The following information pertains to the Scott County General
Fund:
Appropriations $15,000,000
Estimated Revenues 14,000,000
Expenditures 14,800,000
Revenues 14,200,000
The change in Scott County's General Fund balance for the year is
a
a) $1,600,000 decrease.
b) $1,000,000 decrease.
c) $600,000 decrease.
d) $400,000 increase.
The change in Scott County's General Fund balance for the year =Expenditures - Revenues =14,800,000-14,200,000 = -$600,000
The answer is c) $600,000 decrease.
The following information pertains to the Scott County General Fund: Appropriations $15,000,000 Estimated Revenues 14,000,000 Expenditures...
The general fund has the following budget: $600,000 in estimated revenues, $510,000 in appropriations, $50,000 in estimated other financing sources, and $75,000 in estimated other financing uses. If the general fund’s balance in fund balance–unassigned was $60,000 at the beginning of the year, before the budget entry, what is its balance after the budget entry? Please show work.
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 $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...
Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 371,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Transfers out 20,000 Due from other funds 12,000 Allowance for uncollectible taxes $45,000 Accounts payable 50,000 Due to other funds 21,000 Property tax revenues 950,000 Speeding ticket...
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 $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 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,...
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
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...
Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 371,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Transfers out 20,000 Due from other funds 12,000 Allowance for uncollectible taxes $45,000 Accounts payable 50,000 Due to other funds 21,000 Property tax revenues 950,000 Speeding ticket...