Question

The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for the year ended September 30, 2017:

Revenues:
Property taxes	$	27,025,000
Sales taxes		13,323,000
Fees and fines		1,332,000
Licenses and permits		1,730,000
Intergovernmental		2,375,000
Investment earnings		661,000
Expenditures:
Current:
General government		11,731,000
Public safety		24,451,000
Public works		6,219,000
Health and sanitation		1,171,000
Culture and recreation		2,163,000
Transfer to capital project fund		1,127,000
Special item—proceeds from sale of land		831,000
Fund balance, October 1, 2016		1,819,000

From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the City of Eastern Shores General Fund for the year ended September 30, 2017. (Deductions should be entered with a minus sign.)

Answer 1

General Fund Statement of Revenues, Expenditures and Changes in Fund Balances :-

Particulars	Amount($)	Amount($)
Revenues :-
Property Taxes	27025000
Sales Taxes	13323000
Fees and Fines	1332000
Licenses and Permits	1730000
Inter Governmental	2375000
Investment Earnings	661000
Total Revenues (A)	46446000	46446000
Expenditures :-
Current :-
General Government	11731000
Public Safety	24451000
Public Works	6219000
Health and Sanitation	1171000
Culture and Recreation	2163000
Total Expenditures (B)	45735000	45735000
Excess of Revenue over Expenditure (C) = (A-B)		711000
Less : Transfer to Special Revenue Fund		(1127000)
Add : Special Item - Proceeds from Sale of Land		831000
Net Change in Fund Balance		415000
Add : Fund Balance, Oct. 1, 2016		1819000
Fund Balance, Sep. 30, 2016		2234000