Accounts in alphabetical order General Fund DR CR Accounts payable 130,860 Reven
ID: 2489042 • Letter: A
Question
Accounts in alphabetical order General Fund DR CR Accounts payable 130,860 Reven Accrued salaries 420,214 adapted from the City of Escanaba's Advances to other funds 358,257 General Fund. From this Capital assets sold 15,000 information, prepare a Statement of Capital outlay 23,000 Revenues, Expenditures, and Changes Cash 8,833 in Fund Balance, and a Balance Sheet. Charges for services revenue 202,600 Community services expenditures 21,148 Cultural expenditures 261 Debt service expenditures 60,000 Deferred revenue 83,688 Due from other funds 44,722 Due from other governments 216,218 Due to other funds 1,979 Due to other governments 72,387 FB unreserved - GF 4,409,493 Please note, of the ending fund Federal sources revenue 79,760 balance, amounts are reserved for Fines and forfeits revenue 36,826 unspendable assets, such as prepaids Gain (loss) on sale of investments 14,554 and inventories. General gov't expenditures 1,134,931 Highways and streets expenditures 532,718 Inventory 118,758 Investments, at market 4,155,428 Licenses and permits revenue 1,575 Local sources revenue 15,964 Miscellaneous revenue 240,862 Operating transfers in 594,384 Operating transfers out 619,058 Other functions expenditures 36,636 Prepaid expenses 2,389 Proceeds of bonds 100,000 Public safety expenditures 3,659,689 Receivables 224,472 Recreation expenditures 567,238 Santitation expenditures 583,607 State grants revenue 1,325,845 Tax revenue 4,621,372 Total 12,367,363 12,367,363 Accounts in alphabetical order General Fund DR CR Accounts payable 130,860 Reven Accrued salaries 420,214 adapted from the City of Escanaba's Advances to other funds 358,257 General Fund. From this Capital assets sold 15,000 information, prepare a Statement of Capital outlay 23,000 Revenues, Expenditures, and Changes Cash 8,833 in Fund Balance, and a Balance Sheet. Charges for services revenue 202,600 Community services expenditures 21,148 Cultural expenditures 261 Debt service expenditures 60,000 Deferred revenue 83,688 Due from other funds 44,722 Due from other governments 216,218 Due to other funds 1,979 Due to other governments 72,387 FB unreserved - GF 4,409,493 Please note, of the ending fund Federal sources revenue 79,760 balance, amounts are reserved for Fines and forfeits revenue 36,826 unspendable assets, such as prepaids Gain (loss) on sale of investments 14,554 and inventories. General gov't expenditures 1,134,931 Highways and streets expenditures 532,718 Inventory 118,758 Investments, at market 4,155,428 Licenses and permits revenue 1,575 Local sources revenue 15,964 Miscellaneous revenue 240,862 Operating transfers in 594,384 Operating transfers out 619,058 Other functions expenditures 36,636 Prepaid expenses 2,389 Proceeds of bonds 100,000 Public safety expenditures 3,659,689 Receivables 224,472 Recreation expenditures 567,238 Santitation expenditures 583,607 State grants revenue 1,325,845 Tax revenue 4,621,372 Total 12,367,363 12,367,363Explanation / Answer
Prepare a statement of Revenues, Expenditures statement:
Reven Corporation
Income Statement
For the year ended
Details
Amount
Amount
Revenues:
Charges for servicing revenue
$ 202,600
Capital assets sold
$ 15,000
Federal sources revenue
$ 79,760
Fines and forfeits revenue
$ 36,826
Gain (loss) on sale of investments
$ 14,554
Licenses and permits revenue
$ 1,575
Local sources revenue
$ 15,964
Miscellaneous revenue
$ 240,862
State grants revenue
$ 1,325,845
Tax revenue
$ 4,621,372
Total revenue
$ 6,554,358
Expenses:
Community services expenditures
$ 21,148
Cultural expenditures
$ 261
Debt service expenditures
$ 60,000
General govt expenditures
$ 1,134,931
Highways and streets expenditures
$ 532,718
Other functions expenditures
$ 36,636
Prepaid expenses
$ 2,389
Public safety expenditures
$ 3,659,689
Recreation expenditures
$ 567,238
Sanitation expenditures
$ 583,607
Total expenses
$ 6,598,617
Income / (loss)
$ (44,259)
Prepare a statement of balance sheet for Reven Corporation:
Reven Corporation
Balance sheet
For the year ended
Details
Amount
Amount
Assets
Current assets
Cash
$ 8,833
Due from other funds
$ 44,722
Due from other governments
$ 216,218
Advances to other funds
$ 358,257
Inventory
$ 118,758
Operating transfers out
$ 619,058
Receivables
$ 224,472
Investments, at market
$ 4,155,428
Capital outlay
$ 23,000
Net loss
$ 44,259
Total assets
$ 5,813,005
Liabilities
Current liabilities
Accounts payable
$ 130,860
Accrued Salaries
$ 420,214
Due to other funds
$ 1,979
Due to other governments
$ 72,387
FB unreserved - GF
$ 4,409,493
Deferred revenue
$ 83,688
Operating transfers in
$ 594,384
Proceeds of bonds
$ 100,000
Total liabilities
$ 5,813,005
Reven Corporation
Income Statement
For the year ended
Details
Amount
Amount
Revenues:
Charges for servicing revenue
$ 202,600
Capital assets sold
$ 15,000
Federal sources revenue
$ 79,760
Fines and forfeits revenue
$ 36,826
Gain (loss) on sale of investments
$ 14,554
Licenses and permits revenue
$ 1,575
Local sources revenue
$ 15,964
Miscellaneous revenue
$ 240,862
State grants revenue
$ 1,325,845
Tax revenue
$ 4,621,372
Total revenue
$ 6,554,358
Expenses:
Community services expenditures
$ 21,148
Cultural expenditures
$ 261
Debt service expenditures
$ 60,000
General govt expenditures
$ 1,134,931
Highways and streets expenditures
$ 532,718
Other functions expenditures
$ 36,636
Prepaid expenses
$ 2,389
Public safety expenditures
$ 3,659,689
Recreation expenditures
$ 567,238
Sanitation expenditures
$ 583,607
Total expenses
$ 6,598,617
Income / (loss)
$ (44,259)