Homework Answers
Answer to 1 - October 2 journal entry
Dr. Fund balance $25023
Cr. Appropriations $ 25023
Note: In subsidiary ledgers, the appropriation would be divided into smaller amounts authorized for various departments and programs:
- Education: $ 2749
- Public safety: $ 8496
- Public works: $ 10213
- General govt: $ 3565
Answer to 2 - October 13 journal entry
Dr. Inventory - Supplies and material $ 24784
Cr. Accounts payable $ 24784
Answer to 3 - October 15 journal entry
Dr. Expenditure $ 24839 (Total invoices received as given in question)
Cr. Inventory - Supplies and material $ 24784 (Goods already received now booked as expense)
Cr. Accounts payable $55 (Additional liability diue to excess invoices received)
Dr. Fund balance $ 48 (As per calculation below)
Cr. Appropriations $ 48 (As per calculation below)
Note: Please refer below table for item wise allocations:
| Particulars | 2-Oct-17 (A) | 13-Oct-17 (B) | 15-Oct-17 (C) | Additional liability (B-C) | Additional fund appropriation reqd (C-A) | Remarks (Goods received) |
| Ordered | Goods received | Invoices received | ||||
| Education | 2749 | 2749 | 2755 | 6 | 6 | On 13th, all ordered goods for education were received |
| Public safety | 8496 | 8496 | 8510 | 14 | 14 | On 13th, all ordered goods for public safety were received |
| Public works | 10213 | 9974 | 9981 | 7 | Balancing figure from $24784 | |
| General govt | 3565 | 3565 | 3593 | 28 | 28 | On 13th, all ordered goods for general govt were received |
| TOTAL | 25023 | 24784 | 24839 | 55 | 48 |
Answer to 4 - Available appropriations for public works
Total amount budgeted/ ordered: $ 10213
Total expenditure: $ 9981
Available appropriations = $10213-$9981 = $232
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Part II. On October 2, 2019, the Gandy, WI ordered goods and services estimated to cost...
Please do not post an answer for Part 1 (It is only there for reference in Part 2). Please post a...
Please do not post an answer for Part 1 (It is only
there for reference in Part 2). Please post a solution for Part 2
instead.
Part I. The city council of Gandy, WI. population 301.277, passed its 2020 fiscal year budget (July 1. 2019 to June 30. 2020). Gandy has a high unemployment rate for Wisconsin, as a major manufacturing plant shut down and moved to lower-costing Texas. For fiscal year 2019. Gandy closed the fiscal year with an...
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Need help with the journal entry for both general fund and governmental activities not sure what...
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The Town of Bedford Falls approved a General Fund operatingbudget for the fiscal year beginning...
The Town of Bedford Falls approved a General Fund operating
budget for the fiscal year beginning on July 1. The budget provides
for estimated revenues of $2,700,000 as follows: property taxes,
$1,900,000; licenses and permits, $350,000; fines and forfeits,
$250,000; and intergovernmental (state grants), $200,000. The
budget approved appropriations of $2,650,000 as follows: General
Government, $500,000; Public Safety, $1,600,000; Public Works,
$350,000; Culture and Recreation, $150,000; and Miscellaneous,
$50,000.Requireda. & b. Prepare the journal entry (or entries), to
record the...
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning...
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The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning...
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Required information [The following information applies to the questions displayed below.] The following transactions occurred during...
Required information [The following information applies to the questions displayed below.] The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year's appropriation. 1. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: $1,943,000 372,000 397,000 62,000 Тахes Licenses and permits Intergovernmental revenue Miscellaneous revenues...
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning...
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The Johnson City’s legislative group approved a General Fund operating budget for the fiscal year ending...
The Johnson City’s legislative group approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000; and Miscellaneous, $50,000. Required Prepare the journal entry (or entries), to record the...
Check my The Town of Bedford Falls approved a General Fund operating budget for the fiscal...
Check my The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000, fines and forfeits, $250,000, and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000, Culture and Recreation, $150,000, and Miscellaneous, $50,000 Required a & b. Prepare the journal entry (or...
Please do not post an answer for Part 1 (It is only
there for reference in Part 2). Please post a solution for Part 2
instead.
Part I. The city council of Gandy, WI. population 301.277, passed its 2020 fiscal year budget (July 1. 2019 to June 30. 2020). Gandy has a high unemployment rate for Wisconsin, as a major manufacturing plant shut down and moved to lower-costing Texas. For fiscal year 2019. Gandy closed the fiscal year with an...
The Town of Bedford Falls approved a General Fund operating
budget for the fiscal year beginning on July 1. The budget provides
for estimated revenues of $2,700,000 as follows: property taxes,
$1,900,000; licenses and permits, $350,000; fines and forfeits,
$250,000; and intergovernmental (state grants), $200,000. The
budget approved appropriations of $2,650,000 as follows: General
Government, $500,000; Public Safety, $1,600,000; Public Works,
$350,000; Culture and Recreation, $150,000; and Miscellaneous,
$50,000.Requireda. & b. Prepare the journal entry (or entries), to
record the...
Required information [The following information applies to the questions displayed below.] The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year's appropriation. 1. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: $1,943,000 372,000 397,000 62,000 Тахes Licenses and permits Intergovernmental revenue Miscellaneous revenues...
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2,746,000 as follows: property taxes, $1,916,000; licenses and permits, $360,000; fines and forfeits $260,000; and intergovernmental (state grants), $210,000. The budget approved appropriations of $2,694,000 as follows: General Government, $510,000; Public Safety, $1,620,000; Public Works, $360,000; Culture and Recreation, $152,000; and Miscellaneous, $52,000 Required a. & b. Prepare the journal entry (or entries), to...
Check my The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000, fines and forfeits, $250,000, and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000, Culture and Recreation, $150,000, and Miscellaneous, $50,000 Required a & b. Prepare the journal entry (or...
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