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The following transactions relate to Newport Citys special revenue fund.

1. In 2020, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded.
2. During the first year of operations, revenues from the newly imposed tax totaled $489,000. Of this amount, $444,000 has been received in cash and the remainder will be received within 60 days of the end of the fiscal year.
3. Expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $449,000. Of this amount, $422,000 was paid before year-end.
4. During the year the state government awarded Newport City a grant to reimburse the Citys costs (not to exceed $150,000) for the purpose of training new 911 operators. During the year, the City paid $146,500 (not reflected in the expenditures above) to train new operators for the 911 emergency call center and billed the state government.
5. $138,000 of the amount billed to the State had been received by year-end.

Required: b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund. c. Prepare a Balance Sheet assuming there are no committed or assigned net resources.

Reg A1 Req AZ ReqB Reqc Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the NEWPORT CITY 911 CALL CENTER SPECIAL REVENUE FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 911 Emergency Services Revenues: 911 Tax Revenues 489,000 Intergovernmental Revenues 146,500 $ 635,500 Total Revenues Expenditures: Current 911 Training 911 Operations 146,500 449,000 Total Expenditures Excess of Revenues Over Expenditures Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 595,500 40,000 81,000 0 81,000 $ Req A1 Req A2 Req B Reg C Prepare a Balance Sheet assuming there are no committed or ass NEWPORT CITY 911 CALL CENTER SPECIAL REVENUE FUND Balance Sheet As of December 31, 2020 911 Emergency Services Assets: Cash $ 13,500 Due from State Government 8,500 45,000 $ 67,000 Total Assets Liabilities and Fund Balances Liabilities: Wages Payable $ 27,000 27,000 Total Liabilities Fund Balances: 911 Operations 20 Total Fund Balances Total Liabilities and Fund Balances 20 27,020 $

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