Answer:
Gilbert City
A Schedule showing the amount of revenue in the general fund:
1. July 20X7 Property Taxes $2,200,000
2. Apr. 1, 2018 Interest on Advance 1,500
4. 2018 Grant Monies 265,000
5. June 30 Sales Tax 135,000
5. June 30 Additional Sales Taxes 22,000
6. July 20X7 Liquor Licenses 78,000
Total Revenue $2,701,500
Explanation:
Gilbert City, like other government bodies, reports its transactions on the accrual basis. For Gilbert City, this implies that the city will report all revenues receivable, whether actually received or not. And the city only reports the revenues that pertain to the current fiscal period in the current period. Gilbert City's revenues attributed to past and future years do not form part of the revenue for the current period. Gilbert City's reporting basis is in line with the accrual concept and the matching principle of Generally Accepted Accounting Principles.
