Assume a federal agency has the following events: 1. Receives a warrant from the Treasury notifying the agency of appropriations of $3,800,000. 2. OMB apportions one-fourth of the appropriation for the first quarter of the year. 3. The director of the agency allots $897,000 to program units. 4. Program units place orders of $638,000. 5. Supplies ($108,000) and services ($458,000) are received during the first quarter Supplies of $98,000 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. $ Amount 0 Total Appropriation Status
Assume a federal agency has the following events: 1. Receives a warrant from the Treasury notifying the agency of appropriations of $3,800,000. 2. OMB apportions one-fourth of the appropriation for the first quarter of the year. 3. The director of the agency allots $897,000 to program units. 4. Program units place orders of $638,000. 5. Supplies ($108,000) and services ($458,000) are received during the first quarter Supplies of $98,000 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. $ Amount 0 Total Appropriation Status
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Question
Do not give image format
Transcribed Image Text:Assume a federal agency has the following events:
1. Receives a warrant from the Treasury notifying the agency of appropriations of $3,800,000.
2. OMB apportions one-fourth of the appropriation for the first quarter of the year.
3. The director of the agency allots $897,000 to program units.
4. Program units place orders of $638,000.
5. Supplies ($108,000) and services ($458,000) are received during the first quarter. Supplies of $98,000 were used in the quarter.
Accounts payable were paid in full.
Transcribed Image Text:Assume a federal agency has the following events:
1. Receives a warrant from the Treasury notifying the agency of appropriations of $3,800,000
2. OMB apportions one-fourth of the appropriation for the first quarter of the year.
3. The director of the agency allots $897,000 to program units.
4. Program units place orders of $638,000.
5. Supplies ($108,000) and services ($458,000) are received during the first quarter. Supplies of $98,000 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.
$
Amount
0 Total Appropriation
Status
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education