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 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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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