Question

1 - The information included below relates to the city of Chicago for the year ended June 30, 2015. Using this information, prepare a statement of Revenue, Expenditures and Changes in Fund Balance as of year-end. Also provide a Governmental Fund Balance Sheet.

Short Term Notes Payable	$25	Property Tax Revenue	$600
Cash	$156	Proceeds from L/T Bonds	$100
Investments	$120	Proceeds from the sale of capital assets	$30
Salary and Wages Payable	$60	Pension Expenditures	$50
Voucher Payable	$40	Grant Revenue	$20
Deferred Inflow of Resources	$22	Interest Expenditure	$40
Nonreciprocal Transfer out to DSF	$125	Deferred Outflow of Resources	$72
Supplies Inventory	$21	Fund Balance, beginning	$45
Supplies Expenditure	$90	Sales Tax Revenue	$190
Utilities Expenditure	$6	Salary and Wage Expenditures	$452

Answer 1

STATEMENT OF REVENUE AND EXPENDITURE
Expenditures	Amount	Revenue	Amount
Supplies inventory	21.00	Property tax revenue	600.00
Supplies expenditure	90.00	Proceeds form L/T bonds	100.00
Transfer to DSF	125.00	Proceeds from sale of capital assets	30.00
Utilities expenditures	6.00	Grant revenue	20.00
Pension expenditure	50.00	Sales tax revenue	190.00
Interest expenditure	40.00
Salary and wages expenditure	452.00
Profit transferred to Fund Balance	156.00
Total	940.00	Total	940.00

STATEMENT OF CHANGE IN FUND BALANCE
PARTICULARS	Amount
Opening fund balance			45.00
Add : Amount transferred from Revenue & Exp. Statement	156.00
Closing fund balance / Amount transferred to Balance sheet	201.00

GOVERNMENTAL FUND BALANCE SHEET
Liabilites	Amount	Assets	Amount
Fund Balance	201.00	Investment	120.00
Short Term Notes Payable	25.00	Cash	156.00
Salary and wages payable	60.00	Deferred outflow of resources	72.00
Voucher payable	40.00
Deferred inflow of resources	22.00
Total	348.00	Total	348.00