(Estimating the fund balance at the end of the year)

At the end of the preceding year, the General Fund of the Atlas Township School Board had a fund balance of $800,000. Revenues and expenditures of the current year are expected to be as follows:

Year-to-Date Remainder of Year Actual Estimated Revenues Property taxes $1,250,000 $500,000 Out-of-township tuition 50,000 20,000 Share of lottery receipts 100,000 50,000 State grants 500,000 —
Expenditures Salaries $ 875,000 $450,000 Fringe benefits 90,000 40,000 Operating expenses 588,000 240,000 Equipment 110,000 50,000 Transportation 15,000 10,000 Repayment of debt 100,000 100,000 Required: Determine the projected year-end fund balance for this fund.

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Revenues Year-to-Date Actual Remainder of Year Estimated Property taxes Out-of-township tuition Share of lottery receipts State grants Expenditures $1,250,000 $500,000 50,000 20,000 100,000 50,000 500,000 Salaries Fringe benefits Operating expenses $ 875,000 $450,000 90,000 40,000 588,000 240,000 Equipment 110,000 50,000 Transportation 15,000 10,000 Repayment of debt 100,000 100,000