10. [Para. 4-a-10] The city's budget for 2023 was legally amended Estimated Revenues: Property Taxes Interest and Penalties Appropriations: General Government Public Safety Culture and Recreation Decreases $22,000 Increases $17,500 $ 8,500 9,000 $ 13,000 Required: Record the budget amendments in the General Fund general journal only. Budgetary items do not affect the government-wide accounting records. Select "Budget Amendment" in the Mescriptionl box in the Detail Journal.
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- 4. The board of commissioners of the city of Scranton adopted a general fund budget for the year ending June 30, 2024, which indicated tax levy revenues of $1,500,000, bond proceeds of $650,000, appropriations for government operations of $1,360,000, and operating transfers out of $425,000. Required: If this budget was formally integrated into the accounting records used to produce the governmental fund financial statements, what was the required journal entry at the beginning of the year? Governmental Fund Financial Statements - General Fund Estimated Revenues - Tax Levy Estimated Other Financing Sources - Bond Proceeds Appropriations - Government Operations Appropriations - Other Financing Uses - Operating Transfers Out Budgetary Fund Balance Debit 1,500,000 650,000 Credit 1,360,000 425,000 365,000Preparation of financial statements and interpretation of operating results Below is the December 31, 2022 trial balance for Radnor City's General Fund. Trial Balance Account Debit Credit Estimated revenues-property taxes $500,000 Estimated revenues-intergovernmental 150,000 Estimated revenues-licenses and fees 100,000 Estimated revenues-fines 50,000 Budgetary fund balance Appropriations-general government 10,000 $159,000 Appropriations-parks and recreation 175,000 Appropriations-public safety 446,000 Appropriations-social services 30,000 Expenditures-public safety 441,000 Expenditures-general government 150,500 Expenditures-parks and recreation 170,500 Expenditures-social services 27,000 Cash 35,600 Property taxes receivable 67,200 Tax anticipation notes payable 10,000 Interest payable 800 Revenues-property taxes 497,000 Revenues-intergovernmental 154,000 Revenues-licenses and fees 99,000 Revenues-fines 48,000 Fund balance 62,000 Vouchers payable 21,000 Total $1,701,800 $1,701,800Budget & 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.…
- ces Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous 2. Appropriations: General government Culture and recreation Health and welfare. 3. Revenues received (cash) Property taxes Sales taxes Licenses and permits General government Culture and recreation Health and welfare. 5. Goods and services received (paid in cash) General government culture and recreation Health and welfare Miscellaneous 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 4,630,000 995,000 6. Budget revisions Estimated Revenues Appropriations Increase appropriations: General government $ 140,000 110,000 Culture and recreation. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date. a. Record the transactions using appropriate journal entries, b. Prepare…4-24: Transactions and Budgetary Comparison Schedules (LO4-1, LO4-3) 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. 1. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: Taxes $1,943,000 Licenses and permits 372,000 Intergovernmental revenue 397,000 Miscellaneous 62,000 Total estimated revenues 2,774,000 Appropriations: General government 471,000 Public safety 886,000 Publics works 650,000 Health and welfare 600,000 Miscellaneous 86,000 Total appropriations 2,693,000 Budgeted increase in fund balance $81,000 2. Encumbrances issued against the appropriations during the year…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?
- Edwards City has the following information for its general fund for the upcoming fiscal year. Which of the following would be the appropriate effect to budgetary fund balance when the budget is recorded? Estimated revenue Appropriations Property tax 3,500,000 Salaries 2,690,000 Sales tax 490,000 Capital items 1,320,000 Other 50,000 Other 15,000 None of these Credit budgetary fund balance $30,000 Credit budgetary fund balance $15,000 Debit budgetary fund balance $30,000Problem 5. A summary of the general fund transactions for the city of Wautoma for the year ended December 31, 2016, is as follows: A. A budget was approved, showing estimated revenues of $900,000, appropriations $875,000, transfers in of $27,000 from other funds, and required transfers of $20,000 to other funds. B. The outstanding encumbrance at the end of 2015 was $25,000. Amounts encumbered in the prior period are included in appropriations for 2016. C. Property taxes for $650,000 were levied. In past years, 1% of the property taxes levied proved uncollectible. D. Encumbrances for $25,000 had not been liquidated by the end of 2015 (see B). Invoices for all these items were received in 2016 and totaled $24,000. E. Collections from property taxes totaled $644,000, of which $20,000 represented collections on delinquent taxes. Delinquent taxes of $8,000 remain uncollected, on which a $3,000 allowance is carried. Remaining taxes Receivable - current and taxes receivable - delinquent were…Garden City had the following accounts approved at the beginning of 2021. Estimated Revenues: $8 million Estimated Other Financial Uses $2 million Appropriations $9 million Estimated Other Financial Sources $4 million What budgetary amount of fund balance Garden City will report in its budget summary? O a. Debit $1 million. O b. Credit $1 million. O c. Debit $3 million. O d. Credit $3 million.
- Relationship between budgetary fund balance and actual fund balance The Village of Albert’s Alley recorded the following budgetary journal entry at the beginning of fiscal 2022: Estimated revenue 5,000,000 Appropriations 4,950,000 Budgetary fund balance 50,000 At the end of fiscal 2022, what would be the effect on the ending actual fund balance, assuming the following: a. Actual revenues are $3,000 less than estimated revenues, and actual expenditures are $2,000. The actual ending fund balance would increase by?*Please prepare journal entries for government-wide financial statements** (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, put "No journal entry required") A) budget is passed for all ongoing activities. Revenue is anticipated to be $1,023,250, with approved spending of $611,000 and operating transfers out of $336,000. B) contract is signed with a construction company to build a new central office building for the government at a cost of $9,000,000. The county previously recorded the budget for this project. C) Bonds are issued for $9,000,000 (face value) to finance construction of the new office building. The new building is completed. An invoice for $9,000,000 is received by the county and paid. E) Previously unrestricted cash of $1,600,000 is set aside by county officials to begin paying the bonds issued in (c). F) A portion of the bonds comes due, and $1,600,000 is paid. Of this total, $115,000 represents…Please Answer Part D. importantly The following transactions relate to the General Fund of Fujairah for the year ended Dec. 31, 2020: Beginning balances were: Cash, $500,000; Taxes Receivable, $200,000; Accounts Payable, $300,000; and Fund Balance, $400,000. 1. The budget was passed. Estimated revenues amounted to $5,000,000 and appropriations totaled $3,500,000. Estimated other sources $500,000 and other uses also $500,000. 2. Contracts were issued for contracted services in the amount of $2,000,000. 3. Contracted services were performed relating to $2,000,000 of the contracts with invoices amounting to $1,800,000. 4. Taxes were levied in the amount of $2,500,000, of which 20% is expected to be uncollectible. 5. Cash receipts of $2,000,000 for taxes and $1,500,000 other revenue, and $600,000 other sources. 6. Other expenditures amounted to $1,500,000. 7. Paid $1,600,000 for accounts payable and $400,000 for other uses. Required: a. Prepare journal entries for the above transactions.…