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Individual Portion
Your team has been hired as the accountants for the Village of AIU. Your team is being asked to do the following:
- Your team is provided with the adopted budget, as well as the preclosing trial balance, of the revenues and expenditures subsidiary ledgers at year-end.
Download the adopted budget and preclosing trial balance here.
Note that the only encumbrances outstanding at year-end were $15,000 for unperformed contracts in community development.
The beginning fund balance was $75,000. - Prepare the closing entries for the general ledger accounts and the subsidiary ledgers of the Village of AIU general fund.
- Prepare the statement of revenues, expenditures, and changes in fund balance—budget and actual—for the Village of AIU General Fund for the 20X9 fiscal year.
- Work as a team to define an approach for producing the deliverables for this assignment.
- Assign individual work to each team member.
Please add your file.
Group Portion
- As individual work is completed, meet as a team to discuss and review the individual deliverables to ensure that they are correct before submitting the group document.
- Work as a team to decide how to assemble and submit the final deliverables.
Please add your file.
Grading CriteriaPrepare the closing entries.32%Prepare the statement of revenues, expenditures, and changes in fund balance—budget and actual.48%You will be graded on your ability to work as a team, as evidenced from postings in the group project Discussion Board.10%Use proper formatting for the assignment and references.10%
For assistance with your assignment, please use your text, Web resources, and all course materials.
Budget
Preclosing Trial Balance
Option 1
,
and Changes in Fund Balance – Budget to Actual
For the Year Ended
Revenues
Taxes $ 1
Interest & penalities 20,000
1,500
License, permits & fees 35,000
)
Intergovernmental grants 15,000
5,000 Investment revenue 75,000
)
Miscellaneous revenue 5,000
Expenditures
General government 80,000
8,750
Public safety 23,000
)
Street and sanitation 50,000
)
35,000 Health and welfare 35,000
Community development 12,000
25,000 Parks and recreation 25,000
,000
Expenditures 50,000
8,425
75,000 75,000
Village of AIU
General Fund
Public safety 125
Street and sanitation 1,750
Health and welfare 6,000
Community development
Parks and recreation 2,500
Totals
Debit Credit
17,700
chg
225,000 7,200
50,000
275,000
17,250
15,000 50000
Debit Credit
Option 2
| Village of Rostern | ||||||||||||
| Statement of Revenues, Expenditures and Changes in Fund Balance – Budget to Actual | ||||||||||||
| For the Year Ended June 30, 20X9 | ||||||||||||
| $ 225,000 | ||||||||||||
| 30,000 | $ 219,000 | $ (6,000) | ||||||||||
| 45,000 | 32,500 | |||||||||||
| 3 | 9,750 | ( | 5,250 | |||||||||
| 85,000 | 48,750 | 23,750 | ||||||||||
| 8 | 2,750 | ( | 2,250 | |||||||||
| $ | 416,000 | 9,450 | 3,450 | |||||||||
| $ 416,000 | $ | 432,200 | $ | 16,200 | ||||||||
| 90,000 | 99,750 | |||||||||||
| 33,000 | 32,775 | (225) | ||||||||||
| 60,000 | 57,250 | (2,750) | ||||||||||
| 52,000 | 7,000 | |||||||||||
| 22,000 | 19,400 | ( | 2,600 | |||||||||
| 37,500 | ||||||||||||
| 285,000 | 298,675 | 13,675 | ||||||||||
| $ | 131,000 | 133,525 | 2,525 | |||||||||
| $ 206,000 | $ 208,525 | $ 2,525 | ||||||||||
| 13,500 | 29,700 | |||||||||||
| 5250000 | ||||||||||||
| 19,250 | 5,575 | |||||||||||
| (13,500) | ||||||||||||
| (5,575) | ||||||||||||
| 283,675 | ||||||||||||
| 52,525 | ||||||||||||
Sheet3
Estimated Revenues:
Taxes125,000$
Interest & penalities20,000
License, permits & fees35,000
Intergovernmental grants15,000
Investment revenue75,000
Miscellaneous revenue5,000
Total estimated revenues275,000$
Appropriations:
General government80,000
Public safety23,000
Street and sanitation50,000
Health and welfare35,000
Community development12,000
Parks and recreation25,000
Total appropriations225,000
Budgeted excess of revenues
over appropriations50,000$
Village of AIU
General Fund
Budget
For Fiscal Year 20X9
Option 1
| 21,500 | (4,250) | 28,750 | (1,250) | $ 282,200 | $ 7,200 | (125) | (1,750) | 58,425 |
Option 2
General Fund General Fund
Budget Statement of Revenues, Expenditures and Changes in Fund Balance – Budget to Actual
For Fiscal Year 20X9 For the Year Ended June 30, 20X9
Estimated Revenues: Original (and Final) Budget Actual on Budgetary Basis Variance Favorable / (Unfavorable
Taxes $ 225,000 Revenues
Interest & penalities 30,000 Taxes $ 225,000 $ 219,000 $ (6,000)
License, permits & fees 45,000 Interest & penalities 30,000 32,500 2,500
Intergovernmental grants 25,000 License, permits & fees 45,000
Investment revenue 85,000 Intergovernmental grants 25,000 48,750 23,750
Miscellaneous revenue 6,000 Investment revenue 85,000
Total estimated revenues $ 416,000 Miscellaneous revenue 6,000 9,450 3,450
$ 416,000
Appropriations: Expenditures
General government 90,000 General government 90,000 99,750 9,750
Public safety 33,000 Public safety 33,000 32,775 (225)
Street and sanitation 60,000 Street and sanitation 60,000 57,250 (2,750)
Health and welfare 45,000 Health and welfare 45,000 52,000 7,000
Community development 22,000 Community development 22,000 19,400
Parks and recreation 35,000 Parks and recreation 35,000 37,500 2,500
Total appropriations 285,000 285,000 298,675 13,675
Budgeted excess of revenues Excess of Revenues over
over appropriations
Expenditures 131,000 133,525 2,525
Fund Balance, July 1, 20X8 75,000 75,000 – 0
Fund Balance, June 30, 20X9 $ 206,000 $ 208,525 $ 2,525
Village of Rostern
General Fund
Preclosing Trial Balance
Revenue and Expenditures Subsidiary Ledgers
June 30, 20X9
Debit Credit
Revenues Subsidiary Ledger:
Taxes 6,000
Interest & penalities 2,500
License, permits & fees 5,250
Intergovernmental grants 23,750
Investment revenue 2,250
Miscellaneous revenue 3,450
Totals 13,500 29,700
Expenditures Subsidiary Ledger:
General government 9,750
5250000 57100 Public safety 225
145000 358000 Street and sanitation 2,750
5395000 11100 Health and welfare 7,000
-5100 Community development 2,600
5389900 139900 exp chg Parks and recreation 2,500
-75000 Totals 19,250 5,575
5314900
budget 5296000 Debit Credit
credit 518000 Closing entries rev change 29,700
debit -55000 463000 rev chg (13,500)
5759000 323100 chg Appropriations 285,000 16,200
46000 bud fund b Unreserved fund balance 131,000
312000 369100 Estimated revenues 416,000 exp chg 19,250
-46000 (5,575)
369100 Revenues 432,200 13,675
Unreserved fund balance 133,525
Expenditures 283,675 2,525
635100 Encumbrances 15,000 50000
52,525
Debit Credit
Revenues Ledger (Balances)
Taxes 6,000
Interest & penalities 2,500
License, permits & fees 5,250
Intergovernmental grants 23,750
Investment revenue 2,250
Miscellaneous revenue 3,450
Totals 29,700 13,500
Expenditures Ledger (Balances)
General government 9,750
Public safety 225
Street and sanitation 2,750
Health and welfare 7,000
Community development 2,600
Parks and recreation 2,500
Totals 5,575 19,250
Sheet3
DebitCredit
Revenues Subsidiary Ledger:
Taxes5,000
Interest & penalities1,500
License, permits & fees4,250
Intergovernmental grants13,750
Investment revenue1,250
Miscellaneous revenue2,450
Totals10,500 17,700
Expenditures Subsidiary Ledger:
General government8,750
Public safety125
Street and sanitation1,750
Health and welfare6,000
Community development1,600
Parks and recreation2,500
Totals17,250 3,475
Preclosing Trial Balance
Revenue and Expenditures Subsidiary Ledgers
June 30, 20X9
Village of AIU
General Fund
