1. The following information is provided about the Town's General Fund operating statement and budgetary accounts for the fiscal year ended June 30, 2017. (Note: The Town has no restricted, committed, or assigned fund balances.)
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Estimated revenues
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$3,150,000
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Revenues
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3,190,000
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Appropriations
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3,185,000
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Expenditures
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3,175,000
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Fund Balance-Unassigned at the beginning of year had a $600,000 credit balance. The Budgetary Fund Balance (after the FY 2017 budget was recorded) had a S35,000 debit balance.
Required
Calculate the end-of-year balances for the Fund Balance-Unassigned and Budgetary Fund Balance accounts that would be reported on the town's balance sheet prepared as of June 30, 2017. Show all necessary work.
2. All revenues of the City are accounted for on the modified accrual basis. Below is shown a list of the City's General Fund transactions of a revenue nature. State which ones should be recognized by the General Fund as a revenue in the year of occurrence. If any item is not a current revenue, state the proper treatment for that item.
1) Receipt of money from issue of tax anticipation notes.
2) Collection of taxes that had been written off in prior year.
3) Collection of current-year property taxes.
4) Collection of prior years' delinquent property taxes.
5) Receipt of money in prepayment of a property owner's next-year taxes.
6) Collection of accounts receivable for charges for services.