Question

BOARD PROBLEM: FUND BAL JAN 1= 200 REVENUE =50 BIP=25 TRANSFER TO ANOTHER FUND =22 TRANSFER FROM ANOTHER FUND 14 EXPENDITURES 33 FIND FUND BAL ON DEC 31

Answer 1

To calculate the ending fund balance, add the initial balance, revenue, and transfers in, then subtract expenditures and transfers out. The ending fund balance on December 31 is $234.

Step-by-step explanation:

The student's question pertains to calculating the ending fund balance for a financial period, given various financial transactions. To find the ending balance, we begin with the initial balance, then add revenues, transfers from another fund, and budgeted improvement programs (BIP), then subtract expenditures and transfers to another fund.

Using the provided amounts, the calculation would be as follows:

• Starting Fund Balance (Jan 1): $200
• Add: Revenue: $50
• Add: Transfer from Another Fund: $14
• Add: Budgeted Improvement Programs (BIP): $25
• Subtract: Expenditures: $33
• Subtract: Transfer to Another Fund: $22

The resulting equation to find the Fund Balance on Dec 31 is:

Fund Balance on Dec 31 = (Starting Fund Balance + Revenue + Transfer from Another Fund + BIP) - (Expenditures + Transfer to Another Fund)

Plugging the values into the equation yields:

Fund Balance on Dec 31 = ($200 + $50 + $14 + $25) - ($33 + $22) = $234

Hence, the ending fund balance on December 31 would be $234.