Problem 16-43 (Static) (LO 16-5)

The following trial balance is taken from the General Fund of the City of Jennings for the year ending December 31, 2020.

	Debit			Credit
Accounts Payable				$	90,000
Cash	$	30,000
Contracts Payable					90,000
Unavailable Revenues					40,000
Due from Capital Projects Funds		60,000
Due to Debt Service Funds					40,000
Expenditures		530,000
Fund BalanceUnassigned					170,000
Investments		410,000
Revenues					760,000
Other Financing SourcesBond Proceeds					300,000
Other Financing SourcesTransfers In					50,000
Other Financing UsesTransfers Out		470,000
Taxes Receivable		220,000
Vouchers Payable					180,000
Totals	$	1,720,000		$	1,720,000

a. Prepare a condensed statement of revenues, expenditures, and other changes in fund balance.

b. Prepare a condensed balance sheet.

Complete this question by entering your answers in the tabs below.

REV EX AND FUND BAL

BALANCE SHEET

Prepare a condensed statement of revenues, expenditures, and other changes in fund balance. (Amounts to be deducted should be indicated with a minus sign.)

CITY OF JENNINGS
GENERAL FUND
Statement of Revenues, Expenditures, and Other Changes in Fund Balance (Condensed)
Year Ending December 31, 2020
Other financing sources (uses):
Total other financing sources and uses
Change in fund balance
Fund balance, beginning
Fund balance, ending

Prepare a condensed balance sheet.

CITY OF JENNINGS
GENERAL FUND
Balance Sheet (Condensed)
December 31, 2020
Assets:
Total assets
Liabilities:
Total liabilities
Deferred inflows of resources:
Total deferred inflows of resources
Fund balances:
Total fund balance
Total liabilities, deferred inflows of resources, and fund balances