please look at line items 18 and 21. What do these dollar amounts tell you? What are your conclusions for the college?
please look at line items 18 and 21. What do these dollar amounts tell you? What are your conclusions for the college?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Budgeting is important not only for businesses. Also in our personal lives we have scarce resources, especially money and time, but also other resources like for example cell phone data, use of the family computer or family TV set, access to childcare etc.
Our college prepares annual budgets as well.
please look at line items 18 and 21. What do these dollar amounts tell you? What are your conclusions for the college?
Share your observations with the class and discuss possible reasons for your observations.
Transcribed Image Text:Page
2019-20
2019-20
2020-21
Adopted
Budget
Estimated
Adopted
Budget
Results
Income
1 Federal Income
$0
$0
$0 1
2 State Income
0 2
3 Local Income
514,603
339,089
104,450 3
4 Total Income
$514,603
$339,089
$104,450 4
Expenses
5 Certificated Salaries
224,995
121,761
40,750 5
6 Classified Salaries
52,164
48,240
51,492 6
7 Employee Benefits
42,235
28,901
25,380 7
8 Materials & Supplies
16,100
12,916
4,330 8
9 Operating Expenses
130,000
151,376
62,500 9
10 Capital Outlay
1,000
1,327
O 10
11 Total Expenses
$466,494
$364,521
$184,452 11
Transfers & Other
12 Transfers In
$30,000
$11,536
$10,000 12
13 Other Sources
0 13
O 14
O 15
O 16
$10,000 17
14 Transfers out
(17,800)
15 Contingency
16 Other Out Go
17 Total Transfers/Other
$30,000
($6,264)
Fund Balance
18 Net Change in Fund Balance
19 Beginning Balance, July 1
Adjustments to Beginning
20 Balance
21 Net Fund Balance, June 30
$78,109
144,189
($31,696)
144,189
($70,002) 18
112,493 19
O 20
$42,491 21
$222,298
$112,493
Transcribed Image Text:2019-20
2019-20
2020-21
fage.2l
Adopted
Budget
Un-Audited
Adopted
Budget
Actual
Revenue
1 Federal Revenue
$0
$0
$0
1
2 State Revenue
0 2
3 Local Revenue
60,000
52,291
25,000
3
4 Total Revenue
$60,000
$52,291
$25,000
4
Expenses
5 Certificated Salaries
$0
$0
$0
6 Classified Salaries
6
7 Employee Benefits
0 7
8 Materials & Supplies
10,000
1,407
5,000
8
9 Operating Expenses
10,000
6,702
5,000
10 Capital Outlay
0 10
11 Total Expenses
$20,000
$8,109
$10,000
11
Transfers & Other
12 Transfers In
$0
$0
$0
12
13 Other Sources
13
14 Transfers out
(8,675)
(10,000) 14
15 Contingency
16 Other Out Go
17 Total Transfers/Other
15
(5,000)
($5,000)
(92,900)
($101,575)
(5,000) 16
($15,000) 17
Fund Balance
18 Net Change in Fund Balance
19 Beginning Balance, July 1
20 Adjustments to Beginning Balance
21 Net Fund Balance, June 30
$35,000
67,108
($57,393)
67,108
$0
18
9,715
19
20
$102,108
$9,715
$9,715
21
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