Hunnington Townships adjusted trial balance for the General Fund at the close of its fiscal year ended

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

Hunnington Township€™s adjusted trial balance for the General Fund at

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.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Advanced Accounting

ISBN: 978-1118098615

5th Edition

Authors: Debra C. Jeter, Paul Chaney

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