Homework Answers
Revenue budget for the year 20x0
Particulars Budgeted amount
Revenues:-
property taxes (2,500,000+2,500,000*5%) 2,625,000
state grants ( 850,000+850,000*3%) 875,500
federal grants (600,000-60,000) 540,000
others (325,000+25,000) 350,000
total estimated revenue (a) 4,390,500
expenditures:-
salary and wages 2,329,500
utilities (450,000+450,000*5.5%) 474,750
maintenance (300,000+25,000) 325,000
debt services (200,000+25,000) 225,000
others (50,000+50,000*2.5%) 51,250
total budgeted expenditures (b) 3,405,500
total revenue (a)- (b) 985,000
computation of estimated salary and wages exepenses
available cash balance at the begning of the year 1,250,000
estimated revenue collected in the year 4,390,500
total cash available 5,440,500
total exepnses other than salary and wages 1,076,000
capital purchase 435,000
total cash available at the end of the year 3,929,500
cash required at the end of the year 1,600,000
cash available for salary and wages 2,329,500
percentage decrease in amount of salary and wages 170,500/2500000*100=6.82%
expenditure budget for the year 20x0 (other than salary and wages)
particulars estimated amount
utilities ( 450,000+450,000*5.5%) 474,750
maintenance (300,000+25,000) 325,000
debt services ( 200,000+25,000) 225,000
capital purchases (400,000+35,000) 435,000
others (50,000+50,000*2.5%) 51,250
total estimated expenditure budget 1,511,000
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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...
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
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Miscellaneous revenues
62,000
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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
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changes in fund balance.
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changes in fund balance—budget and actual (assume the budget is
prepared on a GAAP basis).
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please explain this to me. I am thoroughly confused 3-15. The City of Grafton's records reflected...
please explain this to me. I am thoroughly confused
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:...
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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...
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...
please explain this to me. I am thoroughly confused
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:...
The City of South River budget for the fiscal year ended June 30.2020. Included an appropriation for the police department in the amount of $8.712.000. During the month of July 2020, the following transactions occurred in summary: Purchase orders were issued in the amount of $545.000 Of the $545,000 in purchase orders, $502,000 were filled with involces amounting to $492,000. Salaries, not encumbered, amounted to $308.000. A budget appropriations reduction in the amount of $64.000 was approved by the city...
$614,400 $614,400 Assigned fund balance consists of outstanding encumbrances. Required Prepare the budget entry that was made at January 1,2020. b. Calculate the balance in fund balance-unassigned on December 31, 2019. Prepare the required closing entries at year-end d. Prepare the general fund statement of revenues, expenditures, and changes in fund balances for 2020. Prepare the general fund balance sheet at December 31, 2020. C. e P10.12 General Fund-Entries and Financial Statements Below are the July 1, 2019 balances for...
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