Answered You can hire a professional tutor to get the answer.

QUESTION

The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe as of December 31, 2014, follow. These (beginning)...

I need help answering the following questions using the information attached. 

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 Changes 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 and Penalties

on Taxes . . . . . . . . . . . 16,100 Highways and Streets . . 1,441,400

Licenses and Permits . 800,000 Sanitation . . . . . . . . . . . . 591,400

Intergovernmental

Revenue . . . . . . . . . . . 332,000 Health . . . . . . . . . . . . . . 724,100

Miscellaneous Revenue 350,000 Welfare . . . . . . . . . . . . . 374,300

Total . . . . . . . . . . . . $11,097,600 Culture and Recreation . 917,300

 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 fiscal year,

December 31, 2015.

Show more
LEARN MORE EFFECTIVELY AND GET BETTER GRADES!
Ask a Question