Answer:
Fund balance at ending of year is $3,230,000.
Explanation:
This can be prepared as follows:
Jasmin City
General Fund
Statement of Revenues, Expenditures, And Changes in Fund Balance
For the Year Ended December 31, 2019
<u>Details $ $ </u>
<u>Revenues:</u>
Miscellaneous revenues 180,000
Licenses and permits revenues 1,000,000
Property tax revenues 7,000,000
State and federal grants <u> 2,000,000 </u>
Total revenues 10,180,00
<u>Expenditures:</u>
Education program expenditures (2,000,000)
Public safety expenditures (4,000,000)
Parks program expenditures (750,000)
Highways program expenditures <u> (900,000) </u>
Total expenditures <u> (7,650,000) </u>
Excess of revenues over exp. 2,530,000
<u>Other Financing Sources (Uses):</u>
Transfers to other funds (1,500,000)
Transfers from other funds <u> 700,000 </u>
Total other financing sources (uses) <u> 800,000 </u>
Net change in fund balance 1,730,000
Fund balance at beginning of year <u> 1,500,000 </u>
Fund balance at ending of year <u> 3,230,000 </u><u> </u>
