Prepare a statement of revenues and expenditures

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Question: Prepare a statement of revenues, expenditures, and changes in fund balance for the Ahmed Village Park Improvement Capital Projects Fund for 20X7, given the following information: Fund balance, January 1, 20X7 $2,000,000 Intergovernmental grant revenue 850,000 Interest revenue 30,000 Increase in fair value of investments 3,000 Construction costs incurred under contract with Builtwell Co. 2,400,000 Architect fees 32,000 Engineering fees. 17,000 Bond proceeds (face amount was $1,000,000) 1,008,000 Bond issuance costs 5,000 Purchase of land 92,000 Repayment of bond anticipation notes treated as long-term debt: Principal 600,000 Interest 3,500 Transfer from General Fund 250,000 Construction contracts outstanding at year end 450,000)

The following transactions and events occurred in Lanesburg Township during 20X7: The township assembly agreed that a new police and fire department building would be constructed at a cost not to exceed $1,500,000, on land owned by the township.

Cash with which to finance the project was received from the following sources: Transfer from General Fund $ 100,000 State-Federal grant 500,000 Bank of Lanesburg (long-term note) 900,000 $1,500,000 The state-federal grant is for one-third of the project cost, not to exceed $500,000, and any unearned balance Get expert-level assistance in any subject with our assignment help services.

Reference no: EM133925925

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