The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for theyear ended September 30, 2024:Inflow of Financial Resources:Property taxesSales taxesFees and finesLicenses and permitsIntergovernmentalInvestment earningsProceeds from sale of landOutflows of Financial Resources:Current:General governmentPublic safetyPublic worksHealth and sanitationCulture and recreationTransfer to capital project fundFund balance, October 1, 2023$ 27,025,00013,323,0001,332,0001,730,0002,375,000661,000831,00011,731,00024,451,0006,219,0001,171,0002,163,0001,127,0001,819,000Required:From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance forthe 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 SHORESStatement of Revenues, Expenditures, and Changes in Fund BalanceGeneral fundFor the Year Ended September 30, 2024Revenues:Taxes:Total RevenuesExpenditures:Total ExpendituresExcess of Revenues Over ExpendituresOther Financing Sources (Uses):Total Other Financing Sources (Uses)Net Change in Fund BalanceFund Balance, Beginning of YearFund Balance, End of Year

The general fund statement : The general fund statement for all revenues and expenditures and…

ear 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 IS available $ 27,025,000 13,323,000 1,332,000 1,730,000 2,375,000 661,000 831,000 11,731,000 24,451,000 6,219,000 1,171,000

ear 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 IS available $ 27,025,000 13,323,000 1,332,000 1,730,000 2,375,000 661,000 831,000 11,731,000 24,451,000 6,219,000 1,171,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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