The following General Fund information is available for the preparation of the financial statements for the city
Question:
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, 2012:
Revenues:
Property taxes .......... $27,000,000
Sales taxes ............ 13,216,000
Fees and fines ........... 1,124,000
Licenses and permits .......... 1,921,000
Intergovernmental ............ 868,000
Investment earnings .......... 654,000
Expenditures:
Current:
General government .......... 8,192,000
Public safety ............ 24,444,000
Public works .............. 6,211,000
Health and sanitation .......... 1,693,000
Culture and recreation ......... 2,154,000
Debt service—principal .......... 652,000
Debt service—interest ............ 821,000
Proceeds of long-term, capital-related debt . 2,210,000
Transfer to special revenue fund ..... 1,119,000
Special item—proceeds from sale of land ... 821,000
Fund balance, October 1, 2011 ...... 13,211,000
From the information given above, prepare, in good form, 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, 2012.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Step by Step Answer:
CITY OF EASTERN SHORES GENERAL FUND STATEMENTS OF REVENUES E XPENDITURES AND CHANGES IN FUND BALAN...View the full answer
Essentials of Accounting for Governmental and Not-for-Profit Organizations
ISBN: 978-0073527055
10th Edition
Authors: Paul A. Copley
