E4-31. (Budgetary entries)LO 3The City of Albany, New York (population estimate 98,000) adopted the following General Fund budgetfor a recent fiscal year. (For simplicity, we combined many items into “All other" accounts.) Preparethe journal entry to record the budget.Estimated RevenuesProperty tax .Sales tax. ..$ 57,700,00034,111,580All other85,171,223$176,982,803AppropriationsPolice department. . ..Fire and emergency services.$ 53,575,12932,650,28990,757,385All other$176,982,803Assume that, later in the year, the city decides to increase the Police department appropriation by$1,250,000, but does not increase the estimated revenues. Prepare the journal entry to record the change.

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Answered: The City of Albany, New York…

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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subsidiary ledgers for the fiscal year ended. Assume the beginning fund balances are $140 (in thousands) and that the budget was not amended during the year. Subsidiary Ledger Account Balances (in thousands) For the Fiscal Year Estimated Revenue Taxes Fines & Forfeits City of Greenville General Fund Intergovernmental Revenue Charges for Services Revenues Taxes Fines & Forfeits Intergovernmental Revenue Charges for Services Appropriations General Government Public Safety Public Works Culture & Recreation Estimated Other Financing Uses Interfund Transfers Out Expenditures General Government Public Safety Public Works Culture & Recreation Encumbrances General Government Public Safety Public Works D Culture & Recreation Other Financing Uses Interfund Transfers Out Debits 6,048 303 484 370 1,622 3,347 1,443 703 1 26 10 0 36 Credits 6,054 308 484 368 1,625 3,375 1,454 724 36 Required a. Prepare a General Fund statement of revenues, expenditures, and changes in fund balance. b. Prepare a…
Changes in mix of revenues and expenditures must be interpreted with care. The data that follow were drawn from the city of Boulder, Colorado’s CAFR. Dates have been changed. They are from two statistical-section schedules showing the mix of revenue and expenditures for a 10-year period. They include amounts only from the general fund, special revenue funds, and debt service funds. 2020 2021 (amounts in thousands) Revenues Sales and use taxes $ 97,397 $104,136 General property taxes 29,474 29,434 Other taxes 20,278 21,184 Charges for services 27,030 22,670 Intergovernmental 16,420 13,348 Proceeds from bonds and notes 54,830 Other 20,660 21,473 Total revenues $266,089 $212,245 Expenditures General government and administration $ 27,717 $ 30,185 Public safety 47,825 48,202 Public works 22,178 27,896 Housing and human services 13,384 20,226 Culture and recreation 25,677 28,089 Capital outlay 29,111 19,218 Debt service 13,574 16,375…
4-24: Transactions and Budgetary Comparison Schedules (LO4-1, LO4-3) The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year’s appropriation. 1. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: Taxes $1,943,000 Licenses and permits 372,000 Intergovernmental revenue 397,000 Miscellaneous 62,000 Total estimated revenues 2,774,000 Appropriations: General government 471,000 Public safety 886,000 Publics works 650,000 Health and welfare 600,000 Miscellaneous 86,000 Total appropriations 2,693,000 Budgeted increase in fund balance $81,000 2. Encumbrances issued against the appropriations during the year…
The Bellflower City school district formally adopted a budget wi revenues of $800 and approved expenditures of $780. Which of is the appropriate entry to record the budget? MATER OLARA O Debit Estimated revenues $800; Credit Appropriations $780; Credit F $20. EFERE Debit Appropriations $780: Debit Fund balance $20: Credit Estimated $800. Debit Encumbrances $780: Debit Fund balance $20; Credit Estimated $800. Memorandum entry only.
4. The board of commissioners of the city of Scranton adopted a general fund budget for the year ending June 30, 2024, which indicated tax levy revenues of $1,500,000, bond proceeds of $650,000, appropriations for government operations of $1,360,000, and operating transfers out of $425,000. Required: If this budget was formally integrated into the accounting records used to produce the governmental fund financial statements, what was the required journal entry at the beginning of the year? Governmental Fund Financial Statements - General Fund Estimated Revenues - Tax Levy Estimated Other Financing Sources - Bond Proceeds Appropriations - Government Operations Appropriations - Other Financing Uses - Operating Transfers Out Budgetary Fund Balance Debit 1,500,000 650,000 Credit 1,360,000 425,000 365,000
Computation of a government's budgetary cushion Following are extracts from a city's General Fund balance sheet and statement of revenues, expenditures, and changes in fund balance. General Fund Extracts Fund Balance: Nonspendable (supplies inventory) $59,760 28,600 Restricted (intergovernmental grant) 110,000 Assigned (appropriated for next year's budget) Assigned (for future OPEB expenditures) 16,500 Unassigned 1,292,740 Total fund balance $1,507,600 Total revenues $31,339,000 Transfers in (all recurring) $400,400 a) How much (in dollars) is available to help balance future budgets? $ b) Calculate the budgetary cushion. Round the percentage to one decimal. % c) Using the rule of thumb suggested in the text, would the budgetary cushion be considered be considered reasonable, too high, or too low?
Haradev
The General Fund for Nisland has the following budget for the current year: Estimated Revenues$4,500,000 Appropriations$5,200,000 Estimated other financing sources$800,000 Estimated other financing uses$75,000 During the year, the actual results were: Revenues$4,300,000 Expenditures$5,150,000 Other financing sources$850,000 Other financing uses$70,000 Required: Prepare the Closing Entries for Nisland. Does it need a record for budgetary / encumbrances first and then the actual cost? DO NOT GIVE SOLUTION IN IMAGE FORMAT
Record the entry for the annual budget at the beginning of the year. (General Fund) Record the end of year removal of budget entry. (General Fund)
Journal entries for a series of transactionsPrepare journal entries in the General Fund for each of the following events relating to the City of Bar Harbor (all amounts in $1,000s). a. The citizens approve the following budget for the year: ESTIMATED REVENUES $78,924 ESTIMATED OTHER FINANCING SOURCES 2,000 APPROPRIATIONS (77,273) BUDGETARY FUND BALANCE $3,651 General Journal Description Debit Credit ESTIMATED OTHER FINANCING SOURCES APPROPRIATIONS b. The City records the following revenues (on account) and other financing sources (paid in cash) during the year: 1. Revenues-real estate and personal property taxes $68,650 2. Revenues-intergovernmental 12,685 3. Other financing sources-bond proceeds 2,400 Description Debit Credit 1. 2. 3. c. The City issues purchase invoices totaling $78,508…
7 Inglis City had a beginning cash and cash equivalents balance in its internal service fund of $895,685. During the current year, the following transactions occurred: 1. Interest received on investments totaled $42,450. 2. The city acquired additional equity investments totaling $75,050. 3. A grant was received from the state in the amount of $50,000 for summer interns. 4. Receipts from sales of goods or services totaled $2,915,570. 5. Payments for supplies were made in the amount of $1,642,150. 6. Payments to employees for salaries amounted to $479,360. 7. Equipment was sold for $57,500. It had a book value of $56,655. 8. A $25,000 transfer was made to the General Fund. 9. Other cash expenses for operations were $89,200. 10. Long-term debt payments for capital acquisitions totaled $525,040. Required Prepare a statement of cash flows for the Inglis City internal service fund. (Ignore the reconciliation of operating income to net cash provided by operating activities because…
Please answer Question 10 [Para. 4-a-10].

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