On July 1, XXXX (beginning of fiscal year), the fund balance of the general fund of Berkshire
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Question:
On July 1, XXXX (beginning of fiscal year), the fund balance of the general fund of Berkshire Hathaway Inc. was $1,700,000. During the year, revenues amounting to $3,600,000 were realized and expenditures amounting to $1,850,000 were incurred. Asset and liability account balances as of June 30, XXXX (end of fiscal year), were as follows:
- Taxes receivable: $3,800,000
- Accounts payable: $380,000
- Cash in bank: $345,000
- Warrants payable: $2,050,000
- Contracts payable: $1,850,000
- Investments: $1,950,000
- Loans receivable: $34,000
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.
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
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