Homework Answers
Ans 1- Debited 30000
Ans 2 - Encumbrance A/c is Debited
Encumbrances, like Expenditures, is a debit balance account.
It is increased (debited) when a purchase order is issued. The Fund Balance Assigned (or Committed) for Encumbrances is simply an offset account for Encumbrances.
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The city of Pittsburgh legally adopts its budget. Total estimated revenues are...
The Edward City Council approved and adopted the budget for its general fund for the year just en...
The Edward City Council approved and adopted the budget for its general fund for the year just ended. The budget contained the following amounts: Estimated revenues $4,900,000 Appropriations 4,780,000 Authorized interfund transfer to the sports and recreation debt service fund 90,000 During the year, various transactions and events occurred that affected the general fund. Edward City levied property taxes of $4,000,000, of which it estimated that $25,000 would be uncollectible. During the discount period between the levy and the date...
The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary...
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...
The printout of the Revenues and Appropriations subsidiary ledger accounts for the General Fund of the City of Augusta
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: Required Assuming that there are no other General Fund revenue or expenditure transactions, answer the following questions. a. What were the original approved budget amounts for Estimated Revenues and for Appropriations? b. (1) Was the budget adjusted during the year? (2) If so, which accounts if any were adjusted and by how much? (3) In total,...
excel file not actually provided 3-15. The City of Grafton's records reflected the following budget and...
excel file not actually provided
3-15. The City of Grafton's records reflected the following budget and actual data for the General Fund for the fiscal year ended June 30, 2017. 1. Estimated revenues: Taxes (Property) $3,213,000 Licenses and permits 790,000 Intergovernmental revenues 310,000 Miscellaneous revenues 200,000 2. Revenues: Taxes (Property) $3,216,000 Licenses and permits 792,000 Intergovernmental revenues 299,000 Miscellaneous revenues 195,000 3. Appropriations: General government $ 920,000 Public safety 2,090,000 Health and welfare 1,400,000 4. Expenditures: General government $ 880,000...
Post according to Governmental Accounting please [Para. 4-a-10] The city’s budget for 2017 was legally amended...
Post according to Governmental Accounting please [Para. 4-a-10] The city’s budget for 2017 was legally amended as follows: Estimated Revenues: Decreases Increases Charges for Services $ 5,000 Total $ 5,000 $0 Appropriations: Public Safety $11,000 Public Works $1,600 Culture and Recreation 37,500 $11,000 $39,100 Note: These amendments decrease the balance of the Budgetary Fund Balance account by $33,100. Required: Record the budget amendments in the General Fund general journal only. Budgetary items do not affect the government-wide accounting...
The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary...
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...
The County Commission of Seminole County adopted its General Fund budget for the year ending June...
The County Commission of Seminole County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $13,200,000 and appropriations of $12,900,000. The budgeted excess of estimated revenues over appropriations will be recorded as: A. A credit to Budgetary Fund Balance, $300,000. B. A memorandum entry only. C. A debit to Estimated Excess Revenues, $300,000. D. A credit to Surplus Revenues, $300,000.
1. The total of all departmental operating budgets along with estimated capital outlays by department and...
1. The total of all departmental operating budgets along with estimated capital outlays by department and estimates of expenditures that will affect all departments (such as pension benefits and claims and judgments) are added together to provide the basis for the budget that is submitted to the legislature. Select one: True False 2. Most governments also prepare a cash forecast to help them determine when they will need to borrow money or when they may be able to invest in...
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...
CITY OF MONROE General Fund Balance Sheet As of December 31, 2016 Assets $497,0 Cash 00...
CITY OF MONROE General Fund Balance Sheet As of December 31, 2016 Assets $497,0 Cash 00 $210,0 Taxes receivable 00 (37,000 Less: Estimated uncollectible taxes 173,00 0 net 5,200 Interest and penalties receivable on taxes Less: Estimated uncollectible interest and penalties (950) net 4,250 210,00 Due from state government $884,2 Total assets 50 Liabilities, Deferred Inflows, and Fund Equity Liabilities: 99,000 Accounts payable Due to other funds 27,000 126,00 Total liabilities 21,000 Deferred inflows - Property taxes Fund equity: Screenshot...
excel file not actually provided
3-15. The City of Grafton's records reflected the following budget and actual data for the General Fund for the fiscal year ended June 30, 2017. 1. Estimated revenues: Taxes (Property) $3,213,000 Licenses and permits 790,000 Intergovernmental revenues 310,000 Miscellaneous revenues 200,000 2. Revenues: Taxes (Property) $3,216,000 Licenses and permits 792,000 Intergovernmental revenues 299,000 Miscellaneous revenues 195,000 3. Appropriations: General government $ 920,000 Public safety 2,090,000 Health and welfare 1,400,000 4. Expenditures: General government $ 880,000...
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...
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...
CITY OF MONROE General Fund Balance Sheet As of December 31, 2016 Assets $497,0 Cash 00 $210,0 Taxes receivable 00 (37,000 Less: Estimated uncollectible taxes 173,00 0 net 5,200 Interest and penalties receivable on taxes Less: Estimated uncollectible interest and penalties (950) net 4,250 210,00 Due from state government $884,2 Total assets 50 Liabilities, Deferred Inflows, and Fund Equity Liabilities: 99,000 Accounts payable Due to other funds 27,000 126,00 Total liabilities 21,000 Deferred inflows - Property taxes Fund equity: Screenshot...
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