Reference no: EM13754079
The following information was available for the General Fund for the City of Axton for the year ended June 30, 2012.
a. Revenues for the year: Property Taxes of $7,500,000, fines and penalties of $543,000, intergovernmental revenue of $382,000, and miscellaneous revenues of $118,000.
b. Expenditures from current appropriations included: General Government of $4,975,000, Public Safety of $1,849,000, Public Works of $754,000, Parks and Recreation of $234,000, and Miscellaneous Appropriations of $22,000.
c. A transfer was made from the General Fund to the Debt Service Fund of $600,000. A transfer of $430,000 was made to the General Fund from the Enterprise Fund.
d. A sale of a city-owned building was made to a private enterprise which is considered infrequent but not unusual was under city management control. The proceeds amounted to $520,000 and the land had a basis of $300,000 which was reported in the government-wide Statement of Net Assets the year before.
e. Beginning balances included Fund Balance in the amount of $320,000 and Reserve for Encumbrances in the amount of $35,000.
Required: Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the City of Axton for the Year Ended December 31, 2012.
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