A city government starts with a balanced budget and no debt. During the fiscal year, it decides to spend $15 billion on infrastructure and services while collecting $12 billion in tax revenue. What will be the government's deficit?
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- Shepherd City's original budget included a credit to fund balance of $20,000. During the year, the City recorded an additional entry that debited budgetary fund balance and credited estimated revenues. Which of the following accurately describes what happened? The estimated revenues decreased, reducing the City's projected surplus for the year. The estimated revenues decreased, improving the City's projected surplus for the year. The estimated revenues increased, reducing the City's projected surplus for the year. The estimated revenues increased, improving the City's projected surplus for the year.Financial AccountingBudget planners for a certain community have determined that $9,235,400 will be required to provide all government services next year. The total assessed property value in the community is $122,500,000. What tax rate is required to meet the budgetary demands? (Express your answer as a tax rate per $100 and round to the nearest hundredth)
- Government tax revenue is $500,000,000. It's spending is $575,000,000. Is the government running a surplus, a balanced budget, or a deficit? If it is not running a balanced budget, how large is the imbalance?The City of Weston is preparing its budget for calendar year 2013. After estimating revenues from all other sources, the City calculates that it must raise $8,000,000 from property taxes. You are given the following information regarding the tax rate: Property taxes to be collected $8,000,000 Estimated uncollectible property taxes $50,250 Total assessed value of property at beginning of 2013 $95,000,000 Expected reduction in assessed value from appeals $200,000 Assessed value of City property, not subject to tax $1,200,000 Adjustments to assessed values for senior citizen exemptions $1,000,000 Required: Compute the gross amount of property taxes required to be levied. Compute the tax rate per $100 of net assessed valuation. Determine the amount of property…The general ledger of the County of Konstantin contains the following selected account balances: $91400 $35600 $16500 $5700 Appropriations Outstanding Encumbrances Expenditures Vouchers Payable Konstantin wants to order additional goods and services before the fiscal year end. What is the unencumbered balance (i.e., the remaining authority) of the budget that may be expended by Konstantin? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000.
- Tri-County Social Service Agency is a not-for-profit organization in the Midwest. Use the following information to complete the cash budget for the year ending December 31. The Board of Trustees requires that Tri-County maintain a minimum cash balance of $8,000. If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $8,000 minimum. It is anticipated that the year will begin with an $11,000 cash balance. Contract revenue is received evenly during the year. Mental health income is expected to grow by $5,000 in the second and third quarters; no change is expected in the fourth quarter. Required: 2. Complete the cash budget for each quarter and the year as a whole. 3. Determine the amount that the agency will owe the endowment fund at year-end.Tri-County Social Service Agency is a not-for-profit organization in the Midwest. Use the following Information to complete the cash budget for the year ending December 31. The Board of Trustees requires that Tri-County maintain a minimum cash balance of $8,000. If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $8,000 minimum. It is anticipated that the year will begin with an $11,000 cash balance. Contract revenue is received evenly during the year. Mental health Income is expected to grow by $5,000 in the second and third quarters; no change is expected in the fourth quarter. Required: 2. Complete the cash budget for each quarter and the year as a whole. 3. Determine the amount that the agency will owe the endowment fund at year-end. Complete this question by entering your answers in the tabs below. Required 2 Required 3 Complete the cash budget for each quarter and the year as a whole. (Cash deficiency and repayments should be…In 2018, the country X received: collected taxes in the amount of 35 million, customs fees amounted to 12 million, non-tax revenues to the budget amounted to 20 million. In the same year, the State purchased the public goods and services in the amount of 38.4 million, public transfers was 14.7 million, the interest on the national debt was payed in quantity of 17.6 million. Determine the state of the budget (in deficit, in balance, in surplus).