The following account balances, among others, were included in the pre-closing trial balance of the General Fund

Question:

The following account balances, among others, were included in the pre-closing trial balance of the General Fund of the City of Madison on December 31, 2013.
Appropriations............. $3,488,000
Cash ............. 270,000
Due to Other Funds........ 100,000
Due from Other Funds.......... 250,000
Encumbrances........... 382,000
Estimated Revenue......... 3,720,000
Expenditures............. 3,020,000
Expenditures—2012 ......... 296,000
Reserve for Encumbrances....... 382,000
Reserve for Encumbrances—2012.... 310,000
Revenue.............. 3,656,000
Taxes Receivable.......... 600,000
Transfers from Other Funds....... 300,000
Transfers to Other Funds........ 520,000
Unreserved Fund Balance........ 422,000
Vouchers Payable.......... 400,000

Required:
A. Prepare the necessary closing entries on December 31, 2013.
B. Calculate the amount of both the unreserved fund balance and the total fund balance in the
(1) On December 31, 2012 and
(2) On December 31, 2013.
C. Prepare a schedule reconciling the December 31, 2012, total fund balance with the December 31, 2013, total fund balance by reference to actual inflows and outflows of financial resources.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...