The following trial balance is taken from the General Fund of the City of Jennings for the year ending December 31, 2017. Prepare a condensed statement of revenues, expenditures, and other changes in fund balance and also prepare a condensed balance sheet.
Condensed Statement of revenues, Expenditures, and other changes
Year ending Dec. 31,2017
| Particulars | Amounts ($) |
| Revenues | 760000 |
| Less : Expenditures | (530000) |
| Excess of revenues over expenditures(a) | 230000 |
| Other Financing Sources (Uses):- | |
| Bond Proceeds | 300000 |
| Transfers in | 50000 |
| Transfers out | (470000) |
| Total other financing sources(uses) (b) | (120000) |
| Change in fund Balance (a+b) | 110000 |
| Fund balance, Beginning | 170000 |
| Fund balance, Ending | 280000 |
The ending unassigned fund balance is $280000
Condensed Balance Sheet
Year ending Dec. 31,2017
| Particulars | Amounts($) |
| Assets:- | |
| Cash | 30000 |
| Investments | 410000 |
| Taxes receivable | 220000 |
| Due from Capital Projects Funds | 60000 |
| Total Assets | 720000 |
| Liabilities and Fund Balance:- | |
| Accounts Payable | 90000 |
| Vouchers Payable | 180000 |
| Contracts Payable | 90000 |
| Due to Debt Service Fund | 40000 |
| Deffered revenues | 40000 |
| Total Liabilities | 440000 |
| Unassigned Fund Balance | 280000 |
| Total Fund Balance | 280000 |
| Total Liabilities and Fund Balance | 720000 |
The total of condensed balance sheet is $720000.
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