N1. It is February 15 and the City of Galaxy's personnel department is preparing a purchase order for a new copierestimated to cost $3,600. The personnel department's administrative assistant checks accounts to verify that anappropriation is available in a sufficient amount to cover the cost of the new copier. Current information indicates thefollowing for the personnel department's Equipment account and Office Supplies account.RequiredReview the accounts as of February 15, and using the information available answer the following questions, assumingyou are the administrative assistant.a. Calculate the Available Appropriation balances in the Equipment account.b. Is the available appropriation balance sufficient to authorize the ordering of the new copier?c. (1) Calculate the Available Appropriation balances in the Office Supplies account.(2) If the Office Supplies account could be used to help purchase the copier, would there be sufficient authorizationto order the copler?Complete this question by entering your answers in the tabs below.Required A Required B Required CCalculate the Available Appropriation balances in the Equipment account.Account No. 1010012058510Department/ActivityYear 20xxObjectEncumbrancesCreditsDateJan 2Jan 21Jan 30ReferenceBudgetPO IssuedVoucher IssuedDebits$4,7952,535Balance< Required A$ 4,7952,260Personnel Department/ChiefEquipmentAvailableExpenditures Appropriation2,535$Required B >8,000 Required A Required B Required C(1) Calculate the Available Appropriation balances in the Office Supplies account.(2) If the Office Supplies account could be used to help purchase the copier, would there be sufficient authorization to ordercopier?(1)Account No. 1010012058300Year 20xxDateJan 2Jan 15Jan 30ReferenceBudgetPO IssuedVoucher IssuedDebits$Department/ActivityObjectEncumbrancesCredits500500Balance$5000Personnel Department/ChiefOffice SuppliesExpenditures495(2)If the Office Supplies account could be used to help purchase the copier, would there be sufficientauthorization to order the copier?AvailableAppropriation$5,000

A plan for spending based on income and costs is called a budget. In other words, it's a projection…

It is February 15 and the City of Galaxy's personnel department is preparing a purchase order for a new copier estimated to cost $3,600. The personnel department's administrative assistant checks accounts to verify that an appropriation is available in a sufficient amount to cover the cost of the new copier. Current information indicates the following for the personnel department's Equipment account and Office Supplies account. Required Review the accounts as of February 15, and using the information available answer the following questions, assuming you are the administrative assistant. a. Calculate the Available Appropriation balances in the Equipment account. b. Is the available appropriation balance sufficient to authorize the ordering of the new copier? c. (1) Calculate the Available Appropriation balances in the Office Supplies account. (2) If the Office Supplies account could be used to help purchase the copler, would there be sufficient authorization to order the copier?

It is February 15 and the City of Galaxy's personnel department is preparing a purchase order for a new copier estimated to cost $3,600. The personnel department's administrative assistant checks accounts to verify that an appropriation is available in a sufficient amount to cover the cost of the new copier. Current information indicates the following for the personnel department's Equipment account and Office Supplies account. Required Review the accounts as of February 15, and using the information available answer the following questions, assuming you are the administrative assistant. a. Calculate the Available Appropriation balances in the Equipment account. b. Is the available appropriation balance sufficient to authorize the ordering of the new copier? c. (1) Calculate the Available Appropriation balances in the Office Supplies account. (2) If the Office Supplies account could be used to help purchase the copler, would there be sufficient authorization to order the copier?

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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