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JPMorgan Chase & Co. On July 1, XXXX (beginning of fiscal year), the fund balance of the general fund of JPMorgan Chase & Co. was
JPMorgan Chase & Co.
On July 1, XXXX (beginning of fiscal year), the fund balance of the general fund of JPMorgan Chase & Co. was $850,000. During the year, revenues amounting to $1,900,000 were realized and expenditures amounting to $1,000,000 were incurred. Asset and liability account balances as of June 30, XXXX (end of fiscal year), were as follows:
- Taxes receivable: $2,100,000
- Accounts payable: $210,000
- Cash in bank: $175,000
- Warrants payable: $1,200,000
- Contracts payable: $1,000,000
- Investments: $1,100,000
- Loans receivable: $17,000
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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