Book ALL entries and Prepare the GF

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Reference no: EM132839767

Question - On January 1, 2020 - A government passes a budget for the GF with the following:

Estimated Property tax $18,000,000; estimated grant revenue of 1,000,000. The GF estimates it will pay salaries of $8,000,000; and estimates it will pay Public Safety Expenses of $6,000,000. The GF budget allowed for a $100,000 worth of supplies to be purchased. The GF uses the encumbrance method and the purchases method. The GF expects 1,000,000 of cash from CPF.

The opening balances: Cash 100,000. FB - Committed 100,000.

The Capital Projects Fund issued 10,000,000 worth of bonds for 10,000,000 cash and sent the GF 1,000,000.

The GF ordered a $100,000 worth of supplies. It received half of the supplies for $50,000. The GF paid for the supplies with cash. The GF used half of the supplies by year-end.

The GF received 2 grants: 1 grant for $800,000 was to be used in 2020 for payment of salaries and the GF received $200,000 more of grant revenue to be used for public safety in 2021.

$18,300,000 Property tax bills were sent in December 2019 for 2020 expenditures. $300,000 is deemed uncollectible. $200,000 were received in December 2019. $17,500,000 were received in 2020. The GF estimated that $50,000 would be received in 60 days after year-end; and that the remainder would be received after 60 days after year-end.

The GF paid salaries of $8,100,000 in 2020. The GF paid public Safety of $6,000,000 with cash.

Book ALL entries and Prepare the GF (only) or expenditures and Changes in Fund Balance and Balance sheet.

Reference no: EM132839767

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