The following information regarding the fiscal year ended December 31, 2014, was drawn from the accounts and
Question:
The following information regarding the fiscal year ended December 31, 2014, was drawn from the accounts and records of the Volendam County general fund:
Revenues and Other Asset Inflows
Taxes....................................................$10,000,000
Licenses and permits.....................................2,000,000
Intergovernmental grants..................................300,000
Proceeds of short-term note issuances.................1,000,000
Collection of interfund advance to other fund..........450,000
Receipt of net position of terminated fund...........2,000,000
Expenditures and Other Asset Outflows
General government expenditures.....................8,000,000
Public safety expenditures..............................1,500,000
Judicial system expenditures...........................1,000,000
Health and welfare expenditures.......................1,200,000
Equipment purchases.......................................600,000
Payment to debt service fund to cover future debt service on general
Government bonds........................................320,000
Fund balance-unassigned, January 1, 2014.......$3,130,000
REQUIRED:
Prepare a statement of revenues, expenditures, and changes in fund balance for the Volendam County general fund for the year ended December 31, 2014.
Step by Step Answer:
Advanced Accounting
ISBN: 978-0133451863
12th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith