Preparation of fund balance sheet
A general ledger trial balance at June 30, 2011, for Millar City is as follows:
|
Debits |
Credits |
|
|
Cash |
$ 12,000 |
— |
|
Taxes receivable |
30,000 |
— |
|
Allowance for uncollectible taxes |
— |
$ 2,000 |
|
Due from other funds |
3,000 |
— |
|
Supplies inventory, June 30, 2011 |
4,000 |
— |
|
Estimated revenues |
300,000 |
— |
|
Expenditures |
290,000 |
— |
|
Expenditures—prior year |
5,000 |
— |
|
Encumbrances |
6,000 |
— |
|
Vouchers payable |
— |
13,000 |
|
Due to other funds |
— |
5,000 |
|
Reserve for encumbrances |
— |
6,000 |
|
Reserve for encumbrances—prior year |
— |
5,000 |
|
Fund balance—nonspendable |
— |
4,000 |
|
Fund balance—unassigned |
— |
10,000 |
|
Appropriations |
— |
300,000 |
|
Revenues |
— |
305,000 |
|
$650,000 |
$650,000 |
Millar City uses a purchases basis in accounting for supplies. Open encumbrances are considered constrained by the highest decision making level of the city.
REQUIRED: Prepare a fund balance sheet as of June 30, 2011.