The town council of Riverside estimated revenues for 2020 to be $805,882 from property taxes and $194,118 from business licenses. The appropriations budget from the council was as follows: General government Parks and recreation Sanitation Streets and sidewalks $405,000 130,000 110,000 180,000 In April, heavy spring rains caused some flooding near the river. As a result, a picnic area at River's Edge Park was ruined and several damaged shops had to shut down. The council adopted an upward revision of $70,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $50,000. The General Fund began the year with a balance of $59,000. During the year, tax collections totaled $808,500 and revenues from business licenses were $136,000. Expenditures were $375,000 for general government, $201,500 for parks and recreation, $112,600 for sanitation, and $167,333 for streets and sidewalks. There are no outstanding encumbrances at year-end. Required: Prepare a budgetary comparison schedule for the General Fund for 2020. (Negative variance amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required.) Answer is complete but not entirely correct. TOWN OF RIVERSIDE Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2020 Budgeted Amounts Dusu Variance Original Final Actual Amounts (Budgetary Basis) with Final Budget Positive (Negative)
The town council of Riverside estimated revenues for 2020 to be $805,882 from property taxes and $194,118 from business licenses. The appropriations budget from the council was as follows: General government Parks and recreation Sanitation Streets and sidewalks $405,000 130,000 110,000 180,000 In April, heavy spring rains caused some flooding near the river. As a result, a picnic area at River's Edge Park was ruined and several damaged shops had to shut down. The council adopted an upward revision of $70,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $50,000. The General Fund began the year with a balance of $59,000. During the year, tax collections totaled $808,500 and revenues from business licenses were $136,000. Expenditures were $375,000 for general government, $201,500 for parks and recreation, $112,600 for sanitation, and $167,333 for streets and sidewalks. There are no outstanding encumbrances at year-end. Required: Prepare a budgetary comparison schedule for the General Fund for 2020. (Negative variance amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required.) Answer is complete but not entirely correct. TOWN OF RIVERSIDE Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2020 Budgeted Amounts Dusu Variance Original Final Actual Amounts (Budgetary Basis) with Final Budget Positive (Negative)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The town council of Riverside estimated revenues for 2020 to be $805,882 from property taxes and $194,118 from business licenses.
The appropriations budget from the council was as follows:
General government
Parks and recreation
Sanitation
Streets and sidewalks
$405,000
130,000
110,000
180,000
In April, heavy spring rains caused some flooding near the river. As a result, a picnic area at River's Edge Park was ruined and several
damaged shops had to shut down. The council adopted an upward revision of $70,000 for the parks and recreation budget and
reduced the estimated revenues from business licenses by $50,000.
The General Fund began the year with a balance of $59,000. During the year, tax collections totaled $808,500 and revenues from
business licenses were $136,000. Expenditures were $375,000 for general government, $201,500 for parks and recreation, $112,600
for sanitation, and $167,333 for streets and sidewalks. There are no outstanding encumbrances at year-end.
Required:
Prepare a budgetary comparison schedule for the General Fund for 2020. (Negative variance amounts should be indicated by a
minus sign. Leave no cells blank - be certain to enter "0" wherever required.)
Answer is complete but not entirely correct.
TOWN OF RIVERSIDE
Budgetary Comparison Schedule
General Fund
For the Year Ended December 31, 2020
Budgeted Amounts
Dusu
Variance
Original
Final
Actual
Amounts
(Budgetary
Basis)
with Final
Budget
Positive
(Negative)
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