Below is information on a county's results of operations for the current year, for the general fund. Excess of revenues and other financing sources over expenditures and other financing uses, legal budget basis $6,000,000 Revenues accrued on the modified GAAP basis but not on a budget basis 1,500,000 Outstanding encumbrances of governmental funds, beginning of year 200,000 Outstanding encumbrances of governmental funds, end of year 300,000 Repayment of temporary loan to general fund, reported as revenue only for budget purposes 400,000 Unbudgeted transfers in 30,000 What is the excess of revenues and other financing sources over expenditures and other financing uses for the general fund, on a modified accrual GAAP basis? a. $8,030,000 b. $7,200,000 c. $7,230,000 d. $7,170,000
Below is information on a county's results of operations for the current year, for the general fund.
Excess of revenues and other financing sources over expenditures and other financing uses, legal budget basis
$6,000,000
Revenues accrued on the modified GAAP basis but not on a budget basis
1,500,000
Outstanding encumbrances of governmental funds, beginning of year
200,000
Outstanding encumbrances of governmental funds, end of year
300,000
Repayment of temporary loan to general fund, reported as revenue only for budget purposes
400,000
Unbudgeted transfers in
30,000
What is the excess of revenues and other financing sources over expenditures and other financing uses for the general fund, on a modified accrual GAAP basis?
a.
$8,030,000
b.
$7,200,000
c.
$7,230,000
d.
$7,170,000
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