Listed below are the December 31, 2015 pre-closing Trial Balances for the Genera
ID: 2482632 • Letter: L
Question
Listed below are the December 31, 2015 pre-closing Trial Balances for the General Fund, Motor Fuel Tax Special Revenue Fund, Debt Service Fund, and Capital Projects Fund for the Village of Janesville. Prepare a Governmental Funds Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balances as of and for the year ended December 31, 2015. The Village considers the Capital Projects Fund a major fund. Categorize the Fund Balances as appropriate and explain why you chose the classifications that you did for each fund. Each fund balance classification should be used at least once - you will need to create scenarios that you think would be happening inside the government that would explain each classification - be creative!
Debit
Credit
General Fund
Cash
443,000
Taxes Receivable
528,800
Interest Receivable
34,490
Due from State
60,000
Accounts Payable
90,300
Due to other funds
135,000
Fund Balance, January 1, 2015
290,000
Revenues - Property Taxes
3,478,800
Revenues - Sales Taxes
1,452,490
Revenue - Licenses and Permits
540,000
Revenue - Fines and Fees
430,000
Revenue - Intergovernmental Revenue
450,000
Revenue - Miscellaneous
30,000
Expenditures - General Government
810,000
Expenditures - Public Safety
2,139,500
Expenditures - Public Works
630,000
Expenditures - Health and Welfare
480,100
Expenditures - Parks and Rec
950,400
Expenditures - Miscellaneous
20,300
Transfer out to Debt Service Fund
800,000
Motor Fuel Tax Special Revenue Fund
Cash
247,500
Due from State
125,000
Accounts Payable
135,000
Fund Balance, January 1, 2015
212,500
Revenues - Motor Fuel Taxes
650,000
Revenues - Licenses and Permits
350,000
Expenditures - Public Works
975,000
Debt Service Fund
Cash
34,000
Fund Balance, January 1, 2015
-
Expenditures - Debt Service Principal
370,000
Expenditures - Debt Service Interest
196,000
Transfer In from General Fund
600,000
Capital Projects Fund
Cash
102,000
Investments
260,000
Interest Receivable
6,000
Fund Balance, January 1, 2015
-
Revenues - Intergovernmental Revenue
-
Revenues - Investment Income
18,000
Proceeds from Bonds
1,200,000
Premium on Bonds
200,000
Transfer In from General Fund
200,000
Expenditure - Capital Outlay
1,250,000
Debit
Credit
General Fund
Cash
443,000
Taxes Receivable
528,800
Interest Receivable
34,490
Due from State
60,000
Accounts Payable
90,300
Due to other funds
135,000
Fund Balance, January 1, 2015
290,000
Revenues - Property Taxes
3,478,800
Revenues - Sales Taxes
1,452,490
Revenue - Licenses and Permits
540,000
Revenue - Fines and Fees
430,000
Revenue - Intergovernmental Revenue
450,000
Revenue - Miscellaneous
30,000
Expenditures - General Government
810,000
Expenditures - Public Safety
2,139,500
Expenditures - Public Works
630,000
Expenditures - Health and Welfare
480,100
Expenditures - Parks and Rec
950,400
Expenditures - Miscellaneous
20,300
Transfer out to Debt Service Fund
800,000
Motor Fuel Tax Special Revenue Fund
Cash
247,500
Due from State
125,000
Accounts Payable
135,000
Fund Balance, January 1, 2015
212,500
Revenues - Motor Fuel Taxes
650,000
Revenues - Licenses and Permits
350,000
Expenditures - Public Works
975,000
Debt Service Fund
Cash
34,000
Fund Balance, January 1, 2015
-
Expenditures - Debt Service Principal
370,000
Expenditures - Debt Service Interest
196,000
Transfer In from General Fund
600,000
Capital Projects Fund
Cash
102,000
Investments
260,000
Interest Receivable
6,000
Fund Balance, January 1, 2015
-
Revenues - Intergovernmental Revenue
-
Revenues - Investment Income
18,000
Proceeds from Bonds
1,200,000
Premium on Bonds
200,000
Transfer In from General Fund
200,000
Expenditure - Capital Outlay
1,250,000
Explanation / Answer
Answe:-
Particulars genral fund Motor Fuel Tax Special Revenue Fund Debt Service Fund Capital Projects Fund Revenues:- Property Taxes 3478800 Sales taxes 1452490 Licenses & Permit 540000 350000 Fines & fees 430000 Intergovt Revenue 450000 Misc 30000 Motor Fuel Taxes 650000 18000 Investment Income Total Revenue 6381290 1000000 0 18000 Expenditure General Government 810000 Public Safety 2139500 Public works 630000 975000 Health and Welfare 480100 Parks and Rec 950400 Misc 20300 Debt Service Principal 370000 Debt Service Interest 196000 Capital Outlay 1250000 Total Expenditure 5030300 975000 566000 1250000 Excess (deficiency) 1350990 25000 -566000 -1232000 Other Financing Sources (USES) Proceeds from Bonds 1200000 Transfer In from General Fund 600000 Transfer In from General Fund 200000 Transfer out to Debt Service Fund -800000 Total Other financing 400000 0 600000 200000Related Questions
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