The year-end pre-closing trial balance for the Chance County Woodland Park Capital Projects Fund is provided below. Debits Credits Cash $ 921,000 Grant Receivables 690,000 Investments 1,300,000 Contract Payable $ 1,493,000 Contract Payable – Retained Percentage 71,000 Encumbrances Outstanding 1,850,000 Revenues 797,000 Encumbrances 1,850,000 Construction Expenditures 4,600,000 Other Financing Sources – Proceeds of Bonds 5,150,000 $ 9,361,000 $ 9,361,000 Required Prepare the year-end statement of revenues, expenditures, and changes in fund balances for the capital projects fund.
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A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
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The year-end pre-closing
| Debits | Credits | |||||
| Cash | $ | 921,000 | ||||
| Grant Receivables | 690,000 | |||||
| Investments | 1,300,000 | |||||
| Contract Payable | $ | 1,493,000 | ||||
| Contract Payable – Retained Percentage | 71,000 | |||||
| Encumbrances Outstanding | 1,850,000 | |||||
| Revenues | 797,000 | |||||
| Encumbrances | 1,850,000 | |||||
| Construction Expenditures | 4,600,000 | |||||
| Other Financing Sources – Proceeds of Bonds | 5,150,000 | |||||
| $ | 9,361,000 | $ | 9,361,000 | |||
Required
- Prepare the year-end statement of revenues, expenditures, and changes in fund balances for the capital projects fund.
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