Preparation of financial statements and interpretation of operating resultsBelow is the December 31, 2022 trial balance for Radnor City's General Fund.Trial BalanceAccountDebitCreditEstimated revenues-property taxes$500,000Estimated revenues-intergovernmental150,000Estimated revenues-licenses and fees100,000Estimated revenues-fines50,000Budgetary fund balanceAppropriations-general government10,000$159,000Appropriations-parks and recreation175,000Appropriations-public safety446,000Appropriations-social services30,000Expenditures-public safety441,000Expenditures-general government150,500Expenditures-parks and recreation170,500Expenditures-social services27,000Cash35,600Property taxes receivable67,200Tax anticipation notes payable10,000Interest payable800Revenues-property taxes497,000Revenues-intergovernmental154,000Revenues-licenses and fees99,000Revenues-fines48,000Fund balance62,000Vouchers payable21,000Total$1,701,800 $1,701,800 C) Prepare a budgetary comparison schedule.Enter revenues and expenditures in order of magnitude (largest to smallest amounts).Radnor CityGeneral FundBudgetary Comparison ScheduleFor the Year Ended December 31, 2022Originaland FinalBudgetActualVarianceRevenues:Property taxes497,000 x $0 x $IntergovernmentalLicenses and feesFinesTotal revenues0 x0 xExpenditures:Public safety0 x0 xParks and recreation0 xGeneral government0 x0 xSocial servicesTotal expenditures0 xRevenues less expendituresFund balance at beginning +0 xFund balance at end of year$40 x $0 x $0 x

Budgetary comparison schedule is a management accounting statement which sets out budgeted revenues…

Answered: Preparation of financial statements and…

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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Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars). Debits Credits Cash $1,800 Property taxes receivable 800 Salaries payable $700 Deferred property tax revenues 300 Unassigned fund balance - 1,600 Totals $2,600 $2,600 Croton has adopted the following budgetary and accounting policies: Encumbrance accounting is used only for the acquisition of supplies and for the award of contracts for construction and construction-related activities. Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget. Because final income tax returns are not required to be filed until April 15 of the year following the end of a calendar…
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit.The government-wide financial statements indicated the following Year 4 totals:Education had net expenses of $710,000.Parks had net expenses of $130,000.Art museum had net revenues of $80,000.General revenues were $900,000; the overall increase in net position was $140,000.The fund financial statements issued for Year 4 indicated the following:The general fund had an increase of $30,000 in its fund balance.The capital projects fund had an increase of $40,000 in its fund balance.The enterprise fund had an increase of $60,000 in its net position.Officials for Wolfe define “available” as current financial resources to be paid…
mataerial name:- government and Not-for-profit Accounting. The question:- The Board of Commissioners of the City of ALQUDS adopted its budget for the year ending Dec,31,2018, which indicated revenues of $12000 and appropriations of $ 8000 , the city has a beginning fund balance 1\1 :$4000 . The city policy to record the budget and encumber the estimated amount of purchase orders issued and contract signed. During the year the city engaged in the following transactions: 1) Total amounts of purchase orders issued $5000 a percentage of 60% of which were accomplished, and billed with 2500; the remainder will be completed in the following year. 2) Other unencumbered expenditures incurred and paid $5000 3) Total revenues collected during the year $10000. Required: Make journal entry/ies to record the adopted budget? Journal entries during year: Make closing entries end of year?
The preclosing trial balance of the General Fund for the City of KAYI shows the following balances at the end of its fiscal year. Estimated revenues - property taxes 850,00 ), Estimated revenues - licenses and fees 70,000, Estimated revenues - investment income 5,000, Appropriations - alaries 800,000, Appropriations- utilities 50,000, Appropriations - equipment 85,000. Revenues- Property taxes $850,000, Revenue- Licenses and fees 70,000, Revenue- Investment income 2,000. Expenditures- Salaries 795,01 10, Expenditures-Utilities 49,000, Expenditures- Equipment 82,000. Cash 65,000, Property taxes receivable 10,000. Joucher payable $29,000. Fund balance beginning $50,000. Fund balance at the end of the period a. $50,000 O b. 560,000 O c. $40,000 O d. $46,000
The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $792,000. Parks had net expenses of $125,000. Art museum had net revenues of $52,750. General revenues were $1,108,250. The overall increase in net position for the city was $244,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $32,750 in its fund balance. The capital projects fund had an increase of $61,750 in its fund balance. The enterprise fund had an increase of $120,000 in its net position balance. Officials for the City of Wolfe define "available" as…
The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $698,000. Parks had net expenses of $113,000. Art museum had net revenues of $59,250. General revenues were $977,750. The overall increase in net position for the city was $226,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $47,750 in its fund balance. The capital projects fund had an increase of $45,500 in its fund balance. The enterprise fund had an increase of $90,000 in its net position balance. Officials for the City of…
Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 1. The legislature adopted the following budget: Estimated revenues and other sources: Property taxes $1,740,000 Sales taxes 1,000,000 Use of fund balance 10,000 Total $2,750,000 Appropriations: General government—salaries $ 420,000 General government—supplies 30,000 Parks department—salaries 2,000,000 Parks department—plants and supplies 300,000 Total $2,750,000 2. The Parks department placed PO 2019-1 for shrubbery in the amount of $52,000 and PO 2019-2 for gardening supplies in the amount of $11,000. The orders were charged to the appropriation for Parks department—plants and supplies. 3. The supplier delivered the shrubbery ordered on PO 2019-1; however, the supplier said he could not deliver some of the shrubs because he no longer carried them. The invoice for $49,000 was approved and forwarded to the comptroller’s…
A City Administration has provided the following information related to their activity to various government funds. Required: - a. Prepare Statement of Revenues, Expenditure and Changes in Fund Balance and b. Prepare Statement of Net Assets/Balance Sheet.
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
A county's general fund has $4,000,000 in supplies on hand at the beginning of 2020. It purchases $25,000,000 in supplies and uses supplies costing $26,000,000 during 2020. If the county uses the consumption method to report supplies inventories, what balances appear in the general fund financial statements for 2020? Multiple Choice Expenditures of $26,000,000 and fund balance-nonspendable of $3,000,000 Expenditures of $25,000,000 and fund balance--unassigned of $3,000,000 Expenditures of $25,000,000 and fund balance-nonspendable of $3,000,000 Expenditures of $26,000,000 and fund balance--unassigned of $3,000,000
The following selected information relates to the Town of Hempstead's general fund 2020 financial records: Budget Actual Property tax revenue 5,000,000 6,700,000 Other financing sources 1,600,000 1,050,000 Other financing uses 900,000 1,200,000 Expenditure 5,600,000 5,700,000 Unassigned fund balance, January 1, 2020 3,000,000 The budget as originally adopted was not amended. Encumbrances outstanding at the end of 2020 amount to $500,000 and are considered part of "assigned" fund balance at year-end. Given the information, what amount should be recorded in the budgetary entry for Budgetary Fund Balance?
The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. Deferred inflows of resources—property taxes of $51,200 at the end of the previous fiscal year were recognized as property tax revenue in the current year’s Statement of Revenues, Expenditures, and Changes in Fund Balance. The City levied property taxes for the current fiscal year in the amount of $10,000,000. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $200,000 is thought to be uncollectible, $349,000 would likely be collected during the 60-day period after the end of the fiscal year, and $53,800 would be collected after that time. The City had recognized the maximum of property taxes allowable under modified accrual accounting. In addition to the expenditures recognized under modified accrual accounting, the City computed that $29,000 should be…

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