Here is the following information aboutspecific funds allocated within thegovernment budget in 20191/2019: Allocations amounted to $ 240,0001/10/2019 The commitments (purchase order)amounted to $ 40,0001/15/2019 Cash expenses $ 80,4001/25/2019 I submitted invoices for $ 8,600and were approved for 25% of commitments1/208/2019 Submit invoices for $ 44,000 inexchange for full payment of the balance Theabove commitmentsIt is required to prepare a statement ofsupport

Given Data: Total allocation = $240000 Purchase order = $40000 Cash expenses = $80400

specific funds allocated within the government budget in 2019 [/2019: Allocations amounted to $ 240,000 1/10/2019 The commitments (purchase ord amounted to $ 40,000 1/15/2019 Cash expenses $ 80,400 L/25/2019 I submitted invoices for $ 8,600 and were approved for 25% of commitmen L/208/2019 Submit invoices for $ 44,000 in exchange for full payment of the balance T above commitments t is required to prepare a statement of support

specific funds allocated within the government budget in 2019 [/2019: Allocations amounted to $ 240,000 1/10/2019 The commitments (purchase ord amounted to $ 40,000 1/15/2019 Cash expenses $ 80,400 L/25/2019 I submitted invoices for $ 8,600 and were approved for 25% of commitmen L/208/2019 Submit invoices for $ 44,000 in exchange for full payment of the balance T above commitments t is required to prepare a statement of support

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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The board of commissioners of the City of Hartmoore adopts a general fund budget for the year ending June 30, 2024. It includes revenues of $1,250,000, bond proceeds of $612,500; appropriations of $927,500, and operating transfers out of $525,000. Required: a. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? b. If this budget is formally integrated into the accounting records, what later entry is required? Complete this question by entering your answers in the tabs below. Required A Required B If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list
The Mosquito Abatement Commission is a newly organized federal agency with three primary programs: coordinating state government abatement functions, conducting research on mosquito abatement, and promoting abatement through public education. The following information is available at the end of the first quarter (December 31, 2020): Apportionments from OMB Allotments-first quarter Salaries paid Accrued salaries payable Supplies ordered and received Supplies used Depreciation Equipment purchases Program revenue: Charges for service Costs by Strategic Goal Coordinate State Government Abatement Programs Total Gross Cost Conduct Research on Mosquito Abatement Total Gross Cost MOSQUITO ABATEMENT COMMISSION Statement of Net Cost For the Quarter Ended December 31, 2020 Promote Abatement Through Public Education Total Gross Cost Government Coordination Research Less: Program Revenues Net Cost Total Entity Total Gross Program Cost Less: Program Revenues Net Cost (Income) from Operations…
Relationship between budgetary fund balance and actual fund balance The Village of Albert’s Alley recorded the following budgetary journal entry at the beginning of fiscal 2022: Estimated revenue 5,000,000 Appropriations 4,950,000 Budgetary fund balance 50,000 At the end of fiscal 2022, what would be the effect on the ending actual fund balance, assuming the following: a. Actual revenues are $3,000 less than estimated revenues, and actual expenditures are $2,000. The actual ending fund balance would increase by?
25
The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.
Required: For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries. The budget was formally adopted, providing for estimated revenues of $1,076,000 and appropriations of $1,006,000. Revenues were received, all in cash, in the amount of $1,019,000. Purchase orders were issued in the amount of $486,000. Of the $486,000 in (c), purchase orders were filled in the amount of $479,500; the invoice amount was $478,000 (not yet paid). Expenditures for payroll not encumbered amounted to $518,000 (not yet paid). Amounts from (d) and (e) are paid in cash. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.
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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…
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