Question

C. ELLIPELE TE-C E3-5 (Statement of Revenues. Expenditures, and Changes in Fund Balances) Prepare, in good form the 20X9 GAAP-based Statement of Revenues. Expenditures, and Changes in Fund Balance for the General Fund of Hicks Township, based on the following information: Property tax revenues..... Licenses and permits....... Intergovernmental grants........ Short-term note proceeds........ General capital asset sale proceeds (Equal to book value less 10%)... $13.000.000 800.000 2.500.000 775.000 523.000

Answer 1

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Solution for 3-5)

Statement of Revenues Expenditures and Changes in Fund Balance

Amount Details Amount ($) Amount Revenues: Property tax 13,000,000 Licenses and permits B00,000 Intergovernmental grants 2.500.000 Total revenues 16,300,000 Expenditures: Current General governmental expenditures 800,000 Education expenditure 10.250,000 Public safety expenditure 3,000,000 Highway and streets expenditures 2.460,000 Health and sanitation expenditures 920,000 Total expenditures - current 17,430,000 Capital outlay for purchase of asset 1,200,000 Debt service expenditures: Retirement of principal of long-term note 300,000 Interest payment of long-term notes 98.000 Total expenditure for debt service 398,000 Total expenditure 19.028.000 Excess (deficit) of revenue over expenditures (2,728,000) Other financing sources (Uses): Proceeds from sale of general capital asset 523,000 Transfer from debt service fund 90,000 Transfer to debt service fund (100.000) Total other financing sources and (uses) 513,000 Net changes in fund balance (2,215,000) Add: Fund balance, January 1, 20X9 4.750.000 Fund balance, December 31, 20X9 2.535,000

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