UOP ACCT 567 Week 2 Case Study I.pdf

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Keller ACCT 567 Week 2 Case Study I Check this A+ tutorial guideline at http://www.acct567assignment.com/acct -567-keller/acct-567-week-2-case-study-i 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. 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 Financing Uses Public Safety 402,000 General Government 263,000 Public Works 102,000 Parks and Recreation 92,000 Transfers Out 34,000 893,000 Encumbrances outstanding at the end of the year were re-opened. Property taxes of $ 660,000 were levied. It is estimated that 2.5% of the property taxes levied are expected to be uncollectible/ Purchase orders issued for the 2012 fiscal year were as follows: Public Safety, $ 395,000; General Government, $ 259,000; Public Works, $ 100,000; Parks and Recreation, $ 98,000. Cash collected for the Federal Grant from the Federal Government, $ 94,000. Cash collected and transferred in as follows:


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