Homework Answers
Answer- City of Eastern Shores
General Fund Statements of Revenues, Expenditures and Changes in Fund Balances Year Ended September 30, 2017
| Particulars | Amount($) | Amount($) |
| Revenues :- | ||
| Property Taxes | 27,020,000 | |
| Sales Taxes | 13,316,000 | |
| Fees and Fines | 1,324,000 | |
| Licenses and Permits | 1,721,000 | |
| Inter Governmental | 2,368,000 | |
| Investment Earnings | 654,000 | |
| Total Revenues (A) | 46,403000 | 46,403,000 |
| Expenditures :- | ||
| Current :- | ||
| General Government | 11,725,000 | |
| Public Safety | 24,444,000 | |
| Public Works | 6,211,000 | |
| Health and Sanitation | 1,163,000 | |
| Culture and Recreation | 2,154,000 | |
| Total Expenditures (B) | 45,697,000 | 45,697000 |
| Excess of Revenue over Expenditure (C) = (A-B) | 706,000 | |
| Less : Transfer to Special Revenue Fund | (1,119,000) | |
| Add : Special Item - Proceeds from Sale of Land | 821,000 | |
| Net Change in Fund Balance | 408,000 | |
| Add : Fund Balance, Oct. 1, 2016 | 1,812,000 | |
| Fund Balance, Sep. 30, 2017 | 2,220,000 |
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2-9. The following General Fund information is available for the preparation of the financial statements for...
2-9. The following General Fund information is available for the preparation of the financial statements for...
2-9. The following General Fund information is available for the preparation of the financial statements for the city of Eastern Shores for the year ended September 30, 2017: Revenues: Property taxes Sales taxes Fees and fines $27,020,000 13,316,000 1,324,000 1.721,000 2,368,000 654,000 Licenses and permits Intergovernmental Investment earnings Expenditures: Current: General government Public safety Public Works Health and sanitation Culture and recreation Transfer to capital project fund Special item-proceeds from sale of land Fund balance, October 1, 2016 11,725,000 24,444,000...
The following General Fund information is available for the preparation of the financial statements for the...
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The following General Fund information is available for the preparation of the financial statements for the...
The following General Fund information is available for the preparation of the financial statements for the City year ended September 30, 2020: $27,300,000 13,433,000 1,442,000 1,840,000 2,485,000 771,000 Revenues: Property taxes Sales taxes Fees and fines Licenses and permits Intergovernmental Investment earnings Expenditures: Current: General government Public safety Public works Health and sanitation Culture and recreation Transfer to capital project fund Special item-proceeds from sale of land Fund balance, October 1, 2019 11,753,000 24,473,000 6,241,000 1,193,000 2,185,000 1,149,000 853,000 1,841,000...
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Part C: The Johnson City's legislative group approved a General Fund operating budget for the fiscal...
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Part A: Johnson City adopted the following General Fund budget for fiscal year 2017: Estimated...
Part A: Johnson City adopted the following General Fund budget for fiscal year 2017: Estimated revenues: Taxes $ 15,000,000 Intergovernmental revenues 1,000,000 Licenses and permits 400,000 Fines and forfeits 150,000 Miscellaneous revenues 100,000 Total estimated revenues $ 16,650,000 Appropriations: General government $ 8,000,000 Public safety 6,000,000 Public works 1,550,000 Health and welfare 950,000 Miscellaneous 100,000 Total appropriations $ 16,600,000 Required Prepare the general journal entries to record the adopted budget at the beginning of FY 2017
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2-8. The following information is available for the preparation of the government- wide financial statements for the city of Northern Pines for the year ended June 30, 2017: Expenses: General government $ 9,700,000 Public safety 23,000,000 Public works 12,190,000 Health and sanitation 6,210,000 Culture and recreation 4,198.000 Interest on long-term debt, governmental type 1.021,000 Water and sewer system 11,550,000 Parking system 419.000 Revenues Charges for services, general government 1.110,000 Charges for services, public safety 1,210,000 Operating grant, public safety 698.000...
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P3-3 (Budgetary Comparison Statement) This problem is based on the information about the Murphy County General Fund budgeted and actual transactions and events described in Problem 3-2. P3-2 (Budgetary and Other Entries—General and Subsidiary Ledgers) The Murphy County Commissioners adopted the following General Fund budget for the 20X8 fiscal year: Murphy County General FundBudget—20X8 Estimated Revenues: Taxes $ 8,000,000 Licenses and permits 800,000 Intergovernmental 2,000,000 Charges for services 200,000 Fines and forfeits 400,000 Other 600,000 12,000,000 Appropriations: General government 1,000,000 ...
Greenville has provided the following information from its General Fund Revenues and Appropriations/Expenditure/Encumbrances subsidiary ledgers for...
Greenville has provided the following information from its General Fund Revenues and Appropriations/Expenditure/Encumbrances subsidiary ledgers for the fiscal year ended. Assume the beginning fund balances are $143 (in thousands) and that the budget was not amended during the year City of Greenville General Fund Subsidiary Ledger Account Balances (in thousands) For the Fiscal Year Debits Credits Estimated Revenue Taxes Fines & Forfeits Intergovernmental Revenue Charges for Services 6,048 303 489 370 Revenues Taxes Fines & Forfeits Intergovernmental Revenue Charges for...
Greenville has provided the following information from its General Fund Revenues and Appropriations/Expenditure/Encumbrances subsidiary ledgers for...
Greenville has provided the following information from its
General Fund Revenues and Appropriations/Expenditure/Encumbrances
subsidiary ledgers for the fiscal year ended. Assume the beginning
fund balances are $167 (in thousands) and that the budget was not
amended during the year.
Required
Prepare a General Fund statement of revenues, expenditures, and
changes in fund balance.
Prepare a General Fund schedule of revenues, expenditures, and
changes in fund balance—budget and actual (assume the budget is
prepared on a GAAP basis).
514 308 367...
2-9. The following General Fund information is available for the preparation of the financial statements for the city of Eastern Shores for the year ended September 30, 2017: Revenues: Property taxes Sales taxes Fees and fines $27,020,000 13,316,000 1,324,000 1.721,000 2,368,000 654,000 Licenses and permits Intergovernmental Investment earnings Expenditures: Current: General government Public safety Public Works Health and sanitation Culture and recreation Transfer to capital project fund Special item-proceeds from sale of land Fund balance, October 1, 2016 11,725,000 24,444,000...
The following General Fund information is available for the preparation of the financial statements for the City year ended September 30, 2020: $27,300,000 13,433,000 1,442,000 1,840,000 2,485,000 771,000 Revenues: Property taxes Sales taxes Fees and fines Licenses and permits Intergovernmental Investment earnings Expenditures: Current: General government Public safety Public works Health and sanitation Culture and recreation Transfer to capital project fund Special item-proceeds from sale of land Fund balance, October 1, 2019 11,753,000 24,473,000 6,241,000 1,193,000 2,185,000 1,149,000 853,000 1,841,000...
Part C: 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 $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. as follows: property taxes Required Prepare the journal entry (or entries), to record...
2-8. The following information is available for the preparation of the government- wide financial statements for the city of Northern Pines for the year ended June 30, 2017: Expenses: General government $ 9,700,000 Public safety 23,000,000 Public works 12,190,000 Health and sanitation 6,210,000 Culture and recreation 4,198.000 Interest on long-term debt, governmental type 1.021,000 Water and sewer system 11,550,000 Parking system 419.000 Revenues Charges for services, general government 1.110,000 Charges for services, public safety 1,210,000 Operating grant, public safety 698.000...
Greenville has provided the following information from its General Fund Revenues and Appropriations/Expenditure/Encumbrances subsidiary ledgers for the fiscal year ended. Assume the beginning fund balances are $143 (in thousands) and that the budget was not amended during the year City of Greenville General Fund Subsidiary Ledger Account Balances (in thousands) For the Fiscal Year Debits Credits Estimated Revenue Taxes Fines & Forfeits Intergovernmental Revenue Charges for Services 6,048 303 489 370 Revenues Taxes Fines & Forfeits Intergovernmental Revenue Charges for...
Greenville has provided the following information from its
General Fund Revenues and Appropriations/Expenditure/Encumbrances
subsidiary ledgers for the fiscal year ended. Assume the beginning
fund balances are $167 (in thousands) and that the budget was not
amended during the year.
Required
Prepare a General Fund statement of revenues, expenditures, and
changes in fund balance.
Prepare a General Fund schedule of revenues, expenditures, and
changes in fund balance—budget and actual (assume the budget is
prepared on a GAAP basis).
514 308 367...
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