UOP ACCT 567 Week 2 Case Study I

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UOP ACCT 567 Week 2 Case Study I

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• The General Fund of Middleville has presented you
  with the following trial balance as of June 30,
  2011.Debits CreditsCash 40,000Taxes
  Receivable- Delinquent 142,000Estimated
  Uncollectible Taxes- Delinquent 9,100Interest
  and Penalties Receivable 32,000Vouchers Payable
  24,000

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• Budgetary Fund Balance-Reserve for Encumbrances
  10,200Fund Balance _________ 170,700 214,000
  214,000The 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 councilEstimated RevenuesProperty Taxes
  650,000Fines and Penalties 44,000Licenses and
  Permits 150,000Federal Grant 85,000929,000Appro
  priations and Other Financing UsesPublic Safety
  402,000General Government 263,000Public Works
  102,000Parks and Recreation 92,000Transfers Out
  34,000893,000Encumbrances outstanding at the
  end of the year were re-opened. Property taxes of

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• 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 followsPublic 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 followsFines and
  Penalties 43,000Licenses and Permits
  164,000Cash collected on property taxes were as
  follows Current taxes, 559,000, Delinquent
  Taxes, 41,000 and 22,000 of interest and
  penalties were collected.
• Purchase orders issued in 2012 in the following
  amounts were filled in at the following
  amountsEstimated ActualPublic Safety 395,000
  393,600General Government 259,000
  258,200Public Works 100,000 99,400Parks and
  Recreation 98,000 97,500

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• --------------- --------------- 852,000
  848,700Vouchers paid amounted to 840,000 and
  the transfer out to the Debt Service Fund,
  34,000. Please reclassify the Taxes Receivable
  Current and Estimated Uncollectible Taxes-
  Change from Current to Delinquent.