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Transactions and financial statements The trustees of the Ketzel Park Special Revenue Fund approved the following budget for calendar year 2022: Estimated Revenues $260,000 140,000 $400,000 General admissions fees Admissions fees (big cat zoo) Appropriations Parks and recreation salaries 280,000 Parks and recreation supplies 40,000 60,000 380,000 Parks and recreation cat food Budgeted Increase in Fund Balance $20.000 Transactions and events for calendar year 2022 were as follows: 1. Recorded the approved budget for the year. 2. Collected $250,000 in general admissions fees and $160,000 in big cat zoo admissions fees during the year. 3. Ordered supplies for $38,000.

Transactions and financial statements The trustees of the Ketzel Park Special Revenue Fund approved the following budget for calendar year 2022: Estimated Revenues $260,000 140,000 $400,000 General admissions fees Admissions fees (big cat zoo) Appropriations Parks and recreation salaries 280,000 Parks and recreation supplies 40,000 60,000 380,000 Parks and recreation cat food Budgeted Increase in Fund Balance $20.000 Transactions and events for calendar year 2022 were as follows: 1. Recorded the approved budget for the year. 2. Collected $250,000 in general admissions fees and $160,000 in big cat zoo admissions fees during the year. 3. Ordered supplies for $38,000.

FINANCIAL ACCOUNTING
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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Ketzel Park Special Revenue Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2022 Revenues: General admissions fees 250,000 Big cat zoo admissions fees 160,000 Total revenues 410,000 Expenditures Salaries 279,000 Supplies 37,000 x Cat food 68,000 x Total expenditures Excess of revenues aver expenditures Fund balance at beginning of year 384,000 26,000 Fund balance at end of year 26,000 c. Prepare a balance sheet. Assume that the fund balance is classified as Committed. Enter liabilities in order of magnitude (largest to smallest balance). Ketzel Park Special Revenue Fund Balance Sheet December 31, 2022 Assets Cash 72,000 Total assets 72,000 Liabilities Accrued salaries payable 9,000 x Vouchers payable 37,000 x Total liabilities 46,000 Fund Balance Committed 26,000 Total liabilities and fund balance 72,000 d. Prepare a budgetary comparison schedule. Enter expenditures in the order of magnitude (largest to smallest balances). Ketzel Park Special Revenue Fund Budgetary Comparison Schedule For the Year Ended December 31, 2022 Original Final Budget Budget Actual Variance Revenues: General admissions fees 260,000 260,000 250,000 (10,000) Big cat zoo admissions fees 140,000 140,000 160,000 20,000 Total revenues 400,000 400,000 410,000 10,000 Expenditures Salaries 280,000 280,000 279,000 1,000 Supplies 40,000 x 40,000 X 37,000 x 3,000 x Cat food 60,000 x 70,000 x 68,000 x 2,000 x Total expenditures 380,000 390,000 384,000 6,000 Excess of revenues over expenditures 20,000 10,000 26,000 16,000 Fund balance at beginning of year Fund balance at end of year 20,000 10,000 26,000 16,000
Transcribed Image Text:Ketzel Park Special Revenue Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2022 Revenues: General admissions fees 250,000 Big cat zoo admissions fees 160,000 Total revenues 410,000 Expenditures Salaries 279,000 Supplies 37,000 x Cat food 68,000 x Total expenditures Excess of revenues aver expenditures Fund balance at beginning of year 384,000 26,000 Fund balance at end of year 26,000 c. Prepare a balance sheet. Assume that the fund balance is classified as Committed. Enter liabilities in order of magnitude (largest to smallest balance). Ketzel Park Special Revenue Fund Balance Sheet December 31, 2022 Assets Cash 72,000 Total assets 72,000 Liabilities Accrued salaries payable 9,000 x Vouchers payable 37,000 x Total liabilities 46,000 Fund Balance Committed 26,000 Total liabilities and fund balance 72,000 d. Prepare a budgetary comparison schedule. Enter expenditures in the order of magnitude (largest to smallest balances). Ketzel Park Special Revenue Fund Budgetary Comparison Schedule For the Year Ended December 31, 2022 Original Final Budget Budget Actual Variance Revenues: General admissions fees 260,000 260,000 250,000 (10,000) Big cat zoo admissions fees 140,000 140,000 160,000 20,000 Total revenues 400,000 400,000 410,000 10,000 Expenditures Salaries 280,000 280,000 279,000 1,000 Supplies 40,000 x 40,000 X 37,000 x 3,000 x Cat food 60,000 x 70,000 x 68,000 x 2,000 x Total expenditures 380,000 390,000 384,000 6,000 Excess of revenues over expenditures 20,000 10,000 26,000 16,000 Fund balance at beginning of year Fund balance at end of year 20,000 10,000 26,000 16,000
Transactions and financial statements The trustees of the Ketzel Park Special Revenue Fund approved the following budget for calendar year 2022: Estimated Revenues $260,000 140,000 $400,000 General admissions fees Admissions fees (big cat zoo) Appropriations Parks and recreation salaries Parks and recreation supplies 280,000 40,000 60,000 380,000 Parks and recreation cat food Budgeted Increase in Fund Balance $20,000 Transactions and events for calendar year 2022 were as follows: 1. Recorded the approved budget for the year. 2. Collected $250,000 in general admissions fees and $160,000 in big cat zoo admissions fees during the year. 3. Ordered supplies for $38,000. 4. All supplies ordered in the previous transaction arrived, together with an invoice for $37,000. The invoice was approved for payment, but was not paid during the year. 5. The Ketzel Park trustees approved a $10,000 increase in the cat food appropriation. 6. During the year, salaries were paid in the amount of $270,000. Also, at year-end, an accrual of $9,000 was made for salaries earned but not paid. 7. Cat food in the amount of $68,000 was ordered, paid for, and consumed. (Purchase orders for cat food are not prepared. Record the liability for receipt of the food and the payment.) a. Prepare journal entries to record the foregoing transactions and events.
Transcribed Image Text:Transactions and financial statements The trustees of the Ketzel Park Special Revenue Fund approved the following budget for calendar year 2022: Estimated Revenues $260,000 140,000 $400,000 General admissions fees Admissions fees (big cat zoo) Appropriations Parks and recreation salaries Parks and recreation supplies 280,000 40,000 60,000 380,000 Parks and recreation cat food Budgeted Increase in Fund Balance $20,000 Transactions and events for calendar year 2022 were as follows: 1. Recorded the approved budget for the year. 2. Collected $250,000 in general admissions fees and $160,000 in big cat zoo admissions fees during the year. 3. Ordered supplies for $38,000. 4. All supplies ordered in the previous transaction arrived, together with an invoice for $37,000. The invoice was approved for payment, but was not paid during the year. 5. The Ketzel Park trustees approved a $10,000 increase in the cat food appropriation. 6. During the year, salaries were paid in the amount of $270,000. Also, at year-end, an accrual of $9,000 was made for salaries earned but not paid. 7. Cat food in the amount of $68,000 was ordered, paid for, and consumed. (Purchase orders for cat food are not prepared. Record the liability for receipt of the food and the payment.) a. Prepare journal entries to record the foregoing transactions and events.
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