Prepare Statement of Revenues and Expenditures

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Question - The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2017:

1. Beginning balances were: Cash, $93,000; Taxes Receivable, $189,500; Accounts Payable, $52,250; and Fund Balance, $230,250.

2. The budget was passed. Estimated revenues amounted to $1,230,000 and appropriations totaled $1,227,400. All expenditures are classified as General Government.

3. Property taxes were levied in the amount of $915,000. All of the taxes are expected to be collected before February 2018.

4. Cash receipts totaled $885,000 for property taxes and $297,500 from other revenue.

5. Contracts were issued for contracted services in the amount of $95,250.

6. Contracted services were performed relating to $85,500 of the contracts with invoices amounting to $83,900.

7. Other expenditures amounted to $963,500.

8. Accounts payable were paid in the amount of $1,092,500.

9. The books were closed.

Required - Prepare Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.

Reference no: EM132575902

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