Question: (Preparation of financial statements) The commissioners of the Regents Park Commission Special Revenue Fund approved the following budget for calendar year 2012. Assume that the Unassigned fund balance at the beginning of the year was $10,000. Also, assume that no encumbrances were outstanding and no supplies were on hand at the beginning or the end of the year. Prepare a statement of revenues, expenditures, and changes in fund balance. In addition, prepare a budgetary comparison schedule, assuming the originally approved budget and the final budget are identical.
