Capital projects fund, ?nancial statements. The preclosing, year-end trial balance for a capital projects fund of the city of Craig as of December 31, 20X9, follows:
|
|
Debit
|
Credit
|
|
Cash
|
75,000
|
|
|
Investments .
Contracts Payable-Retained Percentage. .
|
200,000
|
60,000
|
|
Revenues .
|
|
16,600
|
|
Other Financing Sources .
|
|
900,000
|
|
Expenditures
|
686,600
|
|
|
Other Financing Uses .
|
15,000
|
|
|
Encumbrances .
Fund Balance-Reserved for Encumbrances
|
80,000
|
80,000
|
|
Estimated Revenues .
|
20,000
|
|
|
Estimated Other Financing Sources.
|
950,000
|
|
|
Appropriations
|
|
640,000
|
|
Estimated Other Financing Uses .
|
|
25,000
|
|
Budgetary Fund Balance-Unreserved
|
|
305,000
|
|
Totals
|
2,026,600
|
2,026,600
|
Required
1. Prepare closing entries as of December 31, 20X9.
2. Prepare the year-end statement of revenues, expenditures, and changes in fund balance for this project that began on January 2, 20X9.
3. Prepare the balance sheet for this project as of December 31, 20X9.