ACC 460 Wk 2 - Apply: Exercise 4-7 | eBooks | Education

ACC 460 Wk 2 - Apply: Exercise 4-7

ACC 460 Wk 2 - Apply: Exercise 4-7 PLDZ-13968 Free
In Stock
$ 0.00 USD
Free Download! Description

*************************************** 

Click Here To Download Your Files :  

https://uopcourse.com/category/acc-460/ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

You can buy more tutorials from the below link

https://uopcourse.com/

*************************************

ACC 460 Wk 2 - Apply: Exercise 4-7

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: 

  1.  Beginning balances were: Cash, $100,000; Taxes Receivable, $200,000; Accounts Payable, $57,500; and Fund Balance, $242,500.
  2.  The budget was passed. Estimated revenues amounted to $1,300,000 and appropriations totaled $1,296,000. All expenditures are classified as General Government.
  3.  Property taxes were levied in the amount of $950,000. All of the taxes are expected to be collected before February 2021.
  4.  Cash receipts totaled $920,000 for property taxes and $315,000 from other revenue.
  5.  Contracts were issued for contracted services in the amount of $107,500.
  6.  Contracted services were performed relating to $96,000 of the contracts with invoices amounting to $93,000.
  7.  Other expenditures amounted to $995,000.
  8.  Accounts payable were paid in the amount of $1,140,000.
  9.  The books were closed.

Required:a. Prepare journal entries for the above transactions.b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.

 

*************************************** Click Here To Download Your Files : https://uopcourse.com/category/acc-460/ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ You can buy more tutorials from the below link https://uopcourse.com/ *************************
Recent Reviews Write a Review
0 0 0 0 reviews