The General Fund of Middleville has presented you with the following trial balance as of June 30, 2011.
DebitsCredits
Cash$ 40,000
Taxes Receivable- Delinquent142,000
Estimated Uncollectible Taxes- Delinquent 9,100
Interest and Penalties Receivable32,000
Vouchers Payable24,000
Budgetary Fund Balance-Reserve for Encumbrances10,200
Fund Balance_________170,700
$ 214,000$214,000
The information that is being presented to you pertains to the transactions for the city of Middleville for the fiscal year ended June 30, 2012.
1.The following budget was adopted by the city council:
Estimated Revenues:
Property Taxes$ 650,000
Fines and Penalties44,000
Licenses and Permits150,000
Federal Grant85,000
929,000
Appropriations and Other Financing Uses
Public Safety402,000
General Government263,000
Public Works102,000
Parks and Recreation92,000
Transfers Out34,000
893,000
2.Encumbrances outstanding at the end of the year were re-opened.
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 Penalties43,000
Licenses and Permits164,000
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:
EstimatedActual
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
------------------------------
$ 852,000$ 848,700
9.Vouchers paid amounted to $ 840,000 and the transfer out to the Debt Service Fund, $34,000.
10.Please reclassify the Taxes Receivable -Current and Estimated Uncollectible Taxes- Change from Current to Delinquent.
Instructions:
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.
Project will be done in Excel and will contain formulas .
Calculations for all parts should be organized and correctly labeled.