Accounting and financial statements

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Reference no: EM135405

Your team has been hired as the accountants for the Village of AIU. Your team is being asked to do the following:

  • Please see the adopted budget and trial Balance given below to use.
  • Note that the only encumbrances outstanding at year-end were $15,000 for unperformed contracts in community development.
  • The beginning fund balance was $75,000.
  • Prepare the closing entries for the general ledger accounts and the subsidiary ledgers of the Village of AIU general fund.
  • Prepare the statement of revenues, expenditures, and changes in fund balance-budget and actual-for the Village of AIU General Fund for the 20X9 fiscal year.
  • Work as a team to define an approach for producing the deliverables for this assignment.
  • Assign individual work to each team member.

Objective:

  • Demonstrate an understanding of governmental and not-for-profit accounting and financial statements;
  • Analyze transactions unique to governmental and not-for-profit entities to determine potential outcomes;

Estimated Revenues:

Taxes                                        $ 125,000

Interest & penalities                       2 0,000

License, permits & fees                  35,000

Intergovernmental grants              15,000

Investment revenue                      75,000

Miscellaneous revenue                    5,000

Total estimated revenues                                     $ 275,000

Appropriations:

General government                    80,000

Public safety                                23,000

Street and sanitation                   50,000

Health and welfare                      3 5,000

Community development             12,000

Parks and recreation                    25,000

Total appropriations                     225,000

Budgeted excess of revenues over appropriations                                              $ 50,000 

                                                      Debit                 Credit

Revenues Subsidiary Ledger:

Taxes                                             5,000

Interest & penalities                                                  1,500

License, permits & fees                    4,250

Intergovernmental grants                                       13,750

Investment revenue                        1,250

Miscellaneous revenue                                             2,450

Totals                                             10,500            17,700

Expenditures Subsidiary Ledger:

General government                        8,750

Public safety                                                            125

Street and sanitation                                               1 ,750

Health and welfare                          6,000

Community development                                       1,600

Parks and recreation                      2,500

Totals                                          17,250              3,475

Reference no: EM135405

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