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Capital projects fund, ?nancial statements. The preclosing, year-end trial balance for a capital projects fund of the city of Craig as of December 31, 20X9, follows:
Debit
Credit
Cash
75,000
Investments .
Contracts Payable-Retained Percentage. .
200,000
60,000
Revenues .
16,600
Other Financing Sources .
900,000
Expenditures
686,600
Other Financing Uses .
15,000
Encumbrances .
Fund Balance-Reserved for Encumbrances
80,000
Estimated Revenues .
20,000
Estimated Other Financing Sources.
950,000
Appropriations
640,000
Estimated Other Financing Uses .
25,000
Budgetary Fund Balance-Unreserved
305,000
Totals
2,026,600
Required
1. Prepare closing entries as of December 31, 20X9.
2. Prepare the year-end statement of revenues, expenditures, and changes in fund balance for this project that began on January 2, 20X9.
3. Prepare the balance sheet for this project as of December 31, 20X9.
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