View the step-by-step solution to: (Statement of Revenue, Expenditures and Change in Fund Balance)

This question was answered on Nov 13, 2010. View the Answer
(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

Sign up to view the entire interaction

We need you to clarify your question for our tutors! Clarification request: Dear Student, I tried looking into your... View the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors and customizable flashcards—available anywhere, anytime.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access or to earn money with our Marketplace.

    Browse Documents
  • 890,990,898

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
  • 890,990,898

    Flashcards

    Browse existing sets or create your own using our digital flashcard system. A simple yet effective studying tool to help you earn the grade that you want!

    Browse Flashcards