topic preparation of fund financial statements lo 5 2 assume that at the beginning o 4314349

topic preparation of fund financial statements lo 5 2 assume that at the beginning o 4314349

Topic: Preparation of Fund Financial Statements

LO:5

2.Assume that at the beginning of the fiscal year, the City of Maxwellreports the following balances in its accounts for the General Fund:

General Fund

Beginning Balances:

DR

CR

Cash

4,830

Receivables:

Real Estate & Personal Property

450

Intergovernmental

5,400

Payables

180

Deferred Revenues

5,850

Fund Balances:

Assigned

1,350

Unassigned

3,300

10,680

10,680

Required:Using the journal entries you record for Problem 1 (above):

  1. Prepare the pre-closing trial balance for the General Fund
  2. From the pre-closing trial balance in part a, prepare the City of Maxwell’s Balance Sheet and the Statement of Revenues, Expenditures, and Changes in Fund Balances for the fiscal year for the General Fund.

 

Cash

8,624

Receivables:

Real Estate & Personal Property

540

Intergovernmental

5,584

Total Assets

14,748

Payables

640

Deferred Revenues

6,142

Total Liabilities

6,782

Fund Balances:

Reserved for – Encumbrances

1,810

Unreserved

6,156

Total Fund Balances

7,966

Total Liabilities and Fund Balances

14,748

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

Revenues:

Real Estate Taxes

20,184

Intergovernmental

3,686

Total Revenues

23,870

Expenditures:

General Government

3,444

Public Safety

2,296

Education

13,772

Public Works

1,148

Human Services

2,294

Debt Principal Payments

800

Debt Interest Payments

200

Total Expenditures

24,554

Excess (Deficiency) of Revenues over Expenditures

-684

Other financing Sources (Uses)

Proceeds from Bonds

4,000

Total Other Financing Sources (Uses)

4,000

Net Change in Fund Balances

3,316

Fund Balances at Beginning of Year

4,650

Fund Balances at End of Year

7,966

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