Solution Set
City of Smithville
To Accompany18th Edition of
Accounting for Governmental &
Nonprofit Entities
Description Debit Credit
Cash 376,290
Taxes Receivable-Delinquent 391,756
Allowance for Uncollectible Delinquent Taxes 11,752
Interest and Penalties Receivable on Taxes 40,126
Allowance for Uncollectible Interest and Penalties 3,611
Due from Other Funds 12,000
Due from State Government 165,000
Inventory of Supplies 66,000
Totals for all accounts 1,051,172 1,051,172
Post-closing Trial Balance as of 2019
City of Smithville
1 – General Fund
Post-closing Trial Balance Prepared by: Full Version Smithville Solution Page 1 of 1
Requirement 2b.
Description Debit Credit
Cash 376,290
Taxes Receivable-Delinquent 391,756
Allowance for Uncollectible Delinquent Taxes 11,752
Interest and Penalties Receivable on Taxes 40,126
Allowance for Uncollectible Interest and Penalties 3,611
Due from State Government 165,000
Internal Receivables from Business-Type Activities 12,000
Totals for all accounts 24,945,972 24,945,972
Post-closing Trial Balance as of 2019
City of Smithville
5 – Governmental Activities, Governmental-Wide level
Post-closing Trial Balance Prepared by: Full Version Smithville Solution Page 1 of 1
Requirement 2e.
Ref Year Account Description Est. Revenues Dr(Cr) Revenues Cr(Dr) Balance
Dr(Cr)
Estimated Revenues-Taxes-Real Property
102 2020 Budget authorization 1,841,126 1,841,126
Estimated Revenues-Taxes-Sales
102 2020 Budget authorization 1,578,000 1,578,000
Estimated Revenues-Interest and Penalties on Taxes
Revenues Ledger
City of Smithville
1 – General Fund
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 1,169,500 1,169,500
Appropriations-Public Safety
Appropriations Ledger
City of Smithville
1 – General Fund
Appropriations Ledger Prepared by: Full Version Smithville Solution Page 1 of 1
Requirement 3b.
Description Debit Credit
Cash 376,290
Taxes Receivable-Delinquent 391,756
Allowance for Uncollectible Delinquent Taxes 11,752
Interest and Penalties Receivable on Taxes 40,126
Allowance for Uncollectible Interest and Penalties 3,611
Due from Other Funds 12,000
Due from State Government 165,000
Inventory of Supplies 66,000
Totals for all accounts 6,722,318 6,722,318
Pre-closing Trial Balance as of 2020
City of Smithville
1 – General Fund
Pre-closing Trial Balance Prepared by: Full Version Smithville Solution Page 1 of 1
Requirement 3c.
Requirement 4b.
Debits Credits
Cash $ 461,489
Taxes Receivable-Delinquent 377,899
Allowance for Uncollectible Delinquent Taxes $ 32,176
Interest and Penalties Receivable on Taxes 43,269
Allowance for Uncollectible Interest and Penalties 3,772
Due from State Government 150,000
Inventory of Supplies 64,420
Vouchers Payable 211,634
Due to Other Funds 2,800
Due to Federal Government 141,194
City of Smithville
General Fund
Post-closing Trial Balance
For year 2020
Requirement 4b.
Cash 461,489$
Less: Allowance for uncollectible delinquent taxes 32,176 345,723
City of Smithville
General Fund Balance Sheet
December 31, 2020
Assets
Nonspendable—inventory of supplies 64,420$
Requirement 4c.
Estimated
Revenues Dr(Cr)
Revenues Dr(Cr) Balance Dr(Cr)
Acct 3020/4020 Estimated Revenues-Taxes-Real Property $1,841,126 $1,839,665 $1,461
Acct 3030/4030 Estimated Revenues-Taxes-Sales 1,578,000 1,579,203 (1,203)
Encumberances
Dr(Cr)
Expenditures
Dr(Cr)
Appropriations
Cr(Dr)
Available Balance
Cr(Dr)
Acct 5020 / 6020 /
Appropriations-General Government $1,500 $1,166,163 $1,169,500 $1,837
Acct 5030 / 6030 /
Appropriations-Public Safety 02,214,350 2,216,000 1,650
Acct 5040 / 6040 /
Appropriations-Public Works 0833,280 834,000 720
Acct 5050 / 6050 /
Appropriations-Health and Welfare 495 699,192 700,000 313
Acct 5060 / 6060 /
City of Smithville
General Fund
Operating statement account balances
For year 2020
Requirement 4c.
Revenues:
Taxes— real property
1,839,665$
Taxes—sales 1,579,203
Expenditures:
General government 1,166,163$
Public safety 2,214,350
Public works 833,280
Health and welfare 699,192
Decrease in Inventory of Supplies
City of Smithville
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Year Ended December 31, 2020
Requirement 4d.
Actual Amounts Variance
Original Final Budget Basis Over(Under)
Revenues:
Taxes—real property 1,841,126$ 1,841,126$ 1,839,665$ (1,461)$
Taxes—sales 1,578,000 1,578,000 1,579,203 1,203
Interest and penalties on taxes 37,000 37,000 35,882 (1,118)
Total Taxes 3,456,126 3,456,126 3,454,750 (1,376)
Licenses and permits
500,000 480,000 477,960 (2,040)
Fines and forfeits 210,000 210,000 211,106 1,106
Total Expenditures
City of Smithville
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balance –
Budget and Actual
For the Year Ended December 31, 2020
Budgeted Amounts
Requirement 4e.
Expenditures for 2020, budgetary basis 5,561,968$
Reconciliation of Budgetary Basis to GAAP Basis
Requirement 5c.
Debits Credits
Cash $ 9,470
Fund Balance-Restricted $ 9,470
City of Smithville
Street Improvement Fund
Post-closing Trial Balance
For year 2020
Requirement 5c.
Cash 9,470$
Total Assets 9,470$
Fund Balances:
Total Liabilities and Fund Balances 9,470$
As of December 31, 2020
Assets
Liabilities and Fund Balances
City of Smithville
Street Improvement Capital Projects Fund
Balance Sheet
Requirement 5d.
Debits Credits
Cash $ 9,470
Encumbrances Outstanding-Spruce Street Project $ 190,000
City of Smithville
Street Improvement Fund
Pre-closing Trial Balance
For year 2020
Requirement 5d.
Revenues:
Sales taxes 560,000$
Expenditures:
Construction—Elm Street Project
2,550,230$
City of Smithville
Street Improvement Capital Projects Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Year Ended December 31, 2020
Requirement 6b.
Debits Credits
Cash $ 25,000
Fund Balance-Restricted $ 25,000
Totals for all accounts $ 25,000 $ 25,000
City of Smithville
Street Improvement Bond Debt Service Fund
Post-closing Trial Balance
For year 2020
Requirement 6b.
As of December 31, 2020
Assets
City of Smithville
Street Improvement Bond Debt Service Fund
Balance Sheet
Requirement 6b.
Debits Credits
Cash $ 25,000
Budgetary Fund Balance $ 25,000
Estimated Revenues-Accrued Interest on Bonds Sold 12,500
Estimated Other Financing Sources-Premium on Bonds 20,000
Estimated Other Financing Sources-Interfund Transfers In 17,500
Revenues-Accrued Interest on Bonds Sold 12,500
Other Financing Sources-Premium on Bonds 20,000
Other Financing Sources-Interfund Transfers In 17,500
Appropriations 25,000
Expenditures-Bond Interest 25,000
Totals for all accounts $ 100,000 $ 100,000
City of Smithville
Street Improvement Bond Debt Service Fund
Pre-closing Trial Balance
For year 2020
Requirement 6b.
Revenues:
Accrued interest on bonds sold 12,500$
Expenditures:
Interest on bonds 25,000
Excess of Expenditures over Revenues (12,500)
Other Financing Sources:
Premium on bonds 20,000
Interfund transfers in 17,500
Increase in Fund Balances 25,000
Fund Balances, January 1 –
Fund Balances, December 31 25,000$
City of Smithville
Street Improvement Bond Debt Service Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Year Ended December 31, 2020