On July 1, XXXX (beginning of fiscal year), the fund balance of the general fund of New Douglas School System was $97,455. During the year, revenues amounting to $346,000 were realized and expenditures amounting to $213,613 were incurred. Asset and liability account balances as of June 30, XXXX (end of fiscal year), were as follows:

Instructions:
Prepare a statement of revenues, expenditures and fund balance for the year ended June 30, XXXX.
Prepare a balance sheet as of June 30, XXXX.

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Taxes receivable $600,050 Accounts payable 54,965 Cash in bank 29,415 Warrants payable 422,381 Contracts payable 242,227 Investments 317,950 Loans receivable 2,000