The Town of Riverside reported appropriations in the amount of $17,000,000 for its General Fund for...

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The Town of Riverside reported appropriations in the amount of $17,000,000 for its General Fund for the fiscal year ended Dec

The Fire Department of the Town of Little River received an appropriation in the amount of $9,000,000 for the fiscal year end

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Answer 1

Answer #1

The town of riverside reported appropriations in the amount of $17,000,000 for its General Fund for the fiscal year ended December 31, 2020. During that year, expenditures amounted to $16,200,000 (related to current year purchase orders). In addition, $600,000 in encumbrances had been issued this year, but not filled
The amount that riverside would report for expenditures (and encumbrances,if applicable) in its 2020 General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances (GAAP Basis) would be:
B) $16,200,000	correct option

The statement of revenues, expenditures, and changes in fund balances is the governmental funds' income statement, tracking the flow of resources in and out.

The Fire Department of a certain city received an appropriation in the amount of $9,000,000 for the fiscal year ended December 31, 2020. During the month ended January 31, 2020, the following transactions occurred: (a) purchase orders were issued in the amount of $800,000; (b) purchase orders, related to (a) above, were filledin the amount of $790,000; the related invoice amount was $795,000; invoices were paid in the amount of $750,000; (c) salaries were accrued and paid in the amount of $775,000; The amount available for the Fire Department as of January 31, 2020 would be:
Option D $7,420,000 is correct
$9000000 - 800,000 -$775,000 - 5000	$7,420,000
$9,000,000 appropriation − $800,000 purchase order − $795,000 actual invoice amount + $790,000 purchase orders filled − $775,000 salaries	7,420,000

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Answer 2

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