CPA · Question 37 · Area I: Financial Reporting
Lakeside City's General Fund reports the following for the fiscal year:<br/>- Property tax revenue: $5,000,000<br/>- Sales tax revenue: $1,200,000<br/>- Federal grant revenue (spent on qualifying expenditures): $800,000<br/>- Bond proceeds: $2,000,000<br/>- Transfer to Capital Projects Fund: $300,000<br/>- General government expenditures: $4,500,000<br/>- Public safety expenditures: $1,800,000<br/><br/>What is the General Fund's change in fund balance for the fiscal year?
Answer options:
$400,000 increase
$2,400,000 increase
$700,000 increase
$100,000 increase
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