Financial Statement Prepare a statement of revenues, expenditures, and changes in fund balance for the City of Solomon Capital Projects Fund for 2020, given the following information: Account Title Fund balance, January 1, 2020 Intergovernmental grant revenue Interest Revenue Increase in fair value of investments Construction expenditures Architect fees Engineering fees Bond proceeds (face amount was $1,000,000) Bond issuance costs Purchase of Land Repayment of bond notes (long-term debt) Principal Interest Revenue Transfer from General Fund Construction contracts outstanding at year end Amount 2,000,000 850,000 30,000 3,000 2,400,000 32,000 17,000 1,008,000 5,000 92,000 600,000 3,500 250,000 450,000
Financial Statement Prepare a statement of revenues, expenditures, and changes in fund balance for the City of Solomon Capital Projects Fund for 2020, given the following information: Account Title Fund balance, January 1, 2020 Intergovernmental grant revenue Interest Revenue Increase in fair value of investments Construction expenditures Architect fees Engineering fees Bond proceeds (face amount was $1,000,000) Bond issuance costs Purchase of Land Repayment of bond notes (long-term debt) Principal Interest Revenue Transfer from General Fund Construction contracts outstanding at year end Amount 2,000,000 850,000 30,000 3,000 2,400,000 32,000 17,000 1,008,000 5,000 92,000 600,000 3,500 250,000 450,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Financial Statement
Prepare a statement of revenues, expenditures, and changes in fund balance
for the City of Solomon Capital Projects Fund for 2020, given the following
information:
Account Title
Fund balance, January 1, 2020
Intergovernmental grant revenue
Interest Revenue
Increase in fair value of investments
Construction expenditures
Architect fees
Engineering fees
Bond proceeds (face amount was $1,000,000)
Bond issuance costs
Purchase of Land
Repayment of bond notes (long-term debt)
Principal
Interest Revenue
Transfer from General Fund
Construction contracts outstanding at year end
Amount
2,000,000
850,000
30,000
3,000
2,400,000
32,000
17,000
1,008,000
5,000
92,000
600,000
3,500
250,000
450,000
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