1. Unreserved Fund Balance, January 1, 20X7, was $150,000
2. Fund balance reserves, January 1, 20X7, were for
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 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
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