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    The Village of Seaside Pines: Balance Statement

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    I am new to non profit accounting and have no idea what I'm doing. Could you please help me answer these questions?

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    4-5. The Village of Seaside Pines prepared the following General Fund Trial Balance as of December 31, 2009, the last day of its fiscal year.

    Debits Credits

    Accounts Payable $55,000
    Allowance Uncollectible Taxes 12,000
    Appropriations 475,000
    Budgetary Fund Balance 40,000
    Cash $95,000
    Deferred Revenue 19,000
    Due from Capital Projects Fund 5,000
    Due to Debt Service Fund 17,000
    Encumbrances 55,000
    Estimated Revenue 550,000
    Estimated Other Financing Uses 35,000
    General Government Expenditures 175,000
    Other Revenues 28,000
    Property Tax Revenue 503,000
    Public Safety Expenditures 347,000
    Reserve for Encumbrances 55,000
    Supplies Inventory 7,000
    Tax Anticipation Note Payable 100,000
    Taxes Receivable 102,000
    Transfer Out (to Internal Service Fund) 33,000
    Unreserved Fund Balance 30,000
    Totals $1,369,000 $1,369,000

    a. Prepare the closing entries for December 31. (It is not necessary to use control accounts and subsidiary ledgers.)

    b. Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the year ended December 31.

    c. Prepare the Fund Balance Section of the December 31 Balance Sheet.

    4-6. On January 1, 2009, the first day of its fiscal year, the City of Carter received notification that a federal grant in the amount of $550,000 was approved. The grant was restricted for the payment of wages to teenagers for summer employment. The terms of the grant permitted reimbursement only after payment was made; the grant could be used over a two-year period. The following data pertain to operations of the Summer Employment Grant Fund, a special revenue fund of the City of Carter, during the year ended December 31,2009.

    Show entries in general journal form to record the following events and transactions in the accounts of the Summer Employment Grant Fund:
    1. The budget was recorded. It provided for Estimated Revenues for the year in the amount of $275,000, and for Appropriations in the amount of $275,000.

    2. A temporary loan of $275,000 was received from the General Fund.

    3. During the year, teenagers earned and were paid $267,000 under terms of the Summer Employment program. An additional $5,000 is accrued as payable on December 31. Recognize the receivable and revenue (include the $5,000 wages payable).

    4. Each month a properly documented request for reimbursement was sent to the federal government; checks for $248,000 were received.

    5. Necessary closing entries were made.

    4-7. The Town of Quincy's fiscal year ends on June 30. The following data relate to the property tax levy for the fiscal year ended June 30, 2009. Prepare journal entries for each of the dates as indicated.

    a. The balance in deferred property tax revenue was $242,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing journal entry.

    b. On July 1, 2008, property taxes in the amount of $10,000,000 were levied.
    It was estimated that 3 percent would be uncollectible. The property taxes were intended to finance the expenditures for the year ended June 30,
    2009.

    c. On October 31, $4,600,000 in property taxes were collected.

    d. On December 31, $4,800,000 in additional property taxes were collected.

    e. Receivables totaling $12,000 were deemed to be uncollectible and written off.

    f. On June 30, $300,000, was transferred from Revenues Control to Deferred Revenues, because it was not expected to be collected within 60 days.

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    QUESTIONS
    4-5. The Village of Seaside Pines prepared the following General Fund Trial
    Balance as of December 31, 2009, the last day of its fiscal year.

    Debits Credits

    Accounts Payable $55,000
    Allowance Uncollectible Taxes 12,000
    Appropriations 475,000
    Budgetary Fund Balance 40,000
    Cash $95,000
    Deferred Revenue 19,000
    Due from Capital Projects Fund 5,000
    Due to Debt Service Fund 17,000
    Encumbrances 55,000
    Estimated Revenue 550,000
    Estimated Other Financing Uses 35,000
    General Government ...

    Solution Summary

    The village of Seaside Pines is examined. Balance statements and revenues statements is examined.

    $2.49

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