Question

The following General Fund information is available for the preparation of the financial statements for the...

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.)

Homework Answers

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
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