The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for til year ended September 30, 2024: Inflow of Financial Resources: Property taxes Sales taxes Fees and fines Licenses and permits Intergovernmental Investment earnings Proceeds from sale of land Outflows of Financial Resources: Current: General government Public safety Public works Health and sanitation Culture and recreation Transfer to capital project fund Fund balance, October 1, 2023 $ 27,330,000 13,463,000 1,472,000 1,870,000 2,515,000 801,000 859,000 11,759,000 24,479,000 6,247,000 1,199,000 2,191,000 1,155,000 1,847,000 Required: From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the city of Eastern Shores General Fund for the year ended September 30, 2024. Note: Negative entries should be entered with a minus sign and will appear in parenthesis.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for the
year ended September 30, 2024:
Inflow of Financial Resources:
Property taxes
Sales taxes
Fees and fines
Licenses and permits
Intergovernmental
Investment earnings
Proceeds from sale of land
Outflows of Financial Resources:
Current:
General government
Public safety
Public works
Health and sanitation
Culture and recreation
Transfer to capital project fund
Fund balance, October 1, 2023
Revenues:
Taxes:
Total Revenues
Required:
From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for
the city of Eastern Shores General Fund for the year ended September 30, 2024.
Note: Negative entries should be entered with a minus sign and will appear in parenthesis.
CITY OF EASTERN SHORES
Statement of Revenues, Expenditures, and Changes in Fund Balance
General fund
For the Year Ended September 30, 2024
Expenditures:
$ 27,330,000
13,463,000
1,472,000
1,870,000
2,515,000
Total Expenditures
Excess of Revenues Over Expenditures
Other Financing Sources (Uses):
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, Beginning of Year
Fund Balance, End of Year
801,000
859,000
11,759,000
24,479,000
$
6,247,000
1,199,000
2,191,000
1,155,000
1,847,000
0
0
0
0
Transcribed Image Text:The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for the year ended September 30, 2024: Inflow of Financial Resources: Property taxes Sales taxes Fees and fines Licenses and permits Intergovernmental Investment earnings Proceeds from sale of land Outflows of Financial Resources: Current: General government Public safety Public works Health and sanitation Culture and recreation Transfer to capital project fund Fund balance, October 1, 2023 Revenues: Taxes: Total Revenues Required: From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the city of Eastern Shores General Fund for the year ended September 30, 2024. Note: Negative entries should be entered with a minus sign and will appear in parenthesis. CITY OF EASTERN SHORES Statement of Revenues, Expenditures, and Changes in Fund Balance General fund For the Year Ended September 30, 2024 Expenditures: $ 27,330,000 13,463,000 1,472,000 1,870,000 2,515,000 Total Expenditures Excess of Revenues Over Expenditures Other Financing Sources (Uses): Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, Beginning of Year Fund Balance, End of Year 801,000 859,000 11,759,000 24,479,000 $ 6,247,000 1,199,000 2,191,000 1,155,000 1,847,000 0 0 0 0
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