Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On July 1, XXXX (beginning of fiscal year), the fund balance of the general fund of Amazon Inc. was $2,550,000. During the year, revenues amounting
On July 1, XXXX (beginning of fiscal year), the fund balance of the general fund of Amazon Inc. was $2,550,000. During the year, revenues amounting to $5,300,000 were realized and expenditures amounting to $2,700,000 were incurred. Asset and liability account balances as of June 30, XXXX (end of fiscal year), were as follows:
- Taxes receivable: $5,500,000
- Accounts payable: $550,000
- Cash in bank: $515,000
- Warrants payable: $2,900,000
- Contracts payable: $2,700,000
- Investments: $2,800,000
- Loans receivable: $51,000
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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started