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I need help answering the following questions using the information attached.
c. Prepare and post the closing entries for the General Fund. Outstanding encumbrances at
year end are classified as Assigned Fund Balance and all remaining net resources are
classified as Unassigned Fund Balance.
d. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the year
ended December 31, 2015. Confirm that the revenue and expenditure control accounts
agree with the following detail and use this information in the Statement:
Revenues Expenditures
Property Taxes . . . . . . $6,657,500 General Government . . . $1,646,900
Sales Taxes 2,942,000 Public Safety . . . . . . . . . 3,026,900
Interest and Penalties
on Taxes . . . . . . . . . . . 16,100 Highways and Streets . . 1,441,400
Licenses and Permits . 800,000 Sanitation . . . . . . . . . . . . 591,400
Intergovernmental
Revenue . . . . . . . . . . . 332,000 Health . . . . . . . . . . . . . . 724,100
Miscellaneous Revenue 350,000 Welfare . . . . . . . . . . . . . 374,300
Total . . . . . . . . . . . . $11,097,600 Culture and Recreation . 917,300
Capital Outlay . . . . . . . . 492,800
Total . . . . . . . . . . . . . $9,215,100
e. Prepare in good form a Balance Sheet for the General Fund as of the end of fiscal year,
December 31, 2015.
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