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

(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
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