Question

2-9 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, 2017:

Revenues:

Property taxes ----- $27,020,000

Sales taxes --------- 13,316,000

Fees and Fines------ 1,324,000

Licenses and permits 1,721,000

Intergovernmental ---- 2,368,000

Investment earning --- 654,000

Expenditures:

Current:

General Government 11,725,000

Public safety 24,444,000

Public works 6,211,000

Health and Sanitation 1,163,000

Culture and recreation 2,154,000

Transfers to capital project fund 1,119,000

Special--Item proceeds from sale of land 821,000

Fund balance, October 1, 2016 1,812,000

From the information above prepare, in good form, a General Fund Statement of Revenues, Expenditures, Changes in Fund Balances for the city of Eastern Shores General fund for the year ended September 30, 2017.  

Answer 1

Solution:

City of Eastern Shores
General Fund Statements of Revenues, Expenditures and Changes in Fund Balances Year Ended September 30, 2017
Particulars	Amount ($)
Revenues:
Property taxes	$27,020,000
Sales taxes	$13,316,000
Fees and fines	$1,324,000
Licenses and Permits	$1,721,000
Inter Governmental	$2,368,000
Investment Earnings	$654,000
Total Revenues (A)	$46,403,000
Expenditures:
Current:
General Government	$11,725,000
Public Safety	$24,444,000
Public Works	$6,2111,000
health and Sanitation	$1,163,000
Culture and Recreation	$2,154,000
Total Expenditure (B)	$45,697,000
Excess of Revenue over Expenditure over Expenditure (C)=A-B	$706,000
Less: Transfer to Special Revenue Fund	$1,119,000
Add: Special Item - Proceeds from Sale of Land
Net Change in Fund Balance	$821,000
Add:Fund Balance Oct 1,2017	$1,812,000
Fund Balance Sep 30,2017	$2,633,000