The Town of Riverside reported appropriations in the amount of $17,000,000 for its General Fund for...
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 that have been filled). 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:
Multiple Choice
a.$600,000.
b.$16,200,000.
c.$16,800,000.
d. Not enough information is provided to calculate the solution.
Homework Answers
OPTION B------$16200000
Amount reported for Expenditures in 2020 General Fund Statement of Revenues, Expenditures and Changes in Fund Balances is $16200000
Encumbrances not filled is not reported as expenditure since it represents an amount which is committed to pay for goods or services that were not received in fiscal year,generally reported as reserved fund balance.
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The Town of Riverside reported appropriations in the amount of
$17,000,000 for its General Fund for...
The Town of Riverside reported appropriations in the amount of $17,000,000 for its General Fund for...
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 that have been filled). In addition, 5600,000 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...
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 $156 (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 6,048 Fines & Forfeits 303 Intergovernmental Revenue 504 Charges for Services 370 Revenues Taxes 6,056 Fines & Forfeits 308 Intergovernmental Revenue...
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...
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...
The town council of Riverside estimated revenues for 2020 to be $878,412 from property taxes and...
The town council of Riverside estimated revenues for 2020 to be
$878,412 from property taxes and $211,588 from business licenses.
The appropriations budget from the council was as
follows:
General government
$
411,000
Parks and recreation
142,000
Sanitation
122,000
Streets and sidewalks
192,000
In April, heavy spring rains caused some flooding near the river.
As a result, a picnic area at River’s Edge Park was ruined and
several damaged shops had to shut down. The council adopted an
upward revision...
The town council of Riverside estimated revenues for 2017 to be $690,000 from property taxes and...
The town council of Riverside estimated revenues for 2017 to be $690,000 from property taxes and $169,000 from business licenses. The appropriations budget from the council was as follows General government Parks and recreation Sanitation Streets and sidewalks $374,00e 114,800 94,800 165,800 In Aprni, heavy spring rains caused some flooding near the ver. As a result, a picnic area at River's Edge Park was ruined and several damaged shops had to shut down. The council adopted an upward revision of...
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July...
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: $ 15,800,000 800,000 380,000 110,000 60,000 $17,150,000 Estimated revenues : Taxes Intergovernmental revenues Licenses and permits Fines and forfeits Miscellaneous revenues Total estimated revenues Appropriations: General government Public safety Public works Health and welfare Miscellaneous Total appropriations $ 8,200,000 6,080,000 1,630,000 1,030,000 140,000 $17,080,000 Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year....
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July...
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: $15,500,000 875,000 400,000 125,000 75,000 $16,975,000 Estimated revenues : Taxes Intergovernmental revenues Licenses and permits Fines and forfeits Miscellaneous revenues Total estimated revenues Appropriations: General government Public safety Public works Health and welfare Miscellaneous Total appropriations $ 8,125,000 6,050,000 1,600,000 1,000,000 125,000 $16,900,000 Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year. (If...
The printout of the Revenues and Appropriations subsidiary ledger accounts for the General Fund of the...
The printout of the Revenues and Appropriations subsidiary
ledger accounts for the General Fund of the City of Augusta for the
first quarter of the fiscal year appeared as follows:
The printout of the Revenues and Appropriations subsidiary ledger accounts for the General Fund of the City of Augusta for the first quarter of the fiscal year appeared as follows: Revenues Cr(Dr) Balance Dr(Cr) 200,900 751,000 550, 100 Revenues Ledger Est. Revenues Account Ref Account Title Dr(Cr) 3/4020 Taxes-Real Property...
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).
PLEASE CORRECT THE...
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 that have been filled). In addition, 5600,000 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...
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...
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...
The town council of Riverside estimated revenues for 2020 to be
$878,412 from property taxes and $211,588 from business licenses.
The appropriations budget from the council was as
follows:
General government
$
411,000
Parks and recreation
142,000
Sanitation
122,000
Streets and sidewalks
192,000
In April, heavy spring rains caused some flooding near the river.
As a result, a picnic area at River’s Edge Park was ruined and
several damaged shops had to shut down. The council adopted an
upward revision...
The town council of Riverside estimated revenues for 2017 to be $690,000 from property taxes and $169,000 from business licenses. The appropriations budget from the council was as follows General government Parks and recreation Sanitation Streets and sidewalks $374,00e 114,800 94,800 165,800 In Aprni, heavy spring rains caused some flooding near the ver. As a result, a picnic area at River's Edge Park was ruined and several damaged shops had to shut down. The council adopted an upward revision of...
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: $ 15,800,000 800,000 380,000 110,000 60,000 $17,150,000 Estimated revenues : Taxes Intergovernmental revenues Licenses and permits Fines and forfeits Miscellaneous revenues Total estimated revenues Appropriations: General government Public safety Public works Health and welfare Miscellaneous Total appropriations $ 8,200,000 6,080,000 1,630,000 1,030,000 140,000 $17,080,000 Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year....
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: $15,500,000 875,000 400,000 125,000 75,000 $16,975,000 Estimated revenues : Taxes Intergovernmental revenues Licenses and permits Fines and forfeits Miscellaneous revenues Total estimated revenues Appropriations: General government Public safety Public works Health and welfare Miscellaneous Total appropriations $ 8,125,000 6,050,000 1,600,000 1,000,000 125,000 $16,900,000 Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year. (If...
The printout of the Revenues and Appropriations subsidiary
ledger accounts for the General Fund of the City of Augusta for the
first quarter of the fiscal year appeared as follows:
The printout of the Revenues and Appropriations subsidiary ledger accounts for the General Fund of the City of Augusta for the first quarter of the fiscal year appeared as follows: Revenues Cr(Dr) Balance Dr(Cr) 200,900 751,000 550, 100 Revenues Ledger Est. Revenues Account Ref Account Title Dr(Cr) 3/4020 Taxes-Real Property...
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).
PLEASE CORRECT THE...
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