Part Two: FUND FINANCIAL STATEMENTS Part Two: FUND FINANCIAL STATEMENTS

STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCE

For the Year Ended December $31,20$X$4$

Revenues

$-$Property Taxes

$-$Student Fees

Total Revenues

Expenditures

$-$Salaries

$-$Rent

$-$Equipment

$-$Land

$-$Maintenance

$4-$Computer

Total Expenditures

$5$ Change in Fund Balance

$7$ Fund Balance$-$Beginning of Year

Fund Balance$-$End of Year Part Two: FUND FINANCIAL STATEMENTS

STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCE

For the Year Ended December $31,20$X$4$

Revenues

$-$Property Taxes

$-$Student Fees

Total Revenues

Expenditures

$-$Salaries

$-$Rent

$-$Equipment

$-$Land

$-$Maintenance

$4-$Computer

Total Expenditures

$5$ Change in Fund Balance

$7$ Fund Balance$-$Beginning of Year

Fund Balance$-$End of Year Part Two: FUND FINANCIAL STATEMENTS

STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCE

For the Year Ended December $31,20$X$4$

Revenues

$-$Property Taxes

$-$Student Fees

Total Revenues

Expenditures

$-$Salaries

$-$Rent

$-$Equipment

$-$Land

$-$Maintenance

$4-$Computer

Total Expenditures

$5$ Change in Fund Balance

$7$ Fund Balance$-$Beginning of Year

Fund Balance$-$End of Year BALANCE SHEET

$\frac{12}{31}\frac{?}{20}4$

Assets

$-$Cash

$-$Property Tax Receivable

Total Assets

Liabilities

$-$Voucher Payable

Deferred Inflows of Resources

$-$Unavailable Revenues

Total Deferred Inflows and Liabilities

Fund Balance

$-$Unassigned

Total Liabilities, Deferred Inflows of

Resources, and Fund Balance The City of Manchester, New Hampshire, has only one activity, its school system. The school system is accounted for within the general fund. For convenience, assume that at the start of $204,$ the school

system and the city have no assets. During the year, the city assesses property taxes of $$400,000.$ Of this amount, it collects $$320,000$ during the year and $$50,000$ within a few weeks after the end of the

year and expects the remainder to be collected about six months later. The city makes the following payments during $20$X$4$: salary expense, $$100,000$; rent expense, $$70,000$; equipment $($received on

January $1$ with a five$-$year life and no salvage value$),$ $$50,000$; land, $$30,000$; and maintenance expense$),$ $$20,000.$

In addition, on the last day of the year, the city purchases a $$200,000$ building by signing a long$-$term note payable. The building has a $20-$year life and no salvage value, and the liability accrues interest at

a $0\%$ annual rate. The city also buys two computers on the last day of the year for $$4,000$ each. One will be paid for in $30$ days and the other in $90$ days. The computers should last four years and have no

expected residual value. During the year, the school system charges students $$3,000$ for school fees and collects the entire amount. The city determines depreciation using the straight line method.

STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCE

For the Year Ended December $31,20$X$4$

Revenues

$-$Property Taxes

$-$Student Fees

Total Revenues

Expenditures

$-$Salaries

$-$Rent

$-$Equipment

$-$Land

$-$Maintenance

$4-$Computer

Total Expenditures

$5$ Change in Fund Balance

$7$ Fund Balance$-$Beginning of Year

Fund Balance$-$End of Year