Domestic Assume a federal agency has the following events:1. Receives a warrant from the Treasury notifying the agency of appropriations of $4,950,000.2. OMB apportions one-fourth of the appropriation for the first quarter of the year.3. The director of the agency allots $1,148,000 to program units.4. Program units place orders of $819,000.5. Supplies ($135,500) and services ($567,500) are received during the first quarter. Supplies of $123,000 were used in the quarter.Accounts payable were paid in full.Required:Prepare a schedule showing the status of the appropriation at the end of the first quarter.$AmountStatusUnapportioned AuthorityApportionmentsAllotmentsObligations for Undelivered OrdersObligations - Delivered Orders0 Total Appropriation

ere is a schedule showing the status of the appropriation at the end of the first quarter:Amount…

Answered: Assume a federal agency has the…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 21E: Capital expenditures budget On January 1, 20Y6, the controller of Omicron Inc. is planning capital...

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Here is the following information about specific funds allocated within the government budget in 2019 1/2019: Allocations amounted to $ 240,000 1/10/2019 The commitments (purchase order) amounted to $ 40,000 1/15/2019 Cash expenses $ 80,400 1/25/2019 I submitted invoices for $ 8,600 and were approved for 25% of commitments 1/208/2019 Submit invoices for $ 44,000 in exchange for full payment of the balance The above commitments It is required to prepare a statement of support
Accounting for salaries A federal agency receives a separate allotment to finance the salary costs of its program. The allotment is sufficient to cover salaries earned in the last month of the fiscal year but paid early in the next fiscal year. The account Allotments-realized resources has a credit balance of $300,000. The agency maintains budgetary control by means of a vacancy control system. The following events and transactions occurred at the agency: 1. A disbursement schedule is sent to Treasury requesting salary checks- $275,000. 2. Treasury notifies the agency that payment was made. 3. The agency accrues salaries of $18,000 at the end of the fiscal year. 4. The agency accrues $20,000 for unused vacation leave. Budgetary resources for vacation leave are provided when leave is actually taken. a) Make the budgetary entries needed to record the above transactions. Enter accounts in order of magnitude (largest to smallest amounts), debits first. If no entry is necessary, select 'No…
The budget was passed. Estimated revenues amounted to $1,210,000 and appropriations totaled $1,207,800. All expenditures are classified as General Government. Note: Enter debits before credits. Transaction General Journal Debit Credit 02
A government health care district incorporates its budget in its accounting system and encumbers all purchase orders and contracts. Prior to the start of the year, the governing board adopted a budget in which agency revenues were estimated at $5,600 and expenditures of $5,550 were appropriated. During the year, the following transactions incurred: the government health care district collected $5,500 in fees, grants, taxes, and other revenues It ordered goods and services for $3,000. it received and paid for $2,800 of goods and services that had been previously encumbered. It expects to receive the remaining $200 in the following year. It incurred $2500 in other expenditures for goods and services that had not been encumbered. What is total fund balance at year end? $500 $300 $200 None of above
Park City uses encumbrance accounting and formally integrates its budget into the general fund's accounting records. For the year ending July 31, Year 1, the following budget was adopted: Estimated revenues $30,000,000 Appropriations $27,000,000 Estimated transfer to debt service fund $900,000 Park's budgetary fund balance is a $3,000,000 credit balance $3,000,000 debit balance $2,100,000 credit balance O $2,1000,000 debit balance
The total estimated revenues are $ 9,300,000 and total appropriations are $ 9,700,000 of the General Fund Budget. What must be the minimum fund balance of the General Fund? a. $ 200,000 b. $ 400,000 c. ($ 200,000) d. ($ 400,000)
Following is a trial balance of the accounts of the Bureau of Bridge Inspection (BOBI), a relatively newunit of the Department of Transportation (DOT), as of October 1, 2022. Bureau of Bridge Inspections Trial Balance October 1, 2022 Budgetary accounts Total actual resources-collected $20,000 Delivered orders-obligations, unpaid $20,000 Totals $20,000 $20,000 Proprietary accounts: Fund balance with Treasury $20,000 Inventory, materials, and supplies 6,000 General property, plant, and equipment 30,000 Disbursements in transit $20,000 Cumulative results of operations 36,000 Totals $56,000 $56,000 BOBI is responsible for overseeing state inspections of bridges constructed with federal funds. Itreports program expenses by object of account. BOBI does not use commitment accounting, but doesobligate budgetary resources when it enters into contracts or sends purchase orders to buy capitalassets and supplies and materials. It also…
Garden City had the following accounts approved at the beginning of 2021. Estimated Revenues: $8 million Estimated Other Financial Uses $2 million Appropriations $9 million Estimated Other Financial Sources $4 million What budgetary amount of fund balance Garden City will report in its budget summary? O a. Debit $1 million. O b. Credit $1 million. O c. Debit $3 million. O d. Credit $3 million.
The General Fund for Nisland has the following budget for the current year: Estimated Revenues Appropriations Estimated other financing sources Estimated other financing uses During the year, the actual results were: Revenues Expenditures Other financing sources Other financing uses Required: Prepare the Closing Entries for Nisland. $4,500,000 $5,200,000 $800,000 $75,000 $4,300,000 $5,150,000 $850,000 $70,000

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