Solution Set
City of Bingham
Computerized Cumulative Problem
Post-closing Trial Balance as of 2019
City of Bingham
Requirement 2b.
Land 1,210,000
Improvements other than Buildings 9,900,000
Accumulated Depreciation-Improvements other than Buildings 2,310,000
Infrastructure 32,109,000
Accumulated Depreciation-Infrastructure 12,408,000
Buildings 11,020,000
Accumulated Depreciation-Buildings 3,100,000
Equipment 8,360,000
Accumulated Depreciation-Equipment 4,030,400
Vouchers Payable 168,556
Accrued Interest Payable on Long-Term Debt 50,000
Internal Payables to Business-Type Activities 22,400
Current Portion of Long-Term Debt 500,000
Serial Bonds Payable-2% 9,500,000
Deferred Inflows of Resources 30,000
Net Position-Net Investment in Capital Assets 30,750,600
Net Position-Restricted for Debt Service 900,000
Totals for all accounts 64,438,409 64,438,409
Net Position-Unrestricted 575,264
City of Bingham
5 – Governmental Activities, Governmental-Wide level
Post-closing Trial Balance Prepared by: Author Page 1 of 1
Estimated Revenues-Interest and Penalties on Taxes
102 2020 Budget authorization 49,000 49,000
Estimated Revenues-Licenses and Permits
102 2020 Budget authorization 485,000 485,000
Estimated Revenues-Fines and Forfeits
102 2020 Budget authorization 515,000 515,000
Estimated Revenues-Intergovernmental Revenue
102 2020 Budget authorization 535,000 535,000
Estimated Revenues-Charges for Services
102 2020 Budget authorization 350,000 350,000
Estimated Revenues-Miscellaneous Revenues
102 2020 Budget authorization 220,000 220,000
Revenues Ledger
City of Bingham
1 – General Fund
Revenues Ledger Prepared by: Author Page 1 of 1
Requirement 3b.
Ref Account Description Enc.
Increase
Enc.
Decrease
Enc.
Balance
Exp.
Dr(Cr)
Exp.
Balance
Approp.
Cr(Dr)
Balance
Cr(Dr)
Appropriations-General
Government
102 Budget authorization 1,905,000 1,905,000
Appropriations-Public Safety
102 Budget authorization 3,675,000 3,675,000
Appropriations-Public Works
102 Budget authorization 1,775,000 1,775,000
Appropriations-Health and
Welfare
102 Budget authorization 1,065,000 1,065,000
Appropriations-Culture and
Recreation
102 Budget authorization 1,080,000 1,080,000
Appropriations-Miscellaneous
102 Budget authorization 105,000 105,000
Appropriations Ledger
City of Bingham
1 – General Fund
Appropriations Ledger Prepared by: Author Page 1 of 1
Requirement 3b.
Allowance for Uncollectible Interest and Penalties 1,434
Vouchers Payable 168,556
Due to Other Funds 22,400
Deferred Inflows of Resources 405,580
Fund Balance-Committed-Public Safety 16,750
Fund Balance-Committed-Public Works 32,640
Fund Balance-Assigned-Health and Welfare 24,682
Fund Balance-Unassigned 85,972
Budgetary Fund Balance 66,000
Estimated Revenues 9,721,000
Appropriations 9,605,000
Totals for all accounts 10,515,809 10,515,809
Estimated Other Financing Uses-Interfund Transfers Out 50,000
Pre-closing Trial Balance as of 2020
City of Bingham
1 – General Fund
Pre-closing Trial Balance Prepared by: Author Page 1 of 1
Requirement 3b.
Debits Credits
Cash $ 954,922
Taxes Receivable-Delinquent 612,750
Allowance for Uncollectible Delinquent Taxes $ 301,795
Interest and Penalties Receivable on Taxes 57,479
Allowance for Uncollectible Interest and Penalties 10,634
Inventory of Supplies 12,000
Vouchers Payable 611,396
City of Bingham
General Fund
Post-closing Trial Balance
For year 2020
Requirement 4b.
Assets
Cash $954,922
Taxes receivable—delinquent 612,750$
Less: Allowance for uncollectible delinquent taxes 301,795 310,955
Interest and penalties receivable on taxes 57,479
Less: Allowance for uncollectible interest and penalties 10,634 46,845
Inventory of supplies 12,000
Total Assets $1,324,722
Liabilities, Deferred Inflows of Resources, and Fund Balances
Liabilities:
Vouchers payable $611,396
Due to other funds 50,000
Total Liabilities 661,396
Deferred inflows of resources 357,800
Fund Balances:
Nonspendable—inventory of supplies $12,000
Committed—public safety 12,300
Committed—public works 33,790
Assigned—health and welfare 25,000
Assigned—culture and recreation 57,650
Unassigned 164,786
Total Fund Balances 305,526
Total Liabilities, Deferred Inflows of Resources, and Fund Balances $1,324,722
City of Bingham
General Fund
Balance Sheet
As of December 31, 2020
Estimated
Revenues Dr(Cr)
Revenues Dr(Cr) Balance Dr(Cr)
Acct 3020/4020 Estimated Revenues-Taxes-Real Property $6,832,000 $6,832,000 $0
Acct 3030/4030 Estimated Revenues-Taxes-Sales 750,000 748,000 2,000
Acct 3040/4040 Estimated Revenues-Interest and Penalties on Taxes 24,000 23,860 140
Acct 3050/4050 Estimated Revenues-Licenses and Permits 485,000 479,000 6,000
Acct 3060/4060 Estimated Revenues-Fines and Forfeits 515,000 519,000 (4,000)
Acct 3070/4070 Estimated Revenues-Intergovernmental Revenue 535,000 545,000 (10,000)
Acct 3080/4080 Estimated Revenues-Charges for Services 350,000 361,000 (11,000)
City of Bingham
General Fund
Operating statement account balances
For year 2020
Requirement 4c.
Requirement 4c.
Revenues
Taxes—property 6,832,000$
Taxes—sales 748,000
Interest and penalties on taxes 23,860
Licenses and permits 479,000
Fines and forfeits 519,000
Intergovernmental revenue 545,000
Charges for services 361,000
Miscellaneous revenues 226,500
Total Revenues 9,734,360
Expenditures
General government 1,907,316$
Public safety 3,657,294
Public works 1,752,781
Health and welfare 1,062,873
Culture and recreation 1,062,614
City of Bingham
Statement of Revenues, Expenditures, and Changes in Fund Balances
General Fund
For the Year Ended December 31, 2020
Requirement 4d.
Variance with
Actual Amounts Final Budget
Original Final Budget Basis Over(Under)
Revenues
Taxes—real property 6,792,000$ 6,832,000$ 6,832,000$ –$
Taxes—sales 775,000 750,000 748,000 (2,000)
Interest and penalties on taxes 49,000 24,000 23,860 (140)
Licenses and permits 485,000 485,000 479,000 (6,000)
Fines and forfeits 515,000 515,000 519,000 4,000
Intergovernmental revenue 535,000 535,000 545,000 10,000
Charges for services 350,000 350,000 361,000 11,000
Miscellaneous revenues 220,000 220,000 226,500 6,500
Total Revenues 9,721,000 9,711,000 9,734,360 23,360
Expenditures
General government 1,905,000 1,910,000 1,908,256$ (1,744)
Public safety 3,675,000 3,665,000 3,663,694 (1,306)
Public works 1,775,000 1,775,000 1,770,911 (4,089)
Health and welfare 1,065,000 1,065,000 1,064,998 (2)
Culture and recreation 1,080,000 1,080,000 1,070,739 (9,261)
Miscellaneous 105,000 105,000 108,000 3,000
Total Expenditures 9,605,000 9,600,000 9,586,598 (13,402)
Excess of Revenues Over Expenditures
and Encumbrances
116,000 111,000 147,762 36,762
Other Financing Sources (Uses) (50,000) (50,000) (50,000) –
Increase in Nonspendable Fund Balance 12,000 12,000
Increase in Encumbrances Outstanding 35,720 35,720
Increase (Decrease) in Fund Balances 66,000 61,000 145,482 84,482
Fund Balances, January 1 160,044 160,044 160,044 –
Fund Balances, December 31 226,044$ 221,044$ 305,526$ 84,482$
Budgeted Amounts
City of Bingham
Statement of Revenues, Expenditures, and Changes in Fund Balances—Budget and Actual
For the Year Ended December 31, 2017
General Fund
Requirement 4e.
City of Bingham
General Fund
Reconciliation of Total Expenditures to Total Expenditures and Encumbrances
For the Year Ended December 31, 2020
Debits Credits
Revenues $ 37,500
Other Financing Sources-Proceeds of Bonds 7,500,000
City of Bingham
City Hall Annex Construction Fund
Pre-closing Trial Balance
For year 2020
Requirement 5b.
Requirement 5b.
Revenues
Investment income 37,500$
Expenditures
Construction 7,533,500
Excess of revenues over (under) expenditures (7,496,000)
Other Financing Sources (Uses)
Proceeds of bonds 7,500,000$
City of Bingham
City Hall Annex Construction Fund
Statement of Revenues, Expenditures, and Changes in Fund Balances
For the Year Ended December 31, 2020
Debits Credits
Cash $ 759,600
Taxes Receivable-Delinquent 105,000
Allowance for Uncollectible Delinquent Taxes $ 59,000
Interest and Penalties Receivable on Taxes 10,200
City of Bingham
Debt Service Fund
Post-closing Trial Balance
For year 2020
Requirement 6c.
Requirement 6c.
Assets
Cash $759,600
Taxes receivable—delinquent 105,000$
Less: Allowance for uncollectible delinquent taxes 59,000 46,000
Interest and penalties receivable on taxes 10,200
City of Bingham
Debt Service Fund
Balance Sheet
As of December 31, 2020
Debits Credits
Cash $ 759,600
Taxes Receivable-Delinquent 105,000
Estimated Other Financing Sources-Premium on Bonds 75,000
Estimated Other Financing Sources-Interfund Transfers In 54,000
Revenues-Taxes 685,000
Revenues-Interest and Penalties on Taxes 600
Revenues-Investment Income 7,500
City of Bingham
Debt Service Fund
Pre-closing Trial Balance
For year 2020
Requirement 6d.
Revenues
Taxes—property 685,000$
Interest and penalties on taxes 600
Investment income 7,500
Total Revenues 693,100
Expenditures
Principal 500,000$
City of Bingham
Debt Service Fund
Statement of Revenues, Expenditures, and Changes in Fund Balances
For the Year Ended December 31, 2020
Requirement 6e.
Variance with
Actual Amounts Final Budget
Original Final Budget Basis Over(Under)
Revenues
Taxes—property 700,000$ 700,000$ 685,000$ (15,000)$
City of Bingham
Debt Service Fund
Statement of Revenues, Expenditures, and Changes in Fund Balances—Budget and Actual
For the Year Ended December 31, 2020
Budgeted Amounts
452,700,000$
City of Bingham
Computation of Legal Debt Margin
As of December 31, 2020
Total Assessed Valuation