Solution Set
Short Version
City of Smithville
To accompany18th Edition
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
Totals for all accounts 973,172 973,172
Pre-closing Trial Balance as of 2019
City of Smithville
1 – General Fund
Pre-closing Trial Balance Prepared by: Short 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
Totals for all accounts 24,867,972 24,867,972
Post-closing Trial Balance as of 2019
City of Smithville
5 – Governmental Activities, Governmental-Wide level
Post-closing Trial Balance Prepared by: Short Version Smithville Solution Page 1 of 1
Requirement 2c.
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-Interest and Penalties on Taxes
102 2020 Budget authorization 37,000 37,000
Estimated Revenues-Licenses and Permits
Revenues Ledger
City of Smithville
1 – General Fund
Revenues Ledger Prepared by: Short Version Smithville Solution 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 799,500 799,500
Appropriations-Public Safety
Appropriations Ledger
City of Smithville
1 – General Fund
Appropriations Ledger Prepared by: Short 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
Totals for all accounts 4,983,172 4,983,172
Pre-closing Trial Balance as of 2020
City of Smithville
1 – General Fund
Pre-closing Trial Balance Prepared by: Short Version Smithville Solution Page 1 of 1
Requirement 3b.
Debits Credits
Cash $ 487,692
Taxes Receivable-Delinquent 395,049
Allowance for Uncollectible Delinquent Taxes $ 49,326
Interest and Penalties Receivable on Taxes 46,356
Allowance for Uncollectible Interest and Penalties 6,859
Due from State Government 150,000
City of Smithville
General Fund
Post-closing Trial Balance
For year 2020
Requirement 4b.
Requirement 4b.
Cash 487,692$
Taxes receivable—delinquent 395,049$
Less: Allowance for uncollectible delinquent taxes 49,326 345,723
Interest and penalties receivable on taxes 46,356
Less: Allowance for uncollectible interest and penalties 6,859 39,497
Due from state government 150,000
Total Assets 1,022,912$
Liabilities:
Vouchers payable 334,166$
Due to federal government 125,210
Total Liabilities, Deferred Inflows of Resources and Fund Balances 1,022,912$
Estimated
Revenues Dr(Cr)
Revenues Dr(Cr) Balance Dr(Cr)
Acct 3020/4020 Estimated Revenues-Taxes-Real Property $1,841,126 $1,831,110 $10,016
Acct 3040/4040
Estimated Revenues-Interest and Penalties on Taxe
37,000 36,182 818
Encumberances
Dr(Cr)
Expenditures
Dr(Cr)
Appropriations
Cr(Dr)
Available Balance
Cr(Dr)
Acct 5020 / 6020 /
Appropriations-General Government $5,101 $794,284 $799,500 $115
Acct 5030 / 6030 /
Appropriations-Public Safety 20,498 1,905,390 1,926,000 112
Acct 5040 / 6040 /
Appropriations-Public Works 38,832 684,746 724,000 422
Acct 5060 / 6060 /
Appropriations-Culture and Recreation 634 559,802 560,500 64
City of Smithville
General Fund
Operating statement account balances
For year 2020
Requirement 4c.
Requirement 4c.
Revenues:
Taxes— real property
1,831,110$
Expenditures:
General government 794,284$
Public safety 1,905,390
City of Smithville—Short Version
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balances
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$ 1,831,110$ (10,016)$
Licenses and permits
Expenditures and Encumbrances:
General government 799,500 799,500 799,385 (115)
Public safety 1,926,000 1,926,000 1,925,888 (112)
City of Smithville—Short Version
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balances —
Budget and Actual
For the Year Ended December 31, 2020
Budgeted Amounts
Requirement 4e.
Expenditures for 2020, budgetary basis 4,009,287$
Reconciliation of Budgetary Basis to GAAP Basis
Requirement 5c.
Debits Credits
City of Smithville
Street Improvement Fund
Post-closing Trial Balance
For year 2020
Requirement 5c.
Cash 10,000$
Total Assets 10,000$
Total Liabilities and Fund Balances 10,000$
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 $ 10,000
City of Smithville
Street Improvement Fund
Pre-closing Trial Balance
For year 2020
Requirement 5d.
Revenues:
Sales taxes 560,000$
Expenditures:
City of Smithville
Street Improvement Capital Projects Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Year Ended December 31, 2020