On July 1, XXXX (beginning of fiscal year), the fund balance of the general fund of JPMorgan Chase & Co. was $1,200,000. During the year, revenues amounting to $2,600,000 were realized and expenditures amounting to $1,350,000 were incurred. Asset and liability account balances as of June 30, XXXX (end of fiscal year), were as follows:

• Taxes receivable: $2,800,000
• Accounts payable: $280,000
• Cash in bank: $245,000
• Warrants payable: $1,550,000
• Contracts payable: $1,350,000
• Investments: $1,450,000
• Loans receivable: $24,000

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.