Question

E-45 (Statement of revenues, expenditures, and changes in fund balances) prepare, in good form, the 20x1 statement of revenues, expenditures, and changes in fund balances for the general fund of Crabtree 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 assets of terminated Debt Service Fund $90,000

Amount paid to Debt service fund 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 $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

Unreserved Fund Balance, January 1, 20X1 $1,190,000

Reserve for Advances, January 1, 20X1 $3,000,000

Reserve for Encumbrances, January 1, 20X1 $$560,000

Answer 1

Answer- Crabtree Township

General Fund

Statement of Revenues, Expenditures and Changes in Fund Balance

For the Year Ended 20x1

Details	Amount ($)	Amount ($)	Amount ($)
Revenues:-
Property tax		13,000,000
Licences and permits		800,000
Intergovernmental grants		2,500,000
Total Revenues			16,300,000
Expenditures:-
Current:-
General governmental expenditures	800,000
Education expenditures	10,250,000
Public safety expenditure	3,000,000
Highway and streets expenditures	2,460,000
Health and sanitation expenditure	920,000
Total Expenditures		17,430,000
Capital outlay for purchase of asset		1,200,000
Debt service expenditures:-
Retirement of principal of long term note	300,000
Interest payment of long-term notes	30,000
Interest expenditures on short-term note	68,000
Total expenditure for debt services		398,000
Total expenditures			19,028,000
Excess (deficit) of revenue over expenditures			(2,728,000)
Other financing sources (uses):-
Proceeds from sale of general capital asset		523,000
Transfer from debt service fund		90,000
Transfer to debt service fund		(100,000)
Total other financing sources and (uses)			513,000
Net changes in fund balance			(2,215,000)
Add: Unreserved Fund Balance, January 1, 20X1			$1,190,000
Reserve for Advances, January 1, 20X1			$3,000,000
Reserve for Encumbrances, January 1, 20X1			$560,000
Fund Balance, December 31, 20X1			$2,535,000