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City of Monroe The Balance Sheets of the General Fund and the Street and Highway Fund of the Coty of Monroe as of December 31, 2014, follow.
3-C This portion of the continuous problem continues the General Fund and special revenue fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget information for the City includes:
a) As of January 1, 2015 the city council approved and the mayor signed a budget calling for $11,250,000 in property tax and other revenue, $9,300,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment and principal and interest. Record the budget for the General Fund and post to the ledger.
b) Also as of January 1, 2015 the City Council approved and the mayor signed a budget for the Street and Highway fund that provided for estimated revenues from the state government in the amount of $1,068,000 and appropriations of $1,047,000. Record the budget and post to the ledger.
4-C Part 1 General Fund Transactions
Required:
Encumbrances of $17,000 for purchase orders outstanding at the end of 2014 were re-established
The January 1, 2015 balance is deferred inflows Property Taxes relates to the amount of the 2014 levy that was expected to be collected more than 60 days after December 31.This amount should be recognized as 2015 revenues
A general tax levy in the amount of $6,800,000 was made.It is estimated that 2 percent of the tax will be uncollectable
Tax anticipation notes in the amount of $500,000 were issued
Good and supplies related to all encumbrances outstanding as of December 31, 2014 were received along with invoices amounting to $16,600; the invoices were approved for payments.The City maintains immaterial amounts in supplyinventories and it is the practice of the City to charge supplies to expenditure when received
All accounts payable and the amount due other funds were paid
The General Fund collected the following ($10,811,500) in cash
Prior year taxes $158,000
Interest and penalties receivable on prior year taxes $3,500
Current taxes $6,400,000
$210,000 previously recorded as due from the state government
Licenses and permits $800,000
Sales taxes $2,890,000 and
Miscellaneous revenues $350,000
Purchase orders and contracts were issued in the amount of $3,465,000
Payrolls for the General Fund totaled $5,070,000.Of that amount $498,000 were withheld for employees federal income taxes and $357,000 were withheld for employees FICA and Medicare tax liability; the balance was paid in cash.The emcumbrance system is not used for payrolls
The liability for the citys share of FICA and Medicare taxes $357,000 was recorded as was the liability for state unemployment taxes in the amount of $28,000
Invoices for most of the supplied and services ordered in transaction 8 were received in the amount of $3,375,300 and approved for payment.The related encumbrance amounted to $3,407,000
Tax anticipation notes were paid at maturity along with interest in the amount of $18,000
Notification was received that an unrestricted state grant in the amount of $332,000 would be received during the first month of the next year
The General Fund recorded a liability to the Water and Sewer Fund for services in the amount of $37,000 and to the Stores and Services Fund for supplies in the amount of $313,200; $310,000 of the amount due the Stores and Services Fund was paid
The General Fund recorded an aount due of $52,000 from the state government, representing sales taxes to be collected from retail sales taking place during the week of the year
The General Fund paid accounts payable in the amount of $3,015,000 and paid the amounts due the federal and state governments.The General Fund also transferred to the debt service funds cash in the amount of $1,662,000 for the recurring payment of principal and interest
All required legal steps were accomplished to increase appropriations by the net amount of $212,000.Estimated revenues were increased by $73,000
The City Council authorized a write-off of $51,000 in delinquent property taxes and corresponding interest and penalties amounting to $1,600
Interest and penalties receivable on taxes were accrued in the amount of $17,200; $1,100 of this amount is expected to be uncollectable
It is estimated that $27,500 of the outstanding taxes receivable will be collected more than 60 days beyond the fiscal year end
B) Post the entries to the general ledger
C) Prepare and post the closing entries for the General Fund. Outstanding encumbrances at year end are classified as Assigned Fund Balance and all remaining net resources are classified as Unassigned Fund Balance
D) Prepare a Statement of Revenues, Expenditures, and Change in Fund Balance for the year ended December 31, 2015. Confirm that the revenue and expenditure control accounts agree with the following detail and use this information in the Statement:
Revenues Expenditures
Property Taxes----------------------$6,657,500 General Government----------$1,646,900
Sales Taxes----------------------------$2,942,000 Public Safety---------------------$3,026,900
Interest & Penalites on Taxes----------16,100 Highways and Streets---------$1,441,400
Licenses and Permits -----------------800,000 Sanitation----------------------------591,000
Intergovernment Revenue----------332,000 Health--------------------------------724,100
Miscellaneous Revenue Tax---------350,000 Welfare------------------------------374,300
TOTAL-------------------------------$11,097,600 Culture and Recreation--------- 917,000
Capital Outlay---------------------492,800
Total-----------------------------$9,215,100
E) Prepare in good form a Balance Sheet for the General Fund as of the end of the fiscal year December 31, 2015
