The budget for Muncie, IN, population 2,758, was passed for fiscal year 2020. Due to additional...
The budget for Muncie, IN, population 2,758, was passed for fiscal year 2020. Due to additional police and healthcare related emergency due to COVID-19, the mayor and city council revised the budget as follows: Sales tax estimates were reduced by $39,000; Federal grants of $120,000 were expected to be received due to the virus (this was not in the original budget); Appropriations for public safety increased $30,000; and, Appropriations for public health increased $80,000.
39. In the General Fund, the journal entry to record the budget adjustment for the reduction in estimated sales taxes and the anticipated federal grant would include a:
A. Credit to Estimated Revenues, $39,000.
B. Debit to Other Financing Sources, $120,000.
C. Credit to Appropriations, $80,000.
D. Debit to Estimated Other Financing Uses, $120,000.
40. In the General Fund, the journal entry to record the budget adjustment for the increase in appropriations from expected increased funding for public safety and public health would include a:
A. Debit to Appropriations, $110,000.
B. Credit to Estimated Other Financing Sources, $120,000.
C. Debit to Estimated Revenues, $39,000.
D. Credit to Appropriations, $110,000.
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The budget for Muncie, IN, population 2,758, was passed
for fiscal year 2020. Due to additional...
Attached is the summary of the operating budget for the General Fund of Hopkins County for...
Attached is the summary of the operating budget for the General Fund of Hopkins County for the fiscal year ending December 31, 20x7. REQUIRED: Using the attached form, prepare the journal entries, in proper form, to record the operating budget for the county's General Fund budget in the both the general ledger and subsidiary ledgers. Omit explanations. HOPKINS COUNTY INFORMATION FOR OPERATING BUDGET FOR FISCAL YEAR ENDING DECEMBER 31, 20X7 Estimated Revenues and Other Financing Sources: Real property taxes Sales...
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...
please explsin when plugging in on statement Following is a summary of the operating budget adopted...
please explsin when plugging in on statement
Following is a summary of the operating budget adopted by Westchester County, New York for the calendar year 2017. The actual budget document is almost 750 pages, so the summary is highly condensed. Prepare the journal entry to record the budget assuming that the detail will be separately recorded. Estimated revenues and other sources Real property taxes $ 54 423 458 Sales tax 517.550.000 Federal and state and 431229570 Departmental income 151.405 650...
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 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...
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
Following is a summary of the operating budget adopted by Westchester County, New York for the...
Following is a summary of the operating budget adopted by Westchester County, New York for the calendar year 2017. The actual budget document is almost 750 pages, so the summary is highly condensed. Prepare the journal entry to record the budget, assuming that the detail will be separately recorded. Estimated revenues and other sources: Real property taxes $548,423,468 Sales tax 517,559,000 Federal and state aid 433,229,570 Departmental income 151,405,650 Other revenues 159,394,093 Total estimated revenues 1,810,011,781 Appropriated previously accumulated fund...
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The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: Estimated revenues: Taxes Intergovernmental revenues Licenses and permits Fines and forfeits Miscel1aneous revenues $15,600,000 850,000 390,000 120,000 70,000 $17,030,000 Total estimated revenues Appropriations: eneral government Public safety Public works Health and welfare Miscellaneous ş 8,150,000 6,060,000 1,610,000 1,010,000 130,000 Total appropriations $16,960,000 a-2. Show entries in the subsidiary ledger accounts TOWN OF WILLINGDON Revenues Ledger Year July 01 Taxes July 01 Intergovernmental Revenues...
The City of Jackson Hole adopted the following General Fund budget for the fiscal year: Estimated...
The City of Jackson Hole adopted the following General Fund budget for the fiscal year: Estimated revenues: Taxes $ 3,000,000 Intergovernmental revenues 1,000,000 Licenses and permits 400,000 Fines and forfeits 150,000 Miscellaneous revenues 100,000 Total estimated revenues $ 4,650,000 Appropriations: General government $ 1,000,000 Public safety 2,000,000 Public works 950,000 Health and welfare 850,000 Miscellaneous revenues 50,000 Total appropriations $ 4,850,000 Prepare a summary general journal entry to record the adopted budget at the beginning of the fiscal year. (If...
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....
Attached is the summary of the operating budget for the General Fund of Hopkins County for the fiscal year ending December 31, 20x7. REQUIRED: Using the attached form, prepare the journal entries, in proper form, to record the operating budget for the county's General Fund budget in the both the general ledger and subsidiary ledgers. Omit explanations. HOPKINS COUNTY INFORMATION FOR OPERATING BUDGET FOR FISCAL YEAR ENDING DECEMBER 31, 20X7 Estimated Revenues and Other Financing Sources: Real property taxes Sales...
please explsin when plugging in on statement
Following is a summary of the operating budget adopted by Westchester County, New York for the calendar year 2017. The actual budget document is almost 750 pages, so the summary is highly condensed. Prepare the journal entry to record the budget assuming that the detail will be separately recorded. Estimated revenues and other sources Real property taxes $ 54 423 458 Sales tax 517.550.000 Federal and state and 431229570 Departmental income 151.405 650...
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 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...
Following is a summary of the operating budget adopted by Westchester County, New York for the calendar year 2017. The actual budget document is almost 750 pages, so the summary is highly condensed. Prepare the journal entry to record the budget, assuming that the detail will be separately recorded. Estimated revenues and other sources: Real property taxes $548,423,468 Sales tax 517,559,000 Federal and state aid 433,229,570 Departmental income 151,405,650 Other revenues 159,394,093 Total estimated revenues 1,810,011,781 Appropriated previously accumulated fund...
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: Estimated revenues: Taxes Intergovernmental revenues Licenses and permits Fines and forfeits Miscel1aneous revenues $15,600,000 850,000 390,000 120,000 70,000 $17,030,000 Total estimated revenues Appropriations: eneral government Public safety Public works Health and welfare Miscellaneous ş 8,150,000 6,060,000 1,610,000 1,010,000 130,000 Total appropriations $16,960,000 a-2. Show entries in the subsidiary ledger accounts TOWN OF WILLINGDON Revenues Ledger Year July 01 Taxes July 01 Intergovernmental Revenues...
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....
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