The preclosing account balances of the general fund of the City of Batavia on June 30, 2012,

Question:

The preclosing account balances of the general fund of the City of Batavia on June 30, 2012, were as follows:

Debits

Cash...................... $ 80,000

Taxes receivable—delinquent............ 160,000

Due from County................. 18,000

Estimated revenues................. 1,000,000

Expenditures.................. 940,000

Nonreciprocal transfers out............. 10,000

Encumbrances.................. 20,000

$2,228,000

Credits

Allowance for uncollectible taxes—delinquent..... $ 30,000

Vouchers payable................. 58,000

Notes payable.................. 60,000

Reserve for encumbrances............. 20,000

Fund balance—unassigned............. 120,000

Revenues.................... 980,000

Appropriations.................... 960,000

$2,228,000

The fund balance—unassigned at the beginning of the year was $80,000, and there were no carryover encumbrances at the beginning of the fiscal year. The end of year encumbrances are a result of enabling legislation.

REQUIRED

1. Prepare a statement of revenues, expenditures, and changes in total fund balance for the year ended June 30, 2012.

2. Prepare a general fund balance sheet at June 30, 2012.

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...