Balance Sheet, Statement of Revenues, Expenditures, and Changes in Fund Balance Hunnington…

 

Balance Sheet, Statement of Revenues, Expenditures, and Changes in Fund Balance

 

Hunnington Township’s adjusted trial balance for the General Fund at the close of its fiscal year ended June 30, 2021, is presented here:

Balance Sheet, Statement of Revenues, Expenditures, and Changes in Fund Balance Hunnington...

Note 1: The current tax roll and accounts receivable, recorded on the accrual basis as sources of revenue, amounted to $500,000 and $200,000, respectively.

Note 2: Includes $42,500 paid during the fiscal year in settlement of all purchase orders outstanding at the beginning of the fiscal year.

Note 3: Represents the difference between the budgeted (estimated) revenue of $700,000 and the actual revenue realized during the fiscal year.

Note 4: Represents the proceeds from the sale of equipment damaged by fire. The equipment originally cost $40,000 and had been held for 80% of its useful life prior to the fire.

Note 5: The interfund payable and receivable resulted from cash advances (loans) to and from the respective funds. Note 6: Includes $44,000 of encumbrances from prior year.

 

Required:

 

A. Prepare a statement of revenues, expenditures, and changes in fund balance.

 

B. Prepare a balance sheet for the General Fund at June 30, 2021.

 

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