Section 001, FA18 > Assignments > L4 Assignment 1: City of Liverpool Submit Assi

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Section 001, FA18 > Assignments > L4 Assignment 1: City of Liverpool Submit Assignment L4 Assignment 1: City of Liverpool Due Sep 16 by 11:59pm Points 20 Submitting a file upload File Types xis and xlsx The following information was available for the general fund of the City of Liverpool for the year ended December 31, 2017: es a. Revenues for the year included property taxes in the amount of $5,400,000; fines and forfeits in the amount of $700,000; sales taxes in the amount of $2.000,000: and miscellaneous revenues in the amount of $400,000. $942,000. from an enterprise fund to the general fund in the amount of $200,000 b. Expenditures were as follows: general government. $5.100.000: public safety, $1.750,000; and culture and recreation, C. A transfer was made from the general fund to a debt-service fund in the amount of $500,000. A transfer was made d. A sale of park land was made during the year, which was considered infrequent but not unusual and under the control of management. The proceeds amounted to $400,000, and the land had a basis of $250.000 reported in the government-wide statement of net assets the year before. e. The beginning fund balance is $150,000. Required: Prepare a statement of revenues, expenditures, and changes in fund balances for the general fund for the City of Liverpool for the year ended December 31, 2017 Click the Submit Assignment button. Use the file-upload feature to upload your completed Excel spreadsheet for this assignment

Explanation / Answer

City of Liverpool

Statement of Revenues, Expenditures and Changes in Fund balance

For the Year Ended December 31, 2017

Revenues: Property taxes 5400000 Fines and penalties 700000 Sales taxes 2000000 Miscellaneous revenue 400000 8500000 Expenditures: General government 5100000 Public Safety 1750000 Culture and recreation 942000 7792000 Excess of revenues over expenditures 708000 Other financing sources (uses) Transfer in 200000 Transfer out (500000) (300000) Special item : proceeds from sale of park land 400000 Net change in fund balance 808000 Fund balance, January 1, 2017 150000 Fund balance, December 31, 2017 958000

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