Solution manual advanced accounting 2nd by hamlen CH10

Find more at www.downloadslide.com CHAPTER 10 SOLUTIONS TO MULTIPLE CHOICE QUESTIONS, EXERCISES AND PROBLEMS MULTIPLE CHOICE QUESTIONS c c a a d Appropriations (= 20,000,000 + 500,000) Less expenditures Less encumbrances Available funds $ 20,500,000 (7,600,000) (75,000) $ 12,825,000 b The budget entry added $243,000 to fund balance, as follows: Estimated revenues Estimated other financing sources 1,290,000 60,000 Appropriations Estimated other financing uses Fund balance— unassigned 1,085,000 22,000 243,000 Therefore the fund balance prior to the budget entry was $285,000 - $243,000 = $42,000 Solutions Manual, Chapter 10 ©Cambridge Business Publishers, 2013 Find more at www.downloadslide.com d Closing entries are: Property tax revenues Speeding ticket revenues Transfers in Bond proceeds 950,000 400,000 8,000 50,000 Estimated revenues Estimated other financing sources Fund balance— unassigned Appropriations Estimated other financing uses 1,290,000 60,000 58,000 1,085,000 22,000 General expenditures Capital outlay Debt service: principal Debt service: interest Transfers out Fund balance— unassigned 1,015,000 25,000 2,000 8,000 20,000 37,000 $58,000 + $37,000 = $95,000 d General expenditures Capital outlay Debt service: principal payments Debt service: interest payments Total expenditures $1,015,000 25,000 2,000 8,000 $1,050,000 b Cash Taxes receivable, net Due from other funds Total ©Cambridge Business Publishers, 2013 $371,000 68,000 12,000 $451,000 Advanced Accounting, 2nd Edition Find more at www.downloadslide.com 10 b Original assessment of 2013 taxes $1,000,000 - $25,000 End of year adjustment in allowance ($60,000 - $15,000) - $25,000 Excess cash collected on 2012 taxes $30,000 - $21,000 Total property tax revenue for 2013 $975,000 (20,000) 9,000 $964,000 Or alternatively, 2013 taxes collected Uncollected 2013 taxes expected to be collected in early 2014 Excess collections on 2012 taxes $30,000 - $21,000 Total property tax revenue for 2013 Solutions Manual, Chapter 10 $940,000 15,000 9,000 $964,000 ©Cambridge Business Publishers, 2013 Find more at www.downloadslide.com EXERCISES E10.1 10 11 12 13 14 E10.2 10 11 12 13 Identify Appropriate Fund special revenue capital project enterprise agency internal service pension trust agency capital project debt service or general fund general special revenue debt service permanent private-purpose trust Identify Appropriate Fund(s) debt service fund special revenue fund general fund (for transfer to capital projects fund and for processing and receiving the assessments), capital projects fund (for construction activities) general fund (for processing assessments and receiving and distributing money from the assessments), capital projects fund (for construction activities), and (a) debt service fund (for receiving the assessments from the general fund and servicing the debt); (b) agency fund (for processing the assessments, accounting for and servicing the debt) capital projects fund general fund (for transfer of withheld wages), pension trust fund general fund internal service fund general fund general fund general fund (for transfer of withheld wages), agency fund general fund (if museum activities are reported in the general fund), permanent fund investment trust fund ©Cambridge Business Publishers, 2013 Advanced Accounting, 2nd Edition Find more at www.downloadslide.com E10.3 Property Tax Rate and Revenues a Last year’s property tax revenue was: $7,920,000 = $.88 x ($900,000,000/$100) b Property tax revenue required is $8,645,000 = $9,500,000 - $855,000 $8,645,000/($950,000,000/$100) = $0.91 per $100 of assessed valuation c $0.88 x ($950,000,000/$100) = $8,360,000 E10.4 Computing Available Funds All dollar amounts in thousands a Funds available for encumbrance consist of: appropriations - expenditures - outstanding encumbrances Appropriations are $3,800,000 (= estimated revenue of $4,000,000 – budgetary surplus of $200,000) Thus, available funds = $3,800,000 - 2,500,000 - 225,000 = $1,075,000 The other numerical data given are irrelevant to this calculation b Yes, the budget appears ripe for cutting Operating costs average about $248,000 per month [= (2,500,000 + 225,000)/11] Yet there is $1,075,000 remaining to cover operating costs of $248,000 in the last month of the fiscal year Solutions Manual, Chapter 10 ©Cambridge Business Publishers, 2013 Find more at www.downloadslide.com E10.5 Reconstruct Budget Entry, Compute Fund Balance The detailed budget may be reconstructed as follows: Over (Under) Budget Actual Revenues: Property taxes Fines Intergovernmental Fees and service charges Miscellaneous Total Expenditures: Administration Public safety Health and environment Total a Budget $2,975,000 6,000 12,000 500,000 4,000 $3,497,000 $125,000 6,000 (75,000) (1,000) $ 55,000 $2,850,000 12,000 575,000 5,000 $3,442,000 $ 500,000 2,050,000 950,000 $3,500,000 $ $ 501,000 2,056,000 954,000 $3,511,000 1,000 6,000 4,000 $ 11,000 Therefore, the budget entry was: Estimated revenues Fund balance-unassigned 3,442,000 69,000 Appropriations 3,511,000 b Fund balance, beginning of year Budget entry effect (planned decrease) Excess of actual revenues over budgeted revenues Excess of budgeted expenditures over actual expenditures Fund balance, end of year Alternative calculation: Fund balance, beginning of year Excess of expenditures over revenues Fund balance, end of year ©Cambridge Business Publishers, 2013 $2,100,000 (69,000) 55,000 11,000 $2,097,000 $2,100,000 (3,000) $2,097,000 Advanced Accounting, 2nd Edition Find more at www.downloadslide.com E10.6 Transactions, Closing Entries, and Budgetary Comparison Schedule All dollar amounts in thousands a Journal entries: (1) Estimated revenues 51,000 Appropriations 51,000 Taxes receivable 41,000 Property tax revenues 41,000 (2) Cash 18,500 Taxes receivable 18,500 Cash 26,500 Taxes receivable 26,500 (3) Encumbrances 50,300 Fund balance—assigned (4) Fund balance—assigned 50,300 37,300 Encumbrances 37,300 ($50,300 - $13,000 = $37,300) Expenditures 37,500 Accounts payable 37,500 (5) Accounts payable 44,000 Cash 44,000 (6) Cash 11,000 Fee and service revenues Solutions Manual, Chapter 10 11,000 ©Cambridge Business Publishers, 2013 Find more at www.downloadslide.com b Closing entries: Property tax revenues Fee and service revenues 41,000 11,000 Fund balance—unassigned Estimated revenues 1,000 51,000 Appropriations 51,000 Fund balance—unassigned Expenditures Encumbrances c 500 37,500 13,000 $38,500 = $37,000 + $1,000 + $500 d Budgetary Comparison Schedule For the Year Ended December 31, 2013 Variance— Favorable Budget Actual (Unfavorable) Revenues $51,000 $52,000 $ 1,000 Expenditures 51,000 37,500 13,500 Change in fund balance (1) $ $14,500 $14,500 (1) Closing entries $1,000 + $500 plus increase in fund balance—assigned $13,000 ©Cambridge Business Publishers, 2013 Advanced Accounting, 2nd Edition Find more at www.downloadslide.com E10.7 Property Tax Transactions a Taxes receivable— current 30,000,000 Allowance for uncollectible taxes—current Revenues To record tax levy and establish allowance for uncollectible taxes Cash Revenues 1,200,000 28,800,000 9,009,000 91,000 Taxes receivable—current 9,100,000 To record collection of taxes prior to due date and reduction of revenues by 1% discount ($9,100,000 = $9,009,000/.99) Cash 18,900,000 Taxes receivable—current To record collection of taxes prior to January 1; $18,900,000 = $30,000,000 - $9,100,000 - $2,000,000 18,900,000 Taxes receivable— delinquent 2,000,000 Taxes receivable—current To reclassify taxes declared delinquent on January 2,000,000 Allow for uncollectible taxes—current Revenues 1,200,000 600,000 Allow for uncollectible taxes—delinquent 1,800,000 To adjust the allowance for delinquent taxes to $1,800,000 (= $2,000,000 - $200,000) Cash Allow for uncollectible taxes—delinquent 300,000 1,800,000 Taxes Receivable— delinquent Revenues To record collection of delinquent taxes subsequent to January Expenditures Cash To record cash expenditures for the year Solutions Manual, Chapter 10 2,000,000 100,000 25,000,000 25,000,000 ©Cambridge Business Publishers, 2013 Find more at www.downloadslide.com b Balance sheet accounts Cash ($850,000 + $9,009,000 + $18,900,000 + $300,000 - $25,000,000) Fund balance: Actual revenues ($28,800,000 - $91,000 - $600,000 + $100,000) Estimated revenue Decrease in fund balance with closing entry Beginning fund balance after the budget entry Ending fund balance E10.8 $ 4,059,000 $28,209,000 29,000,000 (791,000) 5,200,000 $ 4,409,000 Inventory Accounting a Consumption method Expenditures (1) Inventory (2) 17,900,000 100,000 Cash Accounts payable Fund balance – unassigned (2) 15,500,000 2,500,000 100,000 Fund balance— nonspendable (2) 100,000 Purchases method Expenditures 18,000,000 Cash Accounts payable Inventory (2) 15,500,000 2,500,000 100,000 Fund balance— nonspendable (2) 100,000 (1) 17,900,000 = 1,000,000 + 18,000,000 – 1,100,000 (2) 100,000 = 1,100,000 – 1,000,000 ©Cambridge Business Publishers, 2013 10 Advanced Accounting, 2nd Edition Find more at www.downloadslide.com Cash Allowance for uncollectible taxes—delinquent 15,000 15,000 Property taxes receivable—delinquent Property tax revenues To record collection of delinquent property taxes 15,000 15,000 Cash 8,420,000 Property taxes receivable—current 8,420,000 To record collection of current property taxes; $8,420,000 = $8,600,000 - ($100,000 - $40,000) - $120,000 Property taxes receivable— delinquent Allowance for uncollectible taxes—current Property tax revenues 120,000 40,000 80,000 Allow for uncoll taxes— delinquent Property taxes receivable—current 120,000 120,000 To fully reserve unpaid property taxes and reclassify them as delinquent Property tax revenues for 2014 = $8,500,000 + $15,000 - $80,000 = $8,435,000 Cash collected for 2014 = $8,420,000 + $15,000 = $8,435,000 c Zero Interest is not accrued until the year it will be paid d Other entries for 2014 (not required): Cash 500,000 Bond proceeds 500,000 To record issuance of bonds Cash 6,000 Proceeds from sale of capital assets 6,000 To record sale of equipment ©Cambridge Business Publishers, 2013 36 Advanced Accounting, 2nd Edition Find more at www.downloadslide.com Transfers out 250,000 Cash To record transfers to capital projects and enterprise funds Expenditures 250,000 8,720,000 Cash or accounts payable 8,720,000 To record expenditures for the year Encumbrances 50,000 Fund balance—assigned To record net increase in encumbrances for the year Closing entries for 2014: Property tax revenues Bond proceeds Proceeds from sale of capital assets Fund balance—unassigned 50,000 8,435,000 500,000 6,000 59,000 Estimated revenues Estimated other financing sources To close revenue and other financing sources accounts Appropriations Estimated other financing uses Fund balance—unassigned 8,500,000 500,000 8,800,000 250,000 50,000 Expenditures Transfers out Encumbrances To close expenditure, encumbrance, and other financing uses accounts Solutions Manual, Chapter 10 8,720,000 250,000 130,000 ©Cambridge Business Publishers, 2013 37 Find more at www.downloadslide.com e City of Middletown Budgetary Comparison Schedule For the year 2014 Property tax revenues Expenditures Excess of revenues over (under) expenditures Other financing sources (uses): Transfers out Proceeds from sale of capital assets Bond proceeds Total other financing sources Excess of revenues & other sources over (under) expenditures & other uses P10.10 a Budget $ 8,500,000 8,800,000 Actual $8,435,000 8,720,000 VarianceB Favorable (Unfavorable) $ (65,000) 80,000 (300,000) (285,000) 15,000 (250,000) (250,000) - 500,000 250,000 6,000 500,000 256,000 $ (50,000) 6,000 6,000 $ (29,000) $ 21,000 General Fund—Entries and Financial Statements 2014 journal entries Beginning of year: Encumbrances 6,000 Fund balance—unassigned To restore beginning of year encumbrances 6,000 Estimated revenues— property taxes Estimated revenues— licenses and fines Estimated revenues—federal grants Fund balance—unassigned 500,000 35,000 100,000 31,000 Appropriations— general government Appropriations— human services Estimated other financing uses 250,000 402,000 14,000 To establish budget ©Cambridge Business Publishers, 2013 38 Advanced Accounting, 2nd Edition Find more at www.downloadslide.com Property taxes receivable— current 500,000 Allowance for uncollectible taxes—current Property tax revenues 50,000 450,000 To accrue property taxes Cash 430,000 Property taxes receivable— current To record collection of current property taxes Cash Allowance for uncollectible taxes—delinquent 430,000 60,000 40,000 Property taxes receivable— delinquent Property tax revenues To record collection of delinquent property taxes and write-off of remainder Property taxes receivable— delinquent Allowance for uncollectible taxes—current Property tax revenues 65,000 35,000 70,000 50,000 5,000 Property taxes receivable— current 70,000 Allowance for uncollectible taxes—delinquent 55,000 To reclassify uncollected taxes as delinquent and provide for a $55,000 allowance Due from federal government 100,000 Revenues—federal grants 100,000 To accrue federal grants Cash 95,000 Due from federal government To record collection of federal grants Cash 34,000 Revenues—licenses and fines To record collection of license and fine revenues Solutions Manual, Chapter 10 95,000 34,000 ©Cambridge Business Publishers, 2013 39 Find more at www.downloadslide.com Expenditures—general government Expenditures—human services Inventories ($18,000 $15,000) Accounts payable ($30,000 $15,000) 234,000 400,000 3,000 15,000 Cash 652,000 To record cash expenditures Fund balance—unassigned 3,000 Fund balance—nonspendable To adjust the nonspendable fund balance to the ending $18,000 inventory balance Fund balance—assigned 2,000 Encumbrances To record net reduction in encumbrances for the year Transfers out 2,000 14,000 Cash To record transfers to debt service fund Cash 14,000 2,000 Due from other funds To record collection of cash advance to enterprise fund Due from other funds 2,000 5,000 Cash To record advance to capital projects fund Cash Due to other funds To record advance from enterprise fund ©Cambridge Business Publishers, 2013 40 3,000 5,000 25,000 25,000 Advanced Accounting, 2nd Edition Find more at www.downloadslide.com Closing entries: Property tax revenues ($450,000 + $35,000 $5,000) Revenues—licenses and fines Revenues—federal grants Fund balance—unassigned 480,000 34,000 100,000 21,000 Estimated revenues—property taxes Estimated revenues—licenses and fines Estimated revenues—federal grants 500,000 35,000 100,000 To close revenues Appropriations— general government Appropriations— Human Services Estimated other financing uses 250,000 402,000 14,000 Expenditures—general government Expenditures—human services Transfers out Encumbrances Fund balance—unassigned To close expenditures, encumbrances and transfers Solutions Manual, Chapter 10 234,000 400,000 14,000 4,000 14,000 ©Cambridge Business Publishers, 2013 41 Find more at www.downloadslide.com b (1) City of Los Alvos Statement of Revenues, Expenditures, and Changes in Fund BalancesCGeneral Fund For the Year Ended December 31, 2014 Revenues Property taxes Licenses and fines Federal grants Total revenues Expenditures General government Human services Total expenditures Excess of revenues over (under) expenditures Other financing sources (uses) Transfers out Total other financing sources (uses) Excess of revenues and other financing sources over (under) expenditures and other financing uses Fund balances—December 31, 2013 Fund balances—December 31, 2014 $ 480,000 34,000 100,000 614,000 234,000 400,000 634,000 (20,000) (14,000) (14,000) (34,000) 52,000 $ 18,000 (2) City of Los Alvos Balance SheetCGeneral Fund December 31, 2014 Assets Cash Property taxes receivable—delinquent (net) Due from other funds Due from federal government Inventories Total assets Liabilities and fund balances Accounts payable Due to other funds Total liabilities Fund balances: Nonspendable Assigned Unassigned Total fund balances Total liabilities and fund balances ©Cambridge Business Publishers, 2013 42 $ 5,000 15,000 5,000 15,000 18,000 $ 58,000 $ 15,000 25,000 40,000 18,000 4,000 (4,000) 18,000 $ 58,000 Advanced Accounting, 2nd Edition Find more at www.downloadslide.com (3) City of Los Alvos Budgetary Comparison ScheduleCGeneral Fund For the Year Ended December 31, 2014 Revenues Property taxes Licenses and fines Federal grants Total revenues Expenditures General government Human services Total expenditures Excess of revenues over (under) expenditures Other financing sources (uses) Transfers out Total other financing sources (uses) Excess of revenues and other financing sources over (under) expenditures and other financing uses Fund balance—December 31, 2013 Fund balance—December 31, 2014 Solutions Manual, Chapter 10 Variance-Favorable (Unfavorable) Budget Actual $ 500,000 35,000 100,000 635,000 $ 480,000 34,000 100,000 614,000 250,000 402,000 652,000 234,000 400,000 634,000 16,000 2,000 18,000 (17,000) (20,000) (3,000) 14,000 (14,000) 14,000 (14,000) (31,000) 52,000 $ 21,000 (34,000) 52,000 $ 18,000 $ (20,000) ( 1,000) -(21,000) - (3,000) -$ (3,000) ©Cambridge Business Publishers, 2013 43 Find more at www.downloadslide.com P10.11 General Fund—Budget and Closing Entries, Financial Statements a Estimated revenues Estimated other financing sources 260,000 2,000 Appropriations Estimated other financing uses Fund balance— unassigned 257,000 4,800 200 To establish budget b In addition to the budget entry, an entry was made at the beginning of the year to reverse the encumbrances write-off from 2013: Encumbrances 800 Fund balance— unassigned 800 Therefore the beginning fund balance—unassigned was $23,000 - $200 - $800 = $22,000 c Revenues—property taxes Revenues—income taxes Revenues—fines and licenses Revenues—state grants Proceeds from sale of capital assets Fund balance—unassigned 55,000 180,000 18,000 6,000 2,300 700 Estimated revenues Estimated other financing sources To close revenues and other financing sources 260,000 2,000 Appropriations Estimated other financing uses 257,000 4,800 Encumbrances Expenditures—general government Capital outlay Transfers out Debt service—interest Debt service—principal Fund balance— unassigned To close expenditures and other financing uses ©Cambridge Business Publishers, 2013 44 500 130,400 11,000 4,500 35,000 80,000 400 Advanced Accounting, 2nd Edition Find more at www.downloadslide.com d City of Akron General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 2014 (in thousands) Revenues Property taxes $ 55,000 Income taxes 180,000 Fines and licenses 18,000 State grants 6,000 Total revenues 259,000 Expenditures General government 130,400 Capital outlay 11,000 Debt service Interest payments 35,000 Principal payments 80,000 Total expenditures 256,400 Excess of revenues over (under) expenditures 2,600 Other financing sources (uses) Proceeds from sale of capital assets 2,300 Transfers out (4,500) Total other financing sources (uses) (2,200) Excess of revenues and other financing sources over expenditures and other financing uses 400 Fund balance—December 31, 2013 (1) 22,800 Fund balance—December 31, 2014 (2) $ 23,200 (1) Fund balance—unassigned = Fund balance—assigned = $22,000 800 $22,800 (2) Fund balance—unassigned: $23,000 - $700 + $400 = Fund balance—assigned = $22,700 500 $23,200 Solutions Manual, Chapter 10 ©Cambridge Business Publishers, 2013 45 Find more at www.downloadslide.com e City of Akron General Fund Balance Sheet At December 31, 2014 (in thousands) Assets Cash Investments Property taxes receivable (net) Due from other funds Total assets Liabilities and fund balances Accounts payable Due to other funds Total liabilities Fund balances: Assigned Unassigned Total fund balances Total liabilities and fund balances P10.12 $ 5,000 14,000 36,000 9,000 $ 64,000 $ 33,200 7,600 40,800 500 22,700 23,200 $ 64,000 General Fund—Entries and Financial Statements a Estimated revenues Fund balance—unassigned 410,500 9,500 Appropriations Estimated other financing uses 370,000 50,000 To establish budget Encumbrances 3,000 Fund balance— unassigned To reverse outstanding encumbrance closing entry from last year State grant receivable 3,000 40,000 State grant revenue 40,000 To accrue state grant ©Cambridge Business Publishers, 2013 46 Advanced Accounting, 2nd Edition Find more at www.downloadslide.com b Transactions for the year: Taxes receivable 300,000 Property tax revenue Allowance for uncollectible taxes 285,000 15,000 To record property tax bills Cash 280,000 Taxes receivable 280,000 To record property tax collection Cash 25,000 State grant receivable 25,000 To record state grant cash received Cash 10,000 Property tax revenue 10,000 To record collection of delinquent taxes Allowance for uncollectible taxes— delinquent 22,500 Taxes receivable— delinquent To write off uncollected delinquent taxes Transfers out 22,500 50,000 Cash To record transfer to special revenue fund 50,000 Cash 65,000 Fee and license revenue To record fee and license revenue received in cash Fund balance—assigned 65,000 3,000 Encumbrances 3,000 Expenditures 3,200 Accounts payable To record receipt of inventories on purchase orders sent last year Solutions Manual, Chapter 10 3,200 ©Cambridge Business Publishers, 2013 47 Find more at www.downloadslide.com Due from capital projects fund 8,000 Cash To record advance to capital projects fund 8,000 Cash 12,000 Due from special revenue fund To record collection of loan to special revenue fund 12,000 Expenditures 45,000 Accounts payable To record inventories purchased on account 45,000 Expenditures 320,000 Accounts payable To record other expenditures for the year 320,000 Encumbrances 4,000 Fund balance—assigned To record purchase orders outstanding at year-end Accounts payable 4,000 367,000 Cash 367,000 To record payment of accounts payable Adjusting entries at year-end: Fund balance—nonspendable 1,500 Inventories To adjust the inventories balance to current year-end amount Property tax revenue 1,500 5,000 Allowance for uncollectible taxes To fully reserve uncollected taxes at year-end 5,000 Taxes receivable—delinquent Allowance for uncollectible taxes 20,000 20,000 Taxes receivable Allowance for uncollectible taxes— delinquent To reclassify uncollected taxes as delinquent ©Cambridge Business Publishers, 2013 48 20,000 20,000 Advanced Accounting, 2nd Edition Find more at www.downloadslide.com c Closing entries: Property tax revenue Fee and license revenue State grant revenue Fund balance—unassigned 290,000 65,000 40,000 15,500 Estimated revenue To close revenues against estimated revenues Appropriations Estimated other financing uses Fund balance—unassigned 410,500 370,000 50,000 2,200 Transfers out 50,000 Expenditures 368,200 Encumbrances 4,000 To close expenditures and other financing uses against appropriations and estimated other financing uses d Montana County General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended June 30, 2013 (in thousands) Revenues: Property taxes $ 290,000 Fees and licenses 65,000 State grant 40,000 Total revenues 395,000 Expenditures (368,200) Excess of revenues over (under) expenditures 26,800 Other financing sources (uses) Transfers out (50,000) Excess of revenues over (under) expenditures and other financing uses (23,200) Fund balances—July 1, 2012 (1) 135,000 Change in fund balance—nonspendable (1,500) Fund balances—June 30, 2013 (2) $ 110,300 (1) Fund balance—assigned Fund balance—nonspendable Fund balance—unassigned $ (2) Fund balance—assigned Fund balance—nonspendable Fund balance—unassigned $ Solutions Manual, Chapter 10 3,000 7,500 124,500 $135,000 4,000 6,000 100,300 $110,300 ©Cambridge Business Publishers, 2013 49 Find more at www.downloadslide.com e Montana County General Fund Balance Sheet At June 30, 2013 (in thousands) Assets Cash Property taxes receivable (net of $20,000 allowance for uncollectibles) State grant receivable Due from special revenue fund Due from capital projects fund Inventories Total assets Liabilities and fund balances Accounts payable Fund balances: Assigned Nonspendable Unassigned Total fund balances Total liabilities and fund balances ©Cambridge Business Publishers, 2013 50 $ 87,000 -15,000 3,000 8,000 6,000 $ 119,000 $ 8,700 4,000 6,000 100,300 110,300 $ 119,000 Advanced Accounting, 2nd Edition ... other funds Total ©Cambridge Business Publishers, 2013 $371,000 68,000 12,000 $451,000 Advanced Accounting, 2nd Edition Find more at www.downloadslide.com 10 b Original assessment of 2013 taxes... general fund), permanent fund investment trust fund ©Cambridge Business Publishers, 2013 Advanced Accounting, 2nd Edition Find more at www.downloadslide.com E10.3 Property Tax Rate and Revenues a... Publishers, 2013 $2,100,000 (69,000) 55,000 11,000 $2,097,000 $2,100,000 (3,000) $2,097,000 Advanced Accounting, 2nd Edition Find more at www.downloadslide.com E10.6 Transactions, Closing Entries, and