Question

Homework Problem - Prepare a Statement of Revenues, Expenditures &
Changes in Fund Balance from the selected Chart of Accounts
of Galloway Township for Year 2019
Property Taxes	$              13,000,000
Proceeds from sale of Capital Assets	523,000
Transfer from Capital Projects Service Fund	90,000
Expenditures - General Government	800,000
Transfer to Debt Service Fund	(100,000)
Licenses & Permits	800,000
Expenditures - Education	10,250,000
Expenditures - Interest on Short Term Notes	68,000
Expenditures - Police Cars, Fire Equipment, Contruction on Municipal Bldg.	1,200,000
Intergovernmental Grants	2,500,000
Expenditures - Retirement of Long Term Note	300,000
Fund Balance January 1, 2019	4,750,000
Expenditures - Public Safety	3,000,000
Expenditures - Interest on Long Term Notes	30,000
Expenditure - Highways & Streets	2,460,000
Expenditures - Health & Sanitation	920,000

Answer 1

Galloway Township Statement of Revenues, Expenditures &  Changes in Fund Balance For the Year Ended December 31, 20X9
Revenues:
Property taxes		13000000
Licenses and permits		800000
Intergovernmental revenue		2500000
Total revenues		16300000
Expenditures:
Current operating:
General government	800000
Education	10250000
Public safety	3000000
Highways and streets	2460000
Health and sanitation	920000	17430000
Capital outlay		1200000
Debt service:
Principal retirement	300000
Interest (60000+38000)	98000	398000
Total Expenditures		19028000
Excess (Deficiency) of Revenues over Expenditure		(2728000)
Other Financing Sources (Uses):
Proceeds from Sale of Capital Assets	523000
Transfer from Debt Service Funds	90000
Transfer to Debt Service Funds	(100000)
Total Other Financing Sources and Uses		513000
Net Change in Fund Balance		$2215000
Fund Balance, January 1		$47500000
Fund Balance, December 31		$2535000