The general fund of Middleville has presented you with the following trial balance as of June 30, 2011.
Cash $ 40,000
Taxes Receivable- Delinquent 142,000
Estimated Uncollectible Taxes- Delinquent 9,100
Interest and Penalties Receivable 32,000
Vouchers Payable 24,000
Budgetary Fund Balance-Reserve for Encumbrances 10,200
Fund Balance _________ 170,700
$ 214,000 $214,000
The information that is being presented to you pertains to the transactions for the city of Middleville for the fiscal year ended June 30, 2012.
1. The following budget was adopted by the city council:
Property Taxes $ 650,000
Fines and Penalties 44,000
Licenses and Permits 150,000
Federal Grant 85,000
Appropriations and Other Financing Uses
Public Safety 402,000
General Government 263,000
Public Works 102,000
Parks and Recreation 92,000
Transfers Out 34,000
2. Encumbrances outstanding at the end of the year were reopened.
3. Property taxes of $660,000 were levied. It is estimated that 2.5% of the property taxes levied are expected to be uncollectible.
4. Purchase orders issued for the 2012 fiscal year were as follows:
Public Safety, $395,000; General Government, $259,000; Public Works, $100,000; Parks and Recreation, $98,000.
5. Cash collected for the federal grant from the federal government: $94,000.
6. Cash collected and transferred in as follows:
Fines and Penalties $43,000
Licenses and Permits $164,000
7. Cash collected on property taxes were as follows: Current taxes, $559,000; Delinquent Taxes, $41,000; and $22,000 of interest and penalties were collected.
8. Purchase orders issued in 2012 in the following amounts were filled in at the following amounts.
Public Safety $395,000 $393,600
General Government $259,000 $258,200
Public Works $100,000 $99,400
Parks and Recreation $98,000 $97,500
9. Vouchers paid amounted to $840,000 and the transfer out to the Debt Service Fund was $34,000.
10. Please reclassify the Taxes Receivable–Current and Estimated Uncollectible Taxes-Change from Current to Delinquent.
a. Prepare journal entries for the fiscal year ending 2012.
b. Prepare closing entries.
c. Prepare a general fund statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2012.
d. Prepare a general fund balance sheet as of June 30, 2012.
Outstanding Academic Writing Service
At MyMasterPapers.com, you are assured of professional essay writing help from the leading experts online. Quality comes at the forefront of our custom writing service to ensure that all our customers are satisfied with the work delivered. We value repeat customers. For this reason, we ensure that each task is completed to perfection for high scores.
Our hiring process is highly intensive. The writers are exposed to a strict selection procedure before hiring to ensure that we acquire the most qualified, well-educated and experienced writers. Our team of writers, professors, editors and researchers will ensure that you get incredible results.
We highly discourage plagiarism. For this reason, we have trained our writers in such a way that all the papers are written from scratch and are free from plagiarism. We also pay attention to ensure that each paper is completed as per the instructions provided. Referencing and citations are done as per the paper format selected by the customer. These include: APA, MLA, Chicago, Harvard, Turabian among others.
24/7 Customer Support
You can contact our support team via the chat window at the bottom right corner. Alternatively, feel free to email us via our support email: firstname.lastname@example.org. Our team is available 24/7 to respond to your queries and guide you though where need be.
Swift Delivery & 100% Money Back Guarantee
Simply choose the desired deadline when placing the order. The task is assigned to the most qualified writer as soon as the order is successfully placed. All the papers are delivered to you within the deadline selected. In case a paper cannot be delivered within the deadline selected, we request for a deadline extension within the shortest time possible.
Free Unlimited Revisions
Our customers can always request for a revision in case they feel that something needs to be added or changed after the final paper has been delivered. We do not charge for revisions. However, we highly discourage our customers from misusing this policy.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Mymasterpapers.com specializes in custom essay writing for all level of students. Simply relax as we get your paper done within the timeline indicated.
Our team of skilled writers and researchers is readily available to get any type of academic paper completed. We deliver high quality papers and projects to our customers to ensure that we maintain a long-term relationship that will shine your academic career.
Admission Essays & Professional Writing
An admission essay allows you to express yourself by providing personal details that wouldn’t have fit on other areas of an application. We have a team of experienced writers who will get you to the desired academic level through a professional and a personalized admission essay.
Editing & proofreading
Are you seeking for editing or proofreading help? We have a team of editors who will ensure that any issue within you paper has been addressed. Upload the paper to be cleaned up and relax as we get the job done.
At mymasterpapers.com, you can always ask for revision in case you want some changes in you paper. We focus on ensuring that the grammar, research and formatting are done as per the latest academic writing standards.