P17-6 Balance Sheet, Statement of Revenues, Expenditures, and Changes in Fund Balance
Hunnington Township’s adjusted trial balance for the General Fund at the close of its fiscal year ended June 30,
2016, is presented here:
General Fund Trial Balance
Property Tax Receivable—current (Note 1) 82,000
Estimated Uncollectible Taxes—current $1,500
Property Tax Receivable—delinquent 25,000
Estimated Uncollectible Taxes—delinquent 16,500
Accounts Receivable (Note 1) 40,000
Allowance for Uncollectible Accounts 4,000
Due from Internal Service Fund (Note 5) 50,000
Expenditures (Note 2) 755,000
Revenue (Note 3) 60,000
Due to Enterprise Fund (Note 5) 10,000
Vouchers Payable 20,000
Surplus Receipts (Note 4) 7,000
Fund Balance—Asssigned (Note 6) 81,000
Fund Balance—Unasssigned 80,000
Note 1: The current tax roll and accounts receivable, recorded on the accrual basis as sources of revenue,
amounted to $500,000 and $200,000, respectively.
Note 2: Includes $42,500 paid during the fiscal year in settlement of all purchase orders outstanding at the
beginning of the fiscal year
Note 3: Represents the difference between the budgeted (estimated) revenue of $700,000 and the actual
revenue realized during the fiscal year.
Note 4: Represents the proceeds from the sale of equipment damaged by fire. The equipment originally
cost $40,000 and had been held for 80% of its useful life prior to the fire.
Note 5: The interfund payable and receivable resulted from cash advances (loans) to and from the respective
Note 6: Includes $44,000 of encumbrances from prior year.
A. Prepare a statement of revenues, expenditures, and changes in fund balance.
B. Prepare a balance sheet for the General Fund at June 30, 2016. (AICPA adapted)