1.
AC 556 Accounting for Governmental & Nonprofit Entities Chapter 6
Solution
Preparation of Balance Sheet:
Balance Sheet:
Amount($) Amount($)
Assets:
Current Assets:
Cash 293,750
Taxes Receivable - Delinquent 45,000
- Estimated Uncollectible Dlinquent Taxes 20,000
Interest and Penalties receivable 3,600
- Estimated Uncollectible Interest and Penalties 180
Total Current Assets: 322,170
Non- Current Assets:
Investments 255,000
Appropriations 25,000
Total Non- Current Assets 280,000
Total Assets 602,170
Liabilities
Fund Balance - restricted 575,795
Estimated Revenue- Investment Income 1,375
Estimated Revenue - Accrued Interest on Bond 25,000
Total Liabilities: 602,170