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1. A City’s General Fund has the following net resources at December 31, 2015

• Total assets of $846,000 and liabilities of $137,500.
• $400,000 rainy day fund approved by the township governing board
• $3,600 of supplies inventory
• $15,000 state grant for snow removal
• $120,000 contractual obligations for capital projects
• $66,000 of outstanding encumbrances representing purchase orders which will be paid from the General Fund

Required

Prepare the fund balance section of the Balance Sheet

2. The following information was available for the General Fund of the City of New Yankee 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 New Yankee for the Year Ended December 31, 2015.

3. The City of GWB had the following pre-closing account balances in its General Fund as of April 30, 2015. Debits and credits are not separated; each account had its “normal” balance. Among the expenditures recorded this year is an amount expended on supplies ordered at the end of the previous year. Assume that encumbrances do not lapse and that the City failed to make the journal entry(s) necessary to re-establish the encumbrance in the current year.

Required

(a) Prepare all entries necessary to close the General Fund of the City of GWB.
(b) Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the City of GWB for the Year Ended April 30, 2015. End with the ending fund balance. This is the GAAP operating statement.

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4. The following transactions occurred in the General Fund of Nassau County. Prepare the journal entry(s) as instructed for each. Assume each item is independent of each other.

A. The total estimated revenue budget for 2015 is $11,000,000 and the total appropriations for 2015 are $9,500,000. Total planned transfer to debt service funds for 2015 is $800,000. Record the budget (without subsidiary ledger detail)

B. Smyth County was able to get a Tax Anticipation Note that was secured by the county’s power to tax. The county borrowed $500,000 and planned to repay the loan as tax collections begin to exceed current disbursements for the year. Upon repayment of the loan the county must pay $12,600 in interest. – Record the Note payable and the later repayment of the note payable

C. Property taxes of $7,000,000 were levied for Nassau County. Assume that 1.5 percent of these taxes are estimated to be uncollectible due to local economic conditions. – Record the entry when the tax is levied

D. During 2015 the billing staff inappropriately had duplicate bills for the same properties in the amount of $23,000. Record the entry to correct this error

E. Upon examining the revenues and expenditures to date, the governing board decided to amend the budget. The revenue budget needs to be decreased by $85,000 and the appropriations should be increased by $65,000. – Record the amendments to the budget when legally approved

F. A review of the Tax Receivable subsidiary ledger indicates the following

• $20,000 would be received 120 days after year-end
• $45,000 would be received 90 days after year-end
• $22,000 would be received 60 days after year-end
• $21,000 would be received 30 days after year-end

Record the property taxes to be deferred that is required by the GASB
G. The treasurer of Nassau County approved the write-off of delinquent taxes from 2015 totaling $10,200 and related interest and penalties of $750. – Record the write-off of uncollectible delinquent taxes

5. Prepare the General Ledger journal entries for the General Fund for the Village of Well for the year ended December 31, 2015

a. The budget was formally adopted. Estimated revenues are $3,250,000 and appropriations are estimated to be $3,204,500.
b. Revenues were received in the amount of $3,256,500.

c. Purchase orders were issued in the amount of $1,690,000.
d. Purchase orders were filled in the amount of $1,436,500. The invoice amount was $1,443,000.

e. Expenditures, not encumbered, amounted to $1,352,000. (not yet paid)
f. Amounts from d and e are paid.

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