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QUESTION
Given the following SELECTED information for the City of ABC General Fund's (GF) December 31, 2017 adjusted trial balance:
Given the following SELECTED information for the City of ABC General Fund's (GF) December 31, 2017 adjusted trial balance:
Accounts Payable $35,000
Deferred Inflows - Property Taxes 20,000
Encumbrances (current year outstanding) 10,000
Expenditures 925,000 Fund Balance 51,000
Proceeds from Debt Issue 45,000
Proceeds from Sale of Land 18,000
Revenues 970,000
Transfer to Debt Service Fund 15,000
Prepare in good form an "Income Statement" for the GF.
