The schedule below reports the beginning balances and activity during the year in a town's supplies...
The schedule below reports the beginning balances and activity during the year in a town's supplies fund. The government accounts for supplies on a purchases basis. Fund Balance (unassigned 1/1)=$400, Fund Balance (reserved for encumbrance 1/1) $240, Fund Balance (non-dispensable 1/1) $170, Total fund balance, January 1=$810, Appropriations $3,400, Actual Revenues $3,200, Supplies ordered $3,660, Supplies received $3,590, Supplies paid-for $2,800, Supplies used $3,280.
Find:
a) Reserve for Encumbrance is:
b)Year-End-non dispensable for inventory is:
c)Expenditure under the consumption method for the period is:
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The schedule below reports the beginning balances and activity
during the year in a town's supplies...
The City of Morganville had the following pre-closing account balances in its General Fund as of April 30, 2017. Debits...
The City of Morganville had the following pre-closing account balances in its General Fund as of April 30, 2017. Debits and credits are not separated; each account had its “normal” balance. Among the expenditures recorded this year is an amount expended on supplies ordered at the end of the previous year. Assume that encumbrances do not lapse and that the City failed to make the journal entry(s) necessary to re-establish the encumbrance in the current year. Required: Prepare all...
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***PLEASE ONLY HELP WITH CLOSING ENTRIES. I'LL
POST THE REST OF THE INFO IN CASE YOU NEED IT.
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a. Record journal entries for the following transactions for FY 2017. Make any computations to the...
a. Record journal entries for the following
transactions for FY 2017. Make any computations to the nearest
dollar. Journal entry explanations are not required. Use control
accounts for revenues, expenditures and budgetary accounts. It is
not necessary to reflect subsidiary ledger entries.
(1) Encumbrances of $ 17,000 for purchase orders outstanding at
the end of 2016 were re-established.
(2) The January 1, 2017, balance in Deferred Inflows – Property
Taxes relates to the amount of the 2016 levy that was...
I mainly need this last part "preparation of fund financial statements and schedules" thanks! Scenario and...
I mainly need this last part
"preparation of fund financial statements and schedules"
thanks!
Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars) Debits Credits Cash Property taxes receivable Salaries payable Deferred property tax revenues Unassigned fund...
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2,746,000 as follows: property taxes, $1,916,000; licenses and permits, $360,000; fines and forfeits $260,000; and intergovernmental (state grants), $210,000. The budget approved appropriations of $2,694,000 as follows: General Government, $510,000; Public Safety, $1,620,000; Public Works, $360,000; Culture and Recreation, $152,000; and Miscellaneous, $52,000 Required a. & b. Prepare the journal entry (or entries), to...
Required a. Record journal entries for the following transactions for FY 2017. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries (1) Encumbrances of S 17,000 for purchase orders outstanding at the end of 2016 were re-established. (2) The January 1, 2017, balance in Deferred Inflows Property Taxes relates to the amount of the 2016 levy that was...
The following applies to Q #7-8 A special district accounts for its general fund (its only fund) on a modified accrual basis. In a particular period it engaged in the following transactions: It issued S20 million in long - term bonds. It acquired several tracts of land at a total cost of $4 million, paying the entire amount in cash It sold a portion of the land for $1 million, receiving cash for the entire amount. The tract sold had...
***PLEASE ONLY HELP WITH CLOSING ENTRIES. I'LL
POST THE REST OF THE INFO IN CASE YOU NEED IT.
Continuous Problem 04-01 The Balance Sheet of the General Fund of the City of Monroe as of December 31, 2019, follow. $503,000 173, see CITY OF MONROE General Fund Balance Sheet As of December 31, 2019 Assets Cash Taxes receivable $210, eee Less: Estimated uncollectible taxes (37,eee) Net Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties (958)...
a. Record journal entries for the following
transactions for FY 2017. Make any computations to the nearest
dollar. Journal entry explanations are not required. Use control
accounts for revenues, expenditures and budgetary accounts. It is
not necessary to reflect subsidiary ledger entries.
(1) Encumbrances of $ 17,000 for purchase orders outstanding at
the end of 2016 were re-established.
(2) The January 1, 2017, balance in Deferred Inflows – Property
Taxes relates to the amount of the 2016 levy that was...
I mainly need this last part
"preparation of fund financial statements and schedules"
thanks!
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