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Assume a federal agency has the following events: 1. Receives a warrant from the Treasury notifying the agency of appropriations of $4,450,000. 2. OMB apportions one-fourth of the appropriation for the first quarter of the year. 3. The director of the agency allots $1,030,000 to program units.

Assume a federal agency has the following events: 1. Receives a warrant from the Treasury notifying the agency of appropriations of $4,450,000. 2. OMB apportions one-fourth of the appropriation for the first quarter of the year. 3. The director of the agency allots $1,030,000 to program units.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assume a federal agency has the following events: 1. Receives a warrant from the Treasury notifying the agency of appropriations of $4,450,000. 2. OMB apportions one-fourth of the appropriation for the first quarter of the year. 3. The director of the agency allots $1,030,000 to program units. 4. Program units place orders of $736,000. 5. Supplies ($121,500) and services ($509,500) are received during the first quarter. Supplies of $111,000 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 + $ Status Unapportioned Authority Apportionments Allotments Obligations for Undelivered Orders Expended Appropriations O Total Appropriation
Transcribed Image Text:Assume a federal agency has the following events: 1. Receives a warrant from the Treasury notifying the agency of appropriations of $4,450,000. 2. OMB apportions one-fourth of the appropriation for the first quarter of the year. 3. The director of the agency allots $1,030,000 to program units. 4. Program units place orders of $736,000. 5. Supplies ($121,500) and services ($509,500) are received during the first quarter. Supplies of $111,000 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 + $ Status Unapportioned Authority Apportionments Allotments Obligations for Undelivered Orders Expended Appropriations O Total Appropriation
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