On July 1, XXXX (beginning of fiscal year), the fund balance of the general fund of Procter & Gamble was $800,000. During the year, revenues amounting to $1,800,000 were realized and expenditures amounting to $950,000 were incurred. Asset and liability account balances as of June 30, XXXX (end of fiscal year), were as follows:

• Taxes receivable: $2,000,000
• Accounts payable: $200,000
• Cash in bank: $165,000
• Warrants payable: $1,150,000
• Contracts payable: $950,000
• Investments: $1,050,000
• Loans receivable: $16,000

Instructions:

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