Prepare a governmental funds balance sheet; a governmental funds statement of revenues, expenditures, and changes in fund balances; and a General Fund budgetary comparison schedule. In the budgetary comparison schedule, include a column for variances. To ease financial statement preparation, we supply you with the pre-closing trial balances for Croton Citys General Fund, Library Special Revenue Fund, Capital Projects Fund, and Debt Service Fund. Consider all funds as major funds for this exercise and classify the fund balance for the Debt Service Fund as Assigned fund balance. In addition, make calculations to determine which of the funds would be considered as nonmajor if Croton had not considered all of them to be major.

Based on the information above please answer the following :

\begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|l|}{\begin{tabular}{c} Preclosing Trial Balance for Croton City \\ General Fund \\ December 31, 2019 \end{tabular}} \\ \hline & Debits & Credits \\ \hline \multicolumn{3}{|l|}{ Budgetary Accounts } \\ \hline Estimated revenues - property taxes & $9,000 & \\ \hline Estimated revenues - personal income taxes & 5,000 & \\ \hline Estimated revenues - intergovernmental & 1,000 & \\ \hline Estimated revenues - recreation fees & 600 & \\ \hline Budgetary fund balance & 600 & \\ \hline Appropriations - public safety salaries & & 7,100 \\ \hline Appropriations - public safety supplies & & 500 \\ \hline Appropriations - public works salaries & & 5,000 \\ \hline Appropriations - parks salaries & & 2,300 \\ \hline Appropriations - transfer to Library Fund & & 100 \\ \hline Appropriations - transfer to Debt Service Fund & & 1,200 \\ \hline Encumbrances & 150 & \\ \hline Budgetary fund balance reserved for encumbrances & & 150 \\ \hline \multicolumn{3}{|l|}{ Financial Accounts } \\ \hline Cash & 1,050 & \\ \hline Property taxes receivable - delinquent & 930 & \\ \hline Income taxes receivable & 700 & \\ \hline Allowance for uncollectible property taxes - delinquent & & 30 \\ \hline Income tax refunds payable & & 300 \\ \hline Salaries payable & & 700 \\ \hline Accrued vacation pay payable & & 10 \\ \hline Deferred property tax revenues & & 400 \\ \hline Unassigned fund balance & & 1,600 \\ \hline Revenues - property taxes & & 8,880 \\ \hline Revenues - personal income taxes & & 5,000 \\ \hline Revenues - intergovernmental & & 1,000 \\ \hline Revenues - recreation fees & & 700 \\ \hline Expenditures - public safety salaries & 7,060 & \\ \hline Expenditures - public safety supplies & 330 & \\ \hline Expenditures - public works salaries & 4,950 & \\ \hline Expenditures - parks salaries & 2,300 & \\ \hline Transfer out to Library Special Revenue Fund & 100 & \\ \hline Transfer out to Debt Service Fund & 1,200 & \\ \hline Totals & $34,970 & $34,970 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|l|}{ December 31, 2019} \\ \hline & Debits & Credits \\ \hline Cash & $35 & \\ \hline Restricted fund balance & & 5 \\ \hline Transfer in from General Fund & & 100 \\ \hline Revenues - intergovernmental grant & & 300 \\ \hline Revenues - miscellaneous & & 20 \\ \hline Expenditures - culture salaries & 350 & \\ \hline Expenditures - culture supplies & 40 & \\ \hline Totals & $425 & $425 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{\begin{tabular}{c} Preclosing Trial Balance for Croton City \\ Capital Projects Fund \\ December 31, 2019 \end{tabular}} \\ \hline & Debits & Credits \\ \hline Revenues - intergovernmental grants & & $1,000 \\ \hline Other financing source - long-term debt issued & & 2,000 \\ \hline Expenditures - construction costs & 2,800 & \\ \hline Expenditures - architect/supervision fees & 200 & \\ \hline Totals & $3,000 & $3,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{\begin{tabular}{c} Preclosing Trial Balance for Croton City \\ Debt Service Fund \\ December 31, 2019 \end{tabular}} \\ \hline & Debits & Credits \\ \hline Cash & $30 & \\ \hline Transfer in from General Fund & & 1,200 \\ \hline Expenditures - interest & 520 & \\ \hline Expenditures - bond principal & 650 & \\ \hline Totals & $1,200 & $1,200 \\ \hline \end{tabular} NOTE: Only use a negative sign with answers to indicate a deficiency of revenues over expenditures, other financing uses, and a decrease in net change in fund balances. \begin{tabular}{|c|c|c|c|c|c|c|} \hline \begin{tabular}{l} Statement of Reve \\ For \end{tabular} & \begin{tabular}{r} Cro \\ Governn \\ nues, Expend \\ the Year End \end{tabular} & \begin{tabular}{l} oton City \\ mental Funds \\ litures, and Ch \\ led December \\ Library \\ Special \\ Revenue \end{tabular} & \begin{tabular}{l} hanges in Fu \\ 31, 2019 \\ Debt \\ Service \end{tabular} & and & \begin{tabular}{c} Capital \\ Projects \end{tabular} & \begin{tabular}{c} Total \\ Governmenta \\ Funds \end{tabular} \\ \hline \multicolumn{7}{|l|}{ Revenues: } \\ \hline Property taxes & $ & 0 & $ & 0$ & 0 & $ \\ \hline Personal income taxes & 0 & 0 & 0 & & 0 & 0 \\ \hline Intergovermental & 0 & 0 & 0 & & 0 & 0 \\ \hline Recreation fees & 0 & 0 & 0 & & 0 & 0 \\ \hline Miscellaneous & 0 & 0 & 0 & & 0 & 0 \\ \hline Total revenues & 0 & 0 & 0 & & 0 & 0 \\ \hline \multicolumn{7}{|l|}{ Expenditures: } \\ \hline \multicolumn{7}{|l|}{ Current: } \\ \hline Public Saftey & 0 & 0 & 0 & & 0 & 0 \\ \hline Public works & 0 & 0 & 0 & & 0 & 0 \\ \hline Parks & 0 & 0 & 0 & & 0 & 0 \\ \hline Culture & 0 & 0 & 0 & & 0 & 0 \\ \hline Capital outlay & 0 & 0 & 0 & & 0 & 0 \\ \hline \multicolumn{7}{|l|}{ Debt service: } \\ \hline Principal retirement & 0 & 0 & 0 & & 0 & 0 \\ \hline Interest & 0 & 0 & 0 & & 0 & 0 \\ \hline Total expenditures & 0 & 0 & 0 & & 0 & 0 \\ \hline \multicolumn{7}{|l|}{ Excess (deficiency) of } \\ \hline revenues over expenditures & 0 & 0 & 0 & & 0 & 0 \\ \hline \multicolumn{7}{|l|}{ Other financing sources (uses): } \\ \hline Proceeds of long-term debt & 0 & 0 & 0 & & 0 & 0 \\ \hline Transfers in & 0 & 0 & 0 & & 0 & 0 \\ \hline Transfers out & 0 & 0 & 0 & & 0 & 0 \\ \hline Total other financing sources (uses) & 0 & 0 & 0 & & 0 & 0 \\ \hline Net change in fund balances & 0 & 0 & 0 & & 0 & 0 \\ \hline Fund balances - beginning & 0 & 0 & 0 & & 0 & 0 \\ \hline Fund balances - end & $ & 0 & $ & & 0 & $ \\ \hline \end{tabular} Make the calculations to determine which of the funds would be considered as major and nonmajor had Croton not considered all of them to be majo Round answers to the nearest whole number. Based on the above analysis, what funds would be classified as major funds: General Fund only General Fund and Capital Projects fund Capital Projects Fund and Library Special Revenue Fund General Fund, Library Special Revenue Fund, and Capital Projects Fund