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(Statement of Revenue, Expenditures and Change in Fund Balance) Using the following information, prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance for the city of Nancy General Fund for the fiscal year ended December 31, 20X7.
1. Unreserved Fund Balance, January 1, 20X7, was $150,000
2. Fund balance reserves, January 1, 20X7, were for
Encumbrances $25,000
Advances $50,000
The advances is due in 20X8
3. Revenues for 20X7 totaled $2,500,000, including
property taxes $1,800,000
licenses and permit $190,000
intergovernmental revenues $310,000
proceeds from short-term note $50,000
other $150,000
other revenue include $40,000 received from a capital projects fund upon completion of the project and termination of the fund and a $65,000 routine annual transfer from the city's water enterprise fund.
4. Expenditures for 20X7 total $2,600,000 including
general government $800,000
public safety $1,000,000
highway and streets $600,000
health and sanitation $150,000
other $50,000
included in the public safety expenditure is $85,000 for the estimated cost of a fire truck that has been ordered but not received. A second truck costing $55,000 was received during 20X7.
Also the highways and streets expenditures include $42,000 for work contracted out to independent contractors but not performed as of year end. This is in chapter 4 problem 4-7 in non-profit and municipal accounting second edition thanks for your help in this matter