All your Writing needs covered

City of Monroe The Balance Sheets of the General Fund and the Street and Highway Fund of the Coty of Monroe as of December 31, 2014, follow.

Calculate the price
of
your order:

275 words
+
Approximate price
$ 0.00

City of Monroe The Balance Sheets of the General Fund and the Street and Highway Fund of the Coty of Monroe as of December 31, 2014, follow.

3-C This portion of the continuous problem continues the General Fund and special revenue fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget information for the City includes:

a) As of January 1, 2015 the city council approved and the mayor signed a budget calling for $11,250,000 in property tax and other revenue, $9,300,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment and principal and interest. Record the budget for the General Fund and post to the ledger.

b) Also as of January 1, 2015 the City Council approved and the mayor signed a budget for the Street and Highway fund that provided for estimated revenues from the state government in the amount of $1,068,000 and appropriations of $1,047,000. Record the budget and post to the ledger.

4-C Part 1 General Fund Transactions

Required:

Encumbrances of $17,000 for purchase orders outstanding at the end of 2014 were re-established

The January 1, 2015 balance is deferred inflows Property Taxes relates to the amount of the 2014 levy that was expected to be collected more than 60 days after December 31.This amount should be recognized as 2015 revenues

A general tax levy in the amount of $6,800,000 was made.It is estimated that 2 percent of the tax will be uncollectable

Tax anticipation notes in the amount of $500,000 were issued

Good and supplies related to all encumbrances outstanding as of December 31, 2014 were received along with invoices amounting to $16,600; the invoices were approved for payments.The City maintains immaterial amounts in supplyinventories and it is the practice of the City to charge supplies to expenditure when received

All accounts payable and the amount due other funds were paid

The General Fund collected the following ($10,811,500) in cash

Prior year taxes $158,000

Interest and penalties receivable on prior year taxes $3,500

Current taxes $6,400,000

$210,000 previously recorded as due from the state government

Licenses and permits $800,000

Sales taxes $2,890,000 and

Miscellaneous revenues $350,000

Purchase orders and contracts were issued in the amount of $3,465,000

Payrolls for the General Fund totaled $5,070,000.Of that amount $498,000 were withheld for employees federal income taxes and $357,000 were withheld for employees FICA and Medicare tax liability; the balance was paid in cash.The emcumbrance system is not used for payrolls

The liability for the citys share of FICA and Medicare taxes $357,000 was recorded as was the liability for state unemployment taxes in the amount of $28,000

Invoices for most of the supplied and services ordered in transaction 8 were received in the amount of $3,375,300 and approved for payment.The related encumbrance amounted to $3,407,000

Tax anticipation notes were paid at maturity along with interest in the amount of $18,000

Notification was received that an unrestricted state grant in the amount of $332,000 would be received during the first month of the next year

The General Fund recorded a liability to the Water and Sewer Fund for services in the amount of $37,000 and to the Stores and Services Fund for supplies in the amount of $313,200; $310,000 of the amount due the Stores and Services Fund was paid

The General Fund recorded an aount due of $52,000 from the state government, representing sales taxes to be collected from retail sales taking place during the week of the year

The General Fund paid accounts payable in the amount of $3,015,000 and paid the amounts due the federal and state governments.The General Fund also transferred to the debt service funds cash in the amount of $1,662,000 for the recurring payment of principal and interest

All required legal steps were accomplished to increase appropriations by the net amount of $212,000.Estimated revenues were increased by $73,000

The City Council authorized a write-off of $51,000 in delinquent property taxes and corresponding interest and penalties amounting to $1,600

Interest and penalties receivable on taxes were accrued in the amount of $17,200; $1,100 of this amount is expected to be uncollectable

It is estimated that $27,500 of the outstanding taxes receivable will be collected more than 60 days beyond the fiscal year end

B) Post the entries to the general ledger

C) Prepare and post the closing entries for the General Fund. Outstanding encumbrances at year end are classified as Assigned Fund Balance and all remaining net resources are classified as Unassigned Fund Balance

D) Prepare a Statement of Revenues, Expenditures, and Change in Fund Balance for the year ended December 31, 2015. Confirm that the revenue and expenditure control accounts agree with the following detail and use this information in the Statement:

                        Revenues                                                                            Expenditures

Property Taxes———————-$6,657,500                               General Government———-$1,646,900

Sales Taxes—————————-$2,942,000                             Public Safety———————$3,026,900

Interest & Penalites on Taxes———-16,100                               Highways and Streets———$1,441,400

Licenses and Permits —————–800,000                 Sanitation—————————-591,000

Intergovernment Revenue———-332,000                 Health——————————–724,100

Miscellaneous Revenue Tax———350,000                 Welfare——————————374,300

TOTAL——————————-$11,097,600                                Culture and Recreation——— 917,000

                                                                                                        Capital Outlay———————492,800

                                                                                                        Total—————————–$9,215,100

E) Prepare in good form a Balance Sheet for the General Fund as of the end of the fiscal year December 31, 2015

Basic features

  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support

On-demand options

  • Writer's samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading

Paper format

  • 275 words per page
  • 12pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, CHicago/Turabian, Havard)

Guaranteed originality

We guarantee 0% plagiarism! Our orders are custom made from scratch. Our team is dedicated to providing you academic papers with zero traces of plagiarism.

Affordable prices

We know how hard it is to pay the bills while being in college, which is why our rates are extremely affordable and within your budget. You will not find any other company that provides the same quality of work for such affordable prices.

Best experts

Our writer are the crème de la crème of the essay writing industry. They are highly qualified in their field of expertise and have extensive experience when it comes to research papers, term essays or any other academic assignment that you may be given!

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
$0.00

Expert paper writers are just a few clicks away

Place an order in 3 easy steps. Takes less than 5 mins.

error: Content is protected !!
Open chat
1
Reliance Papers Inc.
Get Help With All Your Homework Questions. Any Deadline, Affordable, Quality Work Guaranteed!!