Question
1. The following information is provided about the Towns General Fund operating statement and budgetary accounts for the fiscal year ended June 30, 2017. (Note:
1. The following information is provided about the Towns General Fund operating statement and budgetary accounts for the fiscal year ended June 30, 2017. (Note: The Town has no restricted, committed, or assigned fund balances.)
Estimated revenues $3,150,000
Revenues 3,190,000
Appropriations 3,185,000
Expenditures 3,175,000
Fund Balance Unassigned at the beginning of year had a $600,000 credit balance. The Budgetary Fund Balance (after the FY 2017 budget was recorded) had a $35,000 debit balance.
Required
Calculate the end-of-year balances for the Fund Balance Unassigned and Budgetary Fund Balance accounts that would be reported on the towns balance sheet prepared as of June 30, 2017.
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