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Fund Balance Problem Beginning and Ending Fund Balances. The following information is provided...

Question:

Fund Balance Problem

Beginning and Ending Fund Balances. The following information is provided about the Town of Truesdale's General Fund operating statement and budgetary accounts for the fiscal year ended June 30, 2013. (Note: The Town of Truesdale has no restricted, committed, or assigned fund balances.)

Estimated revenues:$3,150,000

Revenues: 3,190,000

Appropriations: 3,185,000

Expenditures: 3,175,000

Fund Balance -Unassigned (beginning of year): 600,000

Budgetary Fund Balance (after FY 2013 budget was recorded): (35,000)

b. Calculate the end-of-year balances for the Fund Balance-Unassigned and Budgetary Fund Balance accounts that would be reported on the town's balance sheet prepared as of June 30, 2013. Show all necessary work.

Ending Fund Balance Unassigned:

"Ending Fund Balance Unassigned: is calculated by adding ending revenue to beginning fund balance unassigned and deducting the ending expenses from the total of above for the given period of time.

Answer and Explanation:

The end-of-year balances for the Fund Balance Unassigned and Budgetary Fund Balance accounts that would be reported on the town's balance sheet as of June 30, 2013 is calculated below:

Particular $
Beginning Fund Balance Unassigned $600,000
Add: Closing Revenue 3,190,000
Less: Closing Expenditure 3,175,000
Ending Fund Balance Unassigned $615,000

Learn more about this topic:

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Loanable Funds: Definition & Theory

from Introduction to Business: Homework Help Resource

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