the following selected information was taken from sun valley city s general fund sta 4375659

The following selected information was taken from Sun Valley City’s general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019: Revenues: Property taxes—2019. . . . . . .. . . . . . .. . . . . . . . . . . .. . . . . . .. . . . . . .. . . . . $ 825,000 Expenditures: Current services: Public safety. . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . . . .. . . . . . .. . . . . . .. . .. . 350,000 Capital outlay (police vehicles) . . . . .. . . . . . .. . . . . . . .. .. . . . . . .. . . . . . … . 100,000 Debt service . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . . .. . . .. . . . .. . . . . . .. . . . . 74,000 Expenditures —2019.. . . . . . .. . . . . . .. . . . . . .. . . . . .. . . . .. . . . . . .. . . . . . . . . $1,349,000 Expenditures —2018.. . . . . . .. . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . .. . . . . 56,000 Expenditures . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . .. . . . . $1,405,000 Excess of revenues over expenditures . . . .. . . . . . .. . . . . .. . . . . . .. . . . . . . . $ 153,000 Other financing uses . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . .. . . . . (125,000) Excess of revenues over expenditures and other financing uses . . . . . . .. . . . . $ 28,000 Decrease in fund balance assigned (encumbrances) during 2019. . . .. . .. . . . . 15,000 Residual equity transfers-out . . . .. . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . .. . . . . (190,000) Decrease in unassigned fund balance during 2019. . . . . . . .. .. . . . . . . . .. . . . . $ (147,000) Unassigned fund balance, January 1, 2019. . . . . .. . . . . . . .. .. . . . . . .. . .. . . . . 304,000 Unassigned fund balance, December 31, 2019. . . . . . . . . .. . .. . . . . . .. . .. . . . . $ 157,000 The following information was taken from Sun Valley’s December 31, 2019, general fund balance sheet: Property taxes receivable —delinquent —2019. . . .. . .. . . . . . .. . . . . . .. . . . . . $ 34,000 Less: Allowances for estimated uncollectible taxes—delinquent . … . .. . . . . . 20,000 Vouchers payable . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . . .. . . . . . .. .. . .. . . . . . 89,000 Fund balance: Non-spendable. . . . . . . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . 38,000 Assigned —2019. . . .. . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . 43,000 Unassigned .. . . . . . . .. . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . 157,000 Additional information is as follows: a. Debt service was for bonds used to finance a library building and included interest of $22,000. b. $8,000 of 2019 property taxes receivable was written off; otherwise, the allowance for uncollectible taxes balance is unchanged from the initial entry at the time of the original tax levy at the beginning of the year. c. Sun Valley reported supplies inventory of $21,000 at December 31, 2018. Required Provide the best answer to the following questions: 1. What recording method did Sun Valley use for its general fund supplies inventory? 2. What amount was collected from 2019 tax assessments? 3. What amount is Sun Valley’s liability to general fund vendors and contractors at December 31, 2019? 4. What amount should be included in the general fixed assets account group for the cost of assets acquired in 2019 through the general fund? 5. What amount arising from 2019 transactions decreased liabilities reported in the general long-term debt account group? 6. What amount of total actual expenditures should Sun Valley report in its 2019 general fund statement of revenues, expenditures, and changes in fund balance —budget and actual? View Solution:
The following selected information was taken from Sun Valley City s

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