Question

Hunnington Township’s adjusted trial balance for the General Fund at the close of its fiscal year ended June 30, 2013, is presented here:


Note 1: The current tax roll and accounts receivable, recorded on the accrual basis as
sources of revenue, amounted to $500,000 and $200,000, respectively.
Note 2: Includes $42,500 paid during the fiscal year in settlement of all purchase orders outstanding at the beginning of the fiscal year.
Note 3: Represents the difference between the budgeted (estimated) revenue of
$700,000 and the actual revenue realized during the fiscal year.
Note 4: Represents the proceeds from the sale of equipment damaged by fire. The equipment originally cost $40,000 and had been held for 80% of its useful life prior to the fire.
Note 5: The interfund payable and receivable resulted from cash advances (loans) to and from the respective funds.

Required:
A. Prepare a statement of revenues, expenditures, and changes in fund balance.
B. Prepare a balance sheet for the General Fund at June 30,2013.


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  • CreatedMarch 16, 2015
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