The town council of Riverside estimated revenues for 2024 to be $854,235 from property taxes and $199,765 rom business licenses. The appropriations budget from the council was as follows: General government Parks and recreation Sanitation Streets and sidewalks $409,000 138,000 118,000 188,000 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 $78,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $58,000. The General Fund began the year with a balance of $63,000. During the year, tax collections totaled $856,900 and revenues from business licenses were $140,800. Expenditures were $379,000 for general government, $217,900 for parks and recreation, $116,100 for sanitation, and $171,333 for streets and sidewalks. There are no outstanding encumbrances at year-end. Required: Prepare a budgetary comparison schedule for the General Fund for 2024. HOL

The town council of Riverside estimated revenues for 2024 to be $854,235 from property taxes and $199,765 rom business licenses. The appropriations budget from the council was as follows: General government Parks and recreation Sanitation Streets and sidewalks $409,000 138,000 118,000 188,000 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 $78,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $58,000. The General Fund began the year with a balance of $63,000. During the year, tax collections totaled $856,900 and revenues from business licenses were $140,800. Expenditures were $379,000 for general government, $217,900 for parks and recreation, $116,100 for sanitation, and $171,333 for streets and sidewalks. There are no outstanding encumbrances at year-end. Required: Prepare a budgetary comparison schedule for the General Fund for 2024. HOL

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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