Given below is the pre-closing trial balance for the General Fund of the City of

Question

Given below is the pre-closing trial balance for the General Fund of the City of Alexandria for the fiscal year ending June 30, 2016 (all numbers are in K). Cash Estimated Uncollectible- Current Taxes Estimated Uncollectible - Delinquent Taxes 7 Interest and Penalties Receivable 1 Estimated Uncollectible-Interest and Penalties 3 Due from Other Funds Supplies Due to Other Funds 90 Taxes Receivable-Current 10 Taxes Receivable- Delinquent Taxes 20 Vouchers Payable Fund Balance Nonexpendable Supplies 4 Revenues-Property Taxes 4 Encumbrances Outstanding 20165 Fund Balance Unassigned Estimated Revenues Revenues-Grant 9 Tax Anticipation Notes Payable 60 Budgetary Fund Balance 20 Revenues-Other 60P Expenditures- Interest -105 Appropriations Expenditure- Payrol Expenditures-Other Other Financing Sources 100Encumbrances- 2016 15 10xp Estimated Other Financing Sources Additional information: The beginning The city uses the Purchase Method to account for supplies in the General Fund. inventory of supplies was si K.-~-4-/ 3 P . At the beginning of the fiscal year, there were no outstanding encumbrances The city plans to honor all encumbrances outstanding at the end of the fiscal year. A, Prepare a Balance Sheet for the General Fund as of June 30, 2016

Explanation / Answer

Balance sheet of General fund as on June 30, 2016

Liabilities. Amount . Assets Amount

Budgeted fund balance. 20. Cash . 90

Net profit . 25 . Tax receivable . 50

(20+80+5+10-20-60-10)

Due to other funds. 9 . Interest & penalty receivable 10

Encumbrances o/s . 5. Due from other funds. 6

Vouchers payable. 7

Tax amount notes payable . 35

Encumbrances 5

Net estimated liability 50

Total. 156. Total. 156

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