Prepare the statement of revenues and expenditures

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Reference no: EM13257854

Using the following information, prepare the statement of revenues, expenditures, and changes infund balance for the General Fund of the City of Savannah for the fiscal year ended December 31, 20X7. Statement must be prepared in good form (proper headingincluding date and set up for each section ofstatement).

Unreserved Fund Balance at January 1,20X7, $2,000,000.

Estimated revenues for the year were$10 million, appropriations were $11 million.

Fund balance reserves, January1

a. For encumbrances$125,000

b. For inventory 100,000

Revenues recorded by the bookkeeperfor 20X7 included:

Property taxes, $6 million

License and permits,$550,000

Intergovernmental grant revenues,$1,300,000

Proceeds from sale of capital asset,$222,000

Transfer from enterprise fund,$600,000

Expenditures recorded by thebookkeeper for 20X7 included:

General government expenditures,$2,300,000

Public safety expenditures,$3,000,000

Highways and streets expenditures,$2,500,000

Health and sanitation expenditures,$700,000

Short-term note principal retirement,$200,000

Short-term note interest,$15,000

Payment to provide initial financingfor Landfill Enterprise Fund, $640,000

Lease payments on a capital lease(2nd year of lease term), $92,000

Encumbrances outstanding at year endincluded:

Public safety, $30,000

Highways and streets,$276,000

A long-term note to be repaid fromGeneral Fund resources is scheduled to mature on January 31, 20X8.The amount due will include the principal ($80,000) and one year'sinterest, $12,000.

Reference no: EM13257854

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