The following information regarding the fiscal year ended September 30,2014,was drawn from the accounts and records of the Mayberry County general fund:
Revenues and other asset inflows:
Expenditures and other asset outflows:
Payment to debt service fund to cover future debt
Required:
Prepare a statement of revenues,expenditures,and changes in fund balance for the Mayberry County general fund for the year ended September 30,2014.
Definitions:
Outstanding Mortgage
The remaining balance of a mortgage that is still owed by the borrower to the lender.
Mortgage Payment
Periodic payments made by a borrower to a lender, typically comprising both principal and interest, for the repayment of a mortgage loan.
Cause of Action
A set of facts sufficient to justify a right to sue to obtain money, property, or the enforcement of a right against another party.
Breach of Contract
The failure to perform any term of a contract, written or verbal, without a legitimate legal excuse.
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