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Author Question: Which of the following is not required to be prepared for the General Fund according to GASB ... (Read 63 times)

sam.t96

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  • Posts: 570
on: Jul 5, 2018
Which of the following is not required to be prepared for the General Fund according to GASB standards?
 
  a. budgetary comparison statement or schedule
  b. statement of revenues, expenditures, and changes in fund balance
  c. balance sheet
  d. all of the above are required

Question 2

(Preparing closing entries and financial statements from a trial balance.)
  Presented below is the adjusted trial balance for the General Fund of the Town of Tranquil Bay at December 31, 2013, the end of the fiscal year.
 
  Based on this information, prepare, in good form:
   a. closing entries
   b. the statement of revenues, expenditures, and changes in fund balance for the year
   c. the balance sheet at December 31, 2013 .
 
  Town of Tranquil Bay
  General Fund
  Adjusted Trial Balance
  December 31, 2013
 
  Cash
  19,750
 
  Taxes receivable, net
  137,000
 
  Investments
  65,000
 
  Due from other funds
  68,000
 
  Vouchers payable
 
  38,750
 
  Due to other funds
 
  142,750
 
  Unassigned fund balance
 
  117,000
 
  Estimated revenues
  610,000
 
  Appropriations
 
  590,000
 
  Budgetary fund balance
 
  20,000
 
  Revenues-taxes
 
  590,175
 
  Revenues-charges for services
 
  14,080
 
  Expenditures-personal services
  287,125
 
  Expenditures-supplies
  29,680
 
  Expenditures-capital outlay
   244,000
 
  Transfer in from debt service fund
 
  32,500
 
  Transfers out to capital projects fund
   84,700
   0
 
  1,545,255
  1,545,255


wuly

  • Sr. Member
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  • Posts: 327
Reply #1 on: Jul 5, 2018
Answer to Question 1

d

Answer to Question 2

a. Closing entries

Appropriations 590,000
Budgetary fund balance 20,000
Estimated revenues 610,000

Revenues-taxes 590,175
Revenues-charges for services 14,080
Transfers in from debt service fund 32,500
Unassigned fund balance 8,750
Expenditures-personal services 287,125
Expenditures-supplies 29,680
Expenditures-capital outlay 244,000
Transfers out to capital projects fund 84.700

b. Statement of Revenues, Expenditures, and Changes in Fund Balance

Town of Tranquil Bay
General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For the year ended December 31, 2013

Revenues

Taxes
590,175

Charges for services
14,080

Total revenues
 604,255

Expenditures

Personal services
287,125

Supplies
29,680

Capital outlay
244,000

Total expenditures
560,805

Excess of revenues over (under) expenditures

43,450

Other financing sources (uses)

Transfers in from debt service fund
32,500

Transfers out to capital projects fund
(84,700)

Other financing use, net
(52,200)

Net decrease in fund balance
(8,750)

Fund balance, beginning of year
117,000

Fund balance, end of year
 108,250

c. Balance Sheet

Town of Tranquil Bay
General Fund
Balance Sheet
At December 31, 2013

Assets

Cash
 19,750

Taxes receivable, net
137,000

Investments
65,000

Due from other funds
68,000

Total assets
 289,750

Liabilities

Vouchers payable
 38,750

Due to other funds
142,750

Total liabilities
181,500

Fund balance

Unassigned
108,250

Total liabilities and fund balance
 289,750


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