(Preparing closing entries and financial statements from a trial balance.)
Presented below is the adjusted trial balance for the General Fund of the Town of Tranquil Bay at December 31, 2013, the end of the fiscal year.
Based on this information, prepare, in good form:
a. closing entries
b. the statement of revenues, expenditures, and changes in fund balance for the year
c. the balance sheet at December 31, 2013 .
Town of Tranquil Bay
General Fund
Adjusted Trial Balance
December 31, 2013
Cash
19,750
Taxes receivable, net
137,000
Investments
65,000
Due from other funds
68,000
Vouchers payable
38,750
Due to other funds
142,750
Unassigned fund balance
117,000
Estimated revenues
610,000
Appropriations
590,000
Budgetary fund balance
20,000
Revenues-taxes
590,175
Revenues-charges for services
14,080
Expenditures-personal services
287,125
Expenditures-supplies
29,680
Expenditures-capital outlay
244,000
Transfer in from debt service fund
32,500
Transfers out to capital projects fund
84,700
0
$1,545,255
$1,545,255
a. Closing entries
Appropriations 590,000
Budgetary fund balance 20,000
Estimated revenues 610,000
Revenues-taxes 590,175
Revenues-charges for services 14,080
Transfers in from debt service fund 32,500
Unassigned fund balance 8,750
Expenditures-personal services 287,125
Expenditures-supplies 29,680
Expenditures-capital outlay 244,000
Transfers out to capital projects fund 84.700
b. Statement of Revenues, Expenditures, and Changes in Fund Balance
Town of Tranquil Bay
General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For the year ended December 31, 2013
Revenues
Taxes
$590,175
Charges for services
14,080
Total revenues
$ 604,255
Expenditures
Personal services
287,125
Supplies
29,680
Capital outlay
244,000
Total expenditures
560,805
Excess of revenues over (under) expenditures
43,450
Other financing sources (uses)
Transfers in from debt service fund
32,500
Transfers out to capital projects fund
(84,700)
Other financing use, net
(52,200)
Net decrease in fund balance
(8,750)
Fund balance, beginning of year
117,000
Fund balance, end of year
$ 108,250
c. Balance Sheet
Town of Tranquil Bay
General Fund
Balance Sheet
At December 31, 2013
Assets
Cash
$ 19,750
Taxes receivable, net
137,000
Investments
65,000
Due from other funds
68,000
Total assets
$ 289,750
Liabilities
Vouchers payable
$ 38,750
Due to other funds
142,750
Total liabilities
181,500
Fund balance
Unassigned
108,250
Total liabilities and fund balance
$ 289,750
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