Exercise 17-8 During 2015, the City of Greenfield engaged in the following financial activities: The City...
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. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: Taxes $ 1,943,000 Licenses and permits 372,000 Intergovernmental revenue 397,000 Miscellaneous revenues 62,000 Total estimated revenues 2,774,000 Appropriations: General government 471,000 Public safety 886,000...
Exercise 17-1 Your answer is partially correct. Try again. Several independent financial activities of a governmental unit are given below. 1. Revenue from the sale of licenses and permits for the first two months totaled $18,000. 2. Land that had been donated previously was sold for $100,000. 3. An order was placed for the purchase of a new fire engine at a price of $142,000. 4. Bonds with a face value of $473,000 were issued at par value to finance...
The city council of Ongar approved the following budget for its General Fund on December 21,2013: The city has four property owners, whose tax assessments for FY 2014 are FY 2014 is the first year of operation for this city. As a result, there are not balances in the accounts as of January 1, 2014, Assume that the city uses encumbrances and a voucher system to record all expenditures, except for salaries. During 2014, the following transactions took place: a. FY 2014 tax bills...
Part V. Appropriations/Encumbrances/Expenditures The City of Arcadia Police Department gets an annual appropriation from the City for "Weapons and Miscellaneous" during 2013. Use encumbrances accounting. Prepare General fund journal entries to record the following transactions related to the appropriation received by the Police Department: The department received an appropriation allocation of $100,000. (Dr. "Budgetary Fund Balance" to make the entry balance.) a b. The department issued a purchase order for $8,000 for new handguns. C. The vendor sent the handguns...
Part V. Appropriations/Eneumbrances/Expenditures The City of Arcadia Police Department gets an annual appropriation from the City for "Weapons and Miscellaneous during 2013. Use encumbrances accounting Prepare General fund journal entries to record the following transactions related to the appropriation received by the Police Department The department received an appropriation allocation of $100.000 (Dr. "Budgetary Fund Balance" to make the entry balance.) b. The department issued a purchase order for $8,000 for new handguns. C. The vendor sent the handguns and...
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 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. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: Taxes $ 1,943,000 Licenses and permits 372,000 Intergovernmental revenue 397,000 Miscellaneous revenues 62,000 Total estimated revenues 2,774,000 Appropriations: General government 471,000 Public safety 886,000...
I need help figuring out what is missing in the chart? The following information applies to the questions displayed below The following transactions occurred during the 2017 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 2017 was as follows: Estimated Revenues: $1,943,000 Taxes Licenses...
4. (Journal entries - budgetary and financial) Prepare journal entries to record the following transactions for Cosmotown for 2013. The Town records encumbrances only for its Supplies appropriation. a. Cosmotown adopted the following budget for the year: Revenues: Property taxes $275,000 Licenses and fees 35,000 Appropriations: Salaries 255,000 Supplies 40,000 Interest 1,500 b. Property tax bills amounting to $275,000 were sent to the property owners. c. Because property taxes were not due to be received for several months and the...
[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. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: Taxes $ 1,943,000 Licenses and permits 372,000 Intergovernmental revenue 397,000 Miscellaneous revenues 62,000 Total estimated...