l Summary arnsaction, ring the year ended June 30, 2020, the following form, with subsidiary ledger detail omitted, occurred: I. The budget for FY 2020 provided for General Fund estimate ary d r in the form totaling $3,140,000 and appropriations totaling $3,100,000 e city council authorized temporary borrowing of $500,000 of a 120-day tax anticipation note. The loan was obtained from unt i a discount of 6 percent per annum (debit Expenditures for the disco bank overnment in the gov the General Fur corded. Net assessed valuation was Ss ernmental activities journal). The property tax levy for FY 2020 was re $100. It was estimated that 3 percent of the levy would be uncollectihl per 4. Purchase orders and contracts were issued to vendors and others in tax able property for the year was $43,000,000, and the tax rate e. amount of $2,060,000 5. $1.961,000 of current taxes, $103,270 of delinquent taxes, and $3,57 interest and penalties were collected. The delinquent taxes and ass interest and penalties were collected more than 60 days after the prior 6. Additional interest and penalties on delinquent taxes were accrued i 7. Because of a change in state law, the city was notified that it will receive year-end. amount of $3,430, of which 30 percent was estimated to be uncollectible. $80,000 less in intergovernmental revenues than was budgeted. nt 8. Delinquent taxes of S12,792 were deemed uncollectible and written off The associated interest and penalties of $952 also were written off. 9. Total payroll during the year was $819,490. Of that amount, $62,690 was withheld for employees’ FICA tax liability, $103,710 for employees’ fed- eral income tax liability, and $34,400 for state taxes; the balance was paid to employees in cash. 10. The employer’s FICA tax liability was recorded for $62,690. 11. Revenues from sources other than taxes were collected in the amount of $947,000.
ocal Governments The City of Castleton’s General Fund had the following post-closing trial bal. ance at June 30, 2019, the end of its fiscal year: 4-27. Operating Transactions and Financial Statements.(LO4-1 through LO4-3) Debits Credits $276,120 Cash Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Taxes Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties Inventory of Supplies Vouchers Payable Due to Federal Government Deferred Inflows of Resources-Unavailable Revenues Fund Balance-Nonspendable-Inventory of Supplies Fund Balance-Unassigned 183,000 6,280 6,100 $21,960 1,160 48,500 29,490 166,160 6,100 198,130 $471,500 $471,500
198,130 Fund Balance- Unassigned $471,500 $471,500 During the year ended June 30, 2020, the following transactions, in summary form, with subsidiary ledger detail omitted, occurred:
12. Amounts due the federal government as of June 30, 2020, and amounts due for FICA taxes and state and federal withholding taxes during the year 13. Purchase orders and contracts 14. Vouchers payable totaling $2.201,660 were paid after deducting a credit 15. The tax anticipation note of $500,000 was repaid. were vouchered. were filled at a net cost of $1,987,570, which was vouchered for purchases discount of $8,030 (credit Expenditures). encumbered in the amount of $1,988,040 u thres herame delinquent. The balances
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