The pre-closing trial balance for the Chance County Woodland Park Capital Projects Fund is...

Question:

The pre-closing trial balance for the Chance County Woodland Park Capital Projects Fund is provided below:

Debits Credits
Cash $987,000
Grant Receivables 600,000
Investments 1,000,000
Contract Payable $1,263,500
Contract Payable -- Retained Percentage 66,500
Encumbrances Outstanding 1,625,000
Revenues 707,000
Encumbrances 1,625,000
Construction Expenditures 4,150,000
Other Financing Sources -- Proceeds of Bonds 4,700,000
$8,362,000 $8,362,000

Required:

Prepare the June 30, 2017, statement of revenues, expenditures, and changes in fund balances for the capital projects fund.

Fund flow statement

Fund flow statement means the all the fund accumulated in one place source of funds and fund is used for the application of the fund. this is known as the fund flow statement.

Answer and Explanation:

statement of revenues, expenditures, and changes in fund balances
particulars Amount
Revenue $707,000
Ependitures:
construction expenditures $4,150,000
Excess of revenue over (under) expenditures $(3,443,000)
Other financing sources:
proceeds of bond $4,700,000
Excess of revenues and other financing $1,257,000
Sources/uses over expenditures
Fund balances, beginning
Fund balances, ending $1,257,000


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