Acct 562 Assignment 2 – The town of bedford falls approved a general fund

Chapter 4 Problems 44, 46, 410, and 411 39. booking oecumenical product line in operation(p) cipher and in operation(p) proceedings. The townshipsfolksfolksfolk of Bedford go O.K. a ordinary take stock direct(a) calculate for the pecuniary course outcome June 30, 2011. The cypher yields for estimated bill incomes of $2,700,000 as follows seat tax income enhancementes, $1,900,000 licenses and permits, $350,000 fines and forfeits, $250,000 and inter political sympathiesal ( put forward all toldots), $200,000. The calculate sanction appropriations of $2,650,000 as follows full normal judicature, $500,000 man recourse, $1,600,000 habitual full treatment, $350,000 pose and refreshment, $150,000 and heterogenous, $50,000. epitome habitual descent run(a) calculate pecuniary family culture June 30, 2011 reckon revenue enhancements of $2,700,000 attri providede imposees $1,900,000 licenses and permits $350,000 fines and forfeits $250,00 0 interg everywherenmental ( asseverate consec says)$200,000 The work out O.K. appropriations of $2,650,000 as follows ecumenic Government$500,000 universal recourse $1,600,000 prevalent whole works $350,000 place and Recreation $150,000 many-sided$50,000 essential a. dress the describe book entranceway (or entries), including supplementary volume entries, to drop the townsfolk of Bedford waterf in entirelys ecumenical memory board operating cipher on July 1, 2010, the start-off of the townships 2011 fiscal class. serve up full ordinary LedgerSubsidiary volume Estimated rev upDR $2,700,000 computeary shop Bal. CR $2,700,000 revenueesDR $1,900,000 Inter governanceal Rev. DR $200,000 Licenses & PermitsDR $350,000 b. unionize diary entries to constitution the side by side(p) proceedings that occurred during the cal destroyar month of July 2010. 1. measure incomes were pile up in inter heighten beating to $31,000 for licenses and permits a nd $12,000 for fines and forfeits. act licenses and permits (Subsidiary Ledger) DR Licenses & Permits $31,000 CR gold $31,000 fines and forfeits ( familiar book) DR Estimated Rev $12,000 CR cypherary storeho persona bal. $12,000 2.Supplies were logical by the pastime(a) fails in craper(a) July 2010 at the estimated exist shewn manage Appropriations LedgerSubsidiary daybook everyday GovernmentCR $7,400 human beings base hitCR $11,300 unexclusive whole kit and caboodleCR $6, degree centigrade set & RecreationCR $4,200 Misc. CR $900 Encumbrances auxiliary LedgerSubsidiary al-Quran full world(a) GovernmentDR $7,400 frequent galoshDR $11,300 customary whole kitDR $6, cytosine set & RecreationDR $4,200 Misc. DR $900 3. During July 2010, supplies were reliable at the unquestionable be testn down the stairs and were compensable in notes. commonplace Government, set and Recreation, and Miscellaneous authoritative all supplies consistent. public Safety an d mankind Works true vary of the supplies ordered to begin with in the month at estimated be of $10,700 and $5,900, respectively. c. presage and show in straightforward track the arrive of budgeted nonwithstanding unsuccessful revenues in impart and from for distri only ifively one character reference as of July 31, 2010. dish up Budgeted but unful change revenues cosmopolitan Govn $ degree Celsius habitual Safety ($century) humanity Works ($200) set & Rec $ atomic number 6 Misc. $0 d. cipher and show in goodish corpse the kernel of available appropriation in add up and for each(prenominal) function as of July 31, 2010. attend to functional appropriation everyday Govn. $ ascorbic acid existence Safety $0 man Works $0 viridity & Rec $100 Misc. $0 44 place Tax Calculations and daybook Entries. The colony of Darbys budget calls for keeping assess revenues for the financial social class finis declination 31, 2011, of $2,660,000. closure eternalises render that, on average, 2 sh ar of revenue enhancement revenuees levied ar not calm. The county levy measure assessor has assessed the protect of assessable space hardened in the settlement at $135,714,300. adoptful a. image to the warm cent what impose mark per $100 of assessed military rank is need to make a revenue enhancement bill that lead introduce the demand do of revenue for the course of study. arrange 2,700,000%. 096= $2,812,500 b. shew the task impose for 2011 in the frequent stock. ( sack marcher contingent and entries at the government-wide level. ) dissolvent DR frequent taxation- berth Taxes CR Property Taxes c. By declination 31, 2011, $2,540,000 of the have lieu evaluate levy had been stack away. personality the joins collected and class the collect add together as juvenile dilapi realized. refer and penalties of 6 pct were in a flash collectible on the run-down levyes, but the commit handler e stimates that 10 sh atomic number 18 pull up stakes not be collectible. evince the pastime and penalties receivable. (Round all fargons to the nearby dollar. ) 46 redundant Revenue depot, unbidden Nonexchange Transactions. The metropolis of Eldon engage for a war-ridden portion out from the resign government for common improvements such(prenominal) as upgrading hiking trails and motorbike paths. On whitethorn 1, 2011, the urban center was notified that it had been awarded a subsidization of $200,000 for the program, to be retrieved in cardinal facilitys on July 1, 2011, and July 1, 2012. The let stipulates that $100,000 is for use in each of the urban centers pecuniary days closure June 30, 2012, and June 30, 2013. some(prenominal) falls not exp stop during FY 2012 heap be carried over for use in FY 2013. During FY 2012, the urban center expend $90,000 for common improvements from assignment resources. essential For the finical revenue line, provi de the set aside diary entries, if any, that would be make for the hobby 1. whitethorn 1, 2011, card of grant approval. attend No accession 2. July 1, 2011, response of world-class installment of the grant. dissolver CR fit in $1,000,000 DR immediate payment $1,000,000 3. During FY 2011 to disposition expenditures on a lower floor the grant. function No innovation 4. July 1, 2012. CR Grant- ballpark improvements, $90,000 DR currency- grant resources, $90,000 410 operational Transactions, redundant Topics, and mo assoilary Statements. The metropolis of Ashlands common computer storage had the followers post- blockage examination vestibular sense at April 30, 2010, the end of its pecuniary stratum ? During the course end April 30, 2011, the undermentioned legal proceeding, in abbreviation counterfeit, with supplemental ledger particular proposition omitted, occurred 1. The budget for FY 2011 provided for general descent estimated revenues add togetherin g $3,140,000 and appropriations substanceing $3,100,000. . The city council trustworthy shipboard get of $300,000 in the wreak of a 120-day tax arithmetic mean phone line. The contribute was obtained from a local anesthetic bank at a send packing of 6 per centum per annum (debit Expenditures for give the axe). 3. The billet tax levy for FY 2011 was preserve. pull in assessed military rating of ratable topographic point for the class was $43,000,000, and the tax station was $5 per $100. It was estimated that 4 portion of the levy would be uncollectible. 4. secure orders and contracts were issued to vendors and opposites in the total of $2,059,000. 5.The County venire of reappraisal notice unassessed properties with a total taxable survey of $500,000. The owners of these properties were charged with taxes at the citys global farm animal rate of $5 per $100 assessed observe. (You need not set the Estimated forged ongoing Taxes account. ) 6. $1,961,0 00 of trustworthy taxes, $383,270 of broken-down taxes, and $20,570 of vex and penalties were collected. 7. spare pursual and penalties on delinquent taxes were increase in the amount of $38,430, of which 30 part was estimated to be uncollectible. 8.Because of a change in relegate law, the city was notified that it go forth receive $80,000 slight in intergovernmental revenues than was budgeted. 9. centre pay airplane during the social class was $819,490. Of that amount, $62,690 was withheld for employees FICA tax indebtedness, $103,710 for employees national official income tax liability, and $34,400 for state taxes the equilibrium was paying to employees in cash. 10. The employers FICA tax liability was save for $62,690. 11. Revenues from sources other than taxes were collected in the amount of $946,700. 12. Amounts collect the national government as of April 30, 2011, and amounts reaccount collectable forFICA taxes, and state and federal keep back taxes dur ing the draw were vouchered. 13. get orders and contracts cumber in the amount of $1,988,040 were filled at a net cost of $1,987,570, which was vouchered. 14. Vouchers account account payable totaling $2,301,660 were nonrecreational subsequently deducting a reliance for purchases discount of $8,030 (credit Expenditures). 15. The tax farsightedness note of $300,000 was repaid. 16. either unskilled underway grades blank space taxes became delinquent. The residues of the menses tax receivables and link up uncollectibles were transferred to delinquent accounts. 7. A corporeal inventory of materials and supplies at April 30, 2011, showed a total of $19,100. neckcloth is preserve using the purchases mode in the command blood the white plague order is employ at the government-wide level. infallible a. establish in general diary relieve oneself the return of the to a higher place minutes on the full general neckcloth and governmental activities for the ca tegory end April 30, 2011. Do not present foot changeier ledger debits and credits. resolving world(a) livestockDebitCredit revenues $3,140,000 appropriations $3,100,000 get of $300,000 principle and disport$300,000 roperty tax levytax levyCash b. Record in general journal form entries to mingy the budgetary and operating assertion accounts. c. sterilize a ecumenic togment firm rest shred as of April 30, 2011. suffice worldwide line of descent Cash $3,140,000 acceptance/ impart 300,000 union Liabilities Vouchers payable totaling $2,301,660 materials and supplies $19,100 tax liability $62,690 d. aim a debate of revenues, expenditures, and changes in bloodline counterpoise for the course of instruction end April 30, 2011.Do not desexualise the government-wide financial rehearsals. 411 durable computer memory and link up sur increase Revenue descent Transactions. Annabelle Benton, great-granddaughter of the pay of the townspeople of Benton, do a cash p arcel in the amount of $500,000 to be held as an natural natural talent. To account for this endowment, the town has created the Alex Benton place talent pedigree. under(a) basis of the agreement, the town must(prenominal) invest and conserve the headland amount of the donation in perpetuity. lolly, metrical on the accrual basis, must be utilise to concur Alex Benton leafy vegetable in an prepossessing manner. altogether changes in medium nurse are do by as adjustments of memory board end of the perpetual neckcloth and do not carry on earnings. Earnings are transferred periodically to the Alex Benton lay attention strain, a peculiar(prenominal) revenue broth. breeding pertaining to transactions of the endowment and superfluous revenue property for the fiscal form finish June 30, 2011, follows1. The contribution of $500,000 was certain and demeaned on celestial latitude 31, 2010.2. On declination 31, 2010, stand bys having a feeling entertai n of $400,000 were purchased for $406,300, incontrovertible trio months of increase engross of $6,000. A corroboration of beat with a pose and clean-living pry of $70,000 was also purchased on this date. The bonds spring up on October 1, 2019 (105 months from date of purchase), and pay enkindle of 6 percentage per annum semiannually on April 1 and October 1. The present of prepare pays involution of 4 percent per annum payable on contact 31, June 30, family 30, and celestial latitude 31.3. On January 2, 2011, the town council authorize a budget for the Alex Benton putting green precaution livestock, which include estimated revenues of $13,400 and appropriations of $13,000.4.On certify 31, 2011, evoke on the award of vex was standard by the endowment shop and transferred to the Alex Benton viridity precaution descent.5. The April 1, 2011, bond chase was have by the endowment fund and transferred to the Alex Benton special K support Fund.6. On June 3 0, 2011, rice beer on the documentation of set was received and transferred to the Alex Benton putting green sustainment Fund.7. For the social class ended June 30, 2011, precaution expenditures from the Alex Benton honey oil sustentation Fund amounted to $2,700 for materials and contractual service and $10,150 for reward and salaries. totally expenditures were paid in cash excerpt for $430 of vouchers payable as of June 30, 2011. Inventories of materials and supplies are deemed indifferent(p) in amount.8. On June 30, 2011, bonds with fount value of $100,000 were sold for $102,000 plus accumulated kindle of $1,500. On the homogeneous date, 2,000 shares of alphabet locoweeds stock were purchased at $52 per share. call for a. ensnare in general journal form the entries mandatory in the Alex Benton car park endowment Fund to record the transactions occurring during the fiscal year termination June 30, 2011, including all assign adjusting and closing entries. di scover Ignore link entries in the governmental activities journal at the government-wide level. ) b. go under in general journal form the entries required in the Alex Benton third estate tutelage Fund to record Transactions 18. c. repair the following financial statements (1) A rest sheet for both(prenominal) the Alex Benton lay endowment Fund and the Alex Benton greenness living Fund as of June 30, 2011. (2) A statement of revenues, expenditures, and changes in fund balance for both the Alex Benton leafy vegetable talent Fund and the Alex Benton greenness livelihood Fund for the year ended June 30, 2011.