Q&A Hero

Question

The following information regarding the fiscal year ended September 30, 2011, was drawn from the accounts and records of the Mayberry County general fund:

Revenues and other asset inflows:

Taxes $ 12,000,000

Licenses and permits 2,500,000

Intergovernmental revenues 1,000,000

Capital lease for fixed asset 1,200,000

Receipt of cash from terminated fund 1,800,000

Expenditures and other asset outflows:

General government expenditures 7,500,000

Public safety expenditures 2,000,000

Judicial system expenditures 1,200,000

Health and welfare expenditures 1,750,000

Equipment purchases 750,000

Payment to debt service fund to cover future debt

service on general government bonds 500,000

Total fund balance, October 1, 2010 $ 3,000,000

Required:

Prepare a statement of revenues, expenditures, and changes in fund balance for the Mayberry County general fund for the year ended September 30, 2011.