Haradev The City of Callaghan had the following partial list of pre-closing account balances in its GeneralFund as of June 30, 2023.Appropriations ControlBudgetary Fund BalanceBudgetary Fund BalanceDue to Other FundsReserve for EncumbrancesEncumbrances ControlEstimated Other Financing Uses ControlEstimated Revenues ControlExpenditures ControlFund BalanceOther Financing Uses Control-Transfers OutRevenues ControlTaxes Receivable-DelinquentVouchers PayableDebits107,0003,660,0002,877,000295,00075,000Credits$ 2,975,000385,000107,00040,000300,000272,0003,876,000275,000Required:Prepare, in good form, a Statement of Revenues, Expenditures, and Changes in Fund Balances forthe General Fund for the year ended June 30, 2023.

Statement of Revenue, Expenditure and Changes in fund balances is a statement that shows the…

Answered: The City of Callaghan had the following…

The City of Callaghan had the following partial list of pre-closing account balances in its General Fund as of June 30, 2023.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for the year ended September 30, 2024: Inflow of Financial Resources: Property taxes Sales taxes Fees and fines Licenses and permits Intergovernmental Investment earnings Proceeds from sale of land Outflows of Financial Resources: Current: General government Public safety Public works Health and sanitation Culture and recreation Transfer to capital project fund Fund balance, October 1, 2023 $ 27,025,000 13,323,000 1,332,000 1,730,000 2,375,000 661,000 831,000 11,731,000 24,451,000 6,219,000 1,171,000 2,163,000 1,127,000 1,819,000 Required: From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the city of Eastern Shores General Fund for the year ended September 30, 2024. Note: Negative entries should be entered with a minus sign and will appear in parenthesis.
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The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2020. Cash Taxes Receivable Allowance for Uncollectible Taxes Accounts Payable Fund Balance View transaction llest Postclosing Trial Balance June 30, 2019 $571,600 36,000 $687,608 5,608 182,808 500,000 $607,608 Clear entry 1 Record the transfer of taxes receivable to revenues control account. 2 Record the receipt of taxes and the uncollectibles. 3 Record the expenditures payable. 4 Record the payment of expenditure. 5 Record the transfer out of general fund. Hint: This is the plug needed to make cash balance after considering the other entries. 6 Record the transfer of revenue and expenditure control accounts to fund balance. Note: = journal entry has been entered Record entry Transactions July 1, 2019, to June 30, 2020 Debits $1,370,000 1,482,488 5,600 1,387,600 X There were no transfers into the General Fund, but there…
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