Question

Prepare, in good form, the 20X9 GAAP-based Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund of Hicks Township, based on the following information:
Property tax revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,000,000
Licenses and permits . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800,000
Intergovernmental grants . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000
Short-term note proceeds . . . . . . . . . . . . . . . . . . . . . . . . 775,000
General capital asset sale proceeds
(Equal to book value less 10%) . . . . . . . . . . . . . . . . . 523,000
Receipt of residual cash from
terminated Debt Service Fund #1 . . . . . . . . . . . . . . . . 90,000
Amount paid to Debt Service Fund #2
to cover principal and interest payments . . . . . . . . . . 100,000
General government expenditures . . . . . . . . . . . . . . . . . 800,000
Education expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . 10,250,000
Public safety expenditures . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000
Highways and streets expenditures . . . . . . . . . . . . . . . . 2,460,000
Health and sanitation expenditures . . . . . . . . . . . . . . . . 920,000
Capital assets purchased . . . . . . . . . . . . . . . . . . . . . . . . . 1,200,000
Retirement of principal of long-term note . . . . . . . . . . 300,000
Interest payment on long-term note . . . . . . . . . . . . . . . . 30,000
Interest expenditures on short-term note . . . . . . . . . . . 68,000
Fund Balance, January 1, 20X9 . . . . . . . . . . . . . . . . . . . . 4,750,000



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  • CreatedOctober 25, 2014
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