The City of Rio Rancho adopted the following budget for the calendar year 2020:Revenues:Property taxesMiscellaneous revenuesAppropriations:General government salariesPublic safety salariesPublic safety suppliesCulture and recreation salaries and suppliesRequired:$8,000,000700,000During the year the City decided to hold a special cultural event, which caused a need for additionalpolice presence. To pay for the additional costs, the City Council revised the budget as follows: theappropriation for public safety salaries was increased by $30,000; the appropriation for culture andrecreation salaries and supplies was increased by $25,000, and the appropriation for public safetysupplies was decreased by $28,000. At the same time, because the event was expected to yieldrevenues, the Council increased estimated miscellaneous revenues by $20,000.a.b.1,500,0005,400,000300,0001,700,000Prepare the general journal entry to record the budget.Prepare the general journal entry to record the budget revision.

a. General journal entry to record the budget: Debit: Property taxes $8,000,000 Debit: Miscellaneous…

Answered: The City of Rio Rancho adopted the…

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 City of Portland has the following budget data for one of its Special Revenue Funds for the upcoming fiscal year: Estimated Revenues: $7,900,000 Appropriations: $8,900,000 Estimated Other Financing Sources: $1,100,000 The city just approved the budget and these amounts. Prepare the necessary budgetary journal entry in the General Ledger to record the budget.
Budget & Fund Balance: The Wayne City Council approved and adopted its budget for 2020. The budget contained the following amounts: Estimated revenues $ 800,000 Appropriations $ 700,000 Estimated other financing uses-interfund transfers out $ 60,000 During the year 2020, the following transactions and events occurred that affected the general fund. Property tax revenue $ 675,000 Interfund transfer out to the debt service fund $ 45,000 Interfund transfer in received by general fund $ 60,000 Expenditures $ 430,000 Encumbrances, balance at 2020 year-end $ 120,000 Required: Complete #1-3 below. 1) Prepare the entry to close the budget.…
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?
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The board of commissioners of Perry City approved the city budget for the year starting July 1, 2019, which indicated estimated revenue of $1,000,000 and appropriations of $900,000. When the city CLOSES OUT the budget at the end of the fiscal year, the entry would include: O A) a debit to Budgetary Fund Balance - Unassigned in the amount of $100,000. B) a credit to Budgetary Fund Balance – Unassigned in the amount of $100,000. C) a debit to Appropriations in the amount of $900,000. D) a debit to Estimated Revenues in the amount of $1,000,000. E) both A. and C.
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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. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: Taxes $ 1,957,000 Licenses and permits 374,000 Intergovernmental revenue 399,000 Miscellaneous revenues 64,000 Total estimated revenues 2,794,000 Appropriations: General government 475,200 Public safety 890,200 Public works 654,200 Health and welfare 604,200 Miscellaneous 88,000 Total appropriations 2,711,800 Budgeted increase in fund balance $ 82,200 Encumbrances issued against the appropriations during the year were as follows: General government $ 60,000 Public safety 252,000 Public works 394,000 Health and…
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The board of commissioners of the City of Hartmoore adopted a general fund budget for the year ending June 30, 2017, that included revenues of $1,000,000, bond proceeds of $400,000, appropriations of $900,000, and operating transfers out of $300,000. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? What later entry is required?
King City has budgeted the following General Fund revenues and appropriations for the fiscal year 2002. Estimated Revenues: Taxes $6,000,000 Licenses and Permits 1,200,000 Fines and Forfeits 400,000 Intergovernmental Revenues 2,000,000 Total Estimates Revenues $9,600.00 Appropriations General Administration $1,700,000 Police 2,000,000 Fire 2,300,000 Health and Welfare 1,800,000 Public Works…
The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,000,000 and appropriations were $1,990,000. Property taxes in the amount of $1,940,000 were levied. It is estimated that $9,000 of the taxes levied will be uncollectible. A General Fund transfer of $25,000 in cash and $300,000 in equipment (with accumulated depreciation of $65,000) was made to establish a central duplicating internal service fund. A citizen of Lynnwood donated marketable securities with a fair value of $800,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after-school program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of December 31 was $40,000. The city’s utility fund billed the city’s General Fund…

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