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ACCT567 Case Study I (Week 2)
The General Fund of Middleville has presented you with the following trial balance as of June 30, 2011. Debits Credits Cash $ 40,000 Taxes Receivable- Delinquent 142,000 Estimated Uncollectible Taxes- Delinquent 9,100 Interest and Penalties Receivable 32,000 Vouchers Payable 24,000 Budgetary Fund Balance-Reserve for Encumbrances 10,200 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 Penalties 44,000
Licenses and Permits 150,000
Federal Grant 85,000 929,000 Appropriations and Other
The General Fund of Middleville has presented you with the following trial balance as of June 30, 2011. Debits Credits Cash $ 40,000 Taxes Receivable- Delinquent 142,000 Estimated Uncollectible Taxes- Delinquent 9,100 Interest and Penalties Receivable 32,000 Vouchers Payable 24,000 Budgetary Fund Balance-Reserve for Encumbrances 10,200 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 Penalties 44,000
Licenses and Permits 150,000
Federal Grant 85,000 929,000 Appropriations and Other