Statement of Revenues, Expenditures, and Changes in Fund Balance. The pre closing trial balance for the Annette County Public Works Capital Project Fund is provided below.
|
Debits |
Credits |
|
|
Cash |
$ 701,000 |
|
|
Grant Receivable |
500,000 |
|
|
Investments |
800,000 |
|
|
Contract Payable |
$ 835,000 |
|
|
Contract Payable—Retained Percentage |
24,000 |
|
|
Reserve for Encumbrances |
1,500,000 |
|
|
Revenues |
680,000 |
|
|
Encumbrances |
1,500,000 |
|
|
Construction Expenditures |
3,338,000 |
|
|
Other Financing Sources—Proceeds of Bonds |
3,800,000 |
|
|
$6,839,000 |
$6,839,000 |
Required
a. Prepare the June 30, 2011, statement of revenues, expenditures, and changes in fund balance for the capital projects fund.
b. Has the capital project been completed? Explain your answer.