Questions by chasity69 - Page 13
Pumped Up Company purchased equipment from Switzerland for 140,000 francs on December 16, 20X7, with payment due on February 14, 20X8. On December 16, 20X7, Pumped Up also acquired a 60-day forward contract to purchase francs at a forward rate of SFr 1 = $0.45. On December 31, 20X7, the forward rate for an exchange on February 14, 20X8, is SFr 1 = $0.475. The spot rates were
The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for the year ended September 30, 2017:Revenues: Property taxes $ 27,025,000 Sales taxes 13,323,000 Fees and fines 1,332,000 Licenses and permits 1,730,000 Intergovernmental 2,375,000 Investment earnings 661,000 Expenditures: Current: General government 11,731,000 Public safety 24,451,000 Public works 6,219,000 Health and sanitation 1,171,000 Culture and recreation 2,163,000 Transfer to capital project fund 1,127,000 Special itemproceeds from sale of land 831,000 Fund balance, October 1, 2016 1,819,000From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the City of Eastern Shores General Fund for the year ended September 30, 2017. (Deductions should be entered with a minus sign.)