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Question 2

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13 views

Question 2

Q2

Uploaded by

libanaly23
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Question 2

Property tax revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,000,000

Licenses and permits . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800,000

Intergovernmental grants . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000

Short-term note proceeds . . . . . . . . . . . . . . . . . . . . . . . . 775,000

General capital asset sale proceeds (Equal to book value less 10%) . . . . . . . . . . . . . . . . . 523,000

Receipt of residual cash from terminated Debt Service Fund #1 . . . . . . . . . . . . . . . . 90,000

Amount paid to Debt Service Fund #2 to cover principal and interest payments . . . . . . . . . . 100,000

General government expenditures . . . . . . . . . . . . . . . . . 800,000

Education expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . 10,250,000

Public safety expenditures . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000

Highways and streets expenditures . . . . . . . . . . . . . . . . 2,460,000

Health and sanitation expenditures . . . . . . . . . . . . . . . . 920,000

Capital assets purchased . . . . . . . . . . . . . . . . . . . . . . . . . 1,200,000

Retirement of principal of long-term note . . . . . . . . . . 300,000

Interest payment on long-term note . . . . . . . . . . . . . . . . 30,000

Interest expenditures on short-term note . . . . . . . . . . . 68,000

Fund Balance, January 1, 20X9 . . . . . . . . . . . . . . . . . . . . 4,750,000

Required:

Prepare, in good form, the 20X9 GAAP-based Statement of Revenues, Expenditures, and Changes in
Fund Balance for the General Fund of Hicks Township, based on the above information

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