salaries		5,000
Appropriations – parks salaries		2,300
Appropriations – transfer to Library Fund		100
Appropriations – transfer to Debt Service Fund		1,200
Encumbrances	150
Budgetary fund balance reserved for encumbrances		150
Financial Accounts
Cash	1,050
Property taxes receivable – delinquent	930
Income taxes receivable	700
Allowance for uncollectible property taxes – delinquent		30
Income tax refunds payable		300
Salaries payable		700
Accrued vacation pay payable		10
Deferred property tax revenues		400
Unassigned fund balance		1,600
Revenues – property taxes		8,880
Revenues – personal income taxes		5,000
Revenues – intergovernmental		1,000
Revenues – recreation fees		700
Expenditures – public safety salaries	7,060
Expenditures – public safety supplies	330
Expenditures – public works salaries	4,950
Expenditures – parks salaries	2,300
Transfer out to Library Special Revenue Fund	100
Transfer out to Debt Service Fund	1,200
Totals	$34,970	$34,970

Preclosing Trial Balance for Croton City
Library Special Revenue Fund
December 31, 2019
	Debits	Credits
Cash	$35
Restricted fund balance		5
Transfer in from General Fund		100
Revenues - intergovernmental grant		300
Revenues - miscellaneous		20
Expenditures - culture salaries	350
Expenditures - culture supplies	40
Totals	$425	$425

Preclosing Trial Balance for Croton City
Capital Projects Fund
December 31, 2019
	Debits	Credits
Revenues - intergovernmental grants		$1,000
Other financing source – long-term debt issued		2,000
Expenditures - construction costs	2,800
Expenditures - architect/supervision fees	200
Totals	$3,000	$3,000

Preclosing Trial Balance for Croton City
Debt Service Fund
December 31, 2019
	Debits	Credits
Cash	$30
Transfer in from General Fund		1,200
Expenditures - interest	520
Expenditures - bond principal	650
Totals	$1,200	$1,200

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