Revenues for the year property taxes of 7500000 fines and


The following information was available for the General Fund for the City of Axton for the year ended June 30, 2012.

a. Revenues for the year: Property Taxes of $7,500,000, fines and penalties of $543,000, intergovernmental revenue of $382,000, and miscellaneous revenues of $118,000.

b. Expenditures from current appropriations included: General Government of $4,975,000, Public Safety of $1,849,000, Public Works of $754,000, Parks and Recreation of $234,000, and Miscellaneous Appropriations of $22,000.

c. A transfer was made from the General Fund to the Debt Service Fund of $600,000. A transfer of $430,000 was made to the General Fund from the Enterprise Fund.

d. A sale of a city-owned building was made to a private enterprise which is considered infrequent but not unusual was under city management control. The proceeds amounted to $520,000 and the land had a basis of $300,000 which was reported in the government-wide Statement of Net Assets the year before.

e. Beginning balances included Fund Balance in the amount of $320,000 and Reserve for Encumbrances in the amount of $35,000.

Required: Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the City of Axton for the Year Ended December 31, 2012.

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Financial Accounting: Revenues for the year property taxes of 7500000 fines and
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