Assume a federal agency has the following events: 1. Receives a warrant from the Treasury notifying the agency of appropriations of $3,800,000. 2. OMB apportions one-fourth of the appropriation for the first quarter of the year. 3. The director of the agency allots $897,000 to program units. 4. Program units place orders of $638,000. 5. Supplies ($108,000) and services ($458,000) are received during the first quarter Supplies of $98,000 were used in the quarter Accounts payable were paid in full. Required: Prepare a schedule showing the status of the appropriation at the end of the first quarter. $ Amount 0 Total Appropriation Status

Assume a federal agency has the following events: 1. Receives a warrant from the Treasury notifying the agency of appropriations of $3,800,000. 2. OMB apportions one-fourth of the appropriation for the first quarter of the year. 3. The director of the agency allots $897,000 to program units. 4. Program units place orders of $638,000. 5. Supplies ($108,000) and services ($458,000) are received during the first quarter Supplies of $98,000 were used in the quarter Accounts payable were paid in full. Required: Prepare a schedule showing the status of the appropriation at the end of the first quarter. $ Amount 0 Total Appropriation Status

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A federal agency receives a separate allotment to finance the salary costs of its program. Theallotment is sufficient to cover salaries earned in the last month of the fiscal year but paid early inthe next fiscal year. The account Allotments—realized resources has a credit balance of $300,000. Theagency maintains budgetary control by means of a vacancy control system. The following eventsand transactions occurred at the agency:1. A disbursement schedule is sent to Treasury requesting salary checks— $275,000.2. Treasury notifies the agency that payment was made.3. The agency accrues salaries of $18,000 at the end of the fiscal year.4. The agency accrues $20,000 for unused vacation leave. Budgetary resources for vacation leaveare provided when leave is actually taken.
The budget officer of the Department of Social Welfare and Development (DSWD) was granted a cashadvance in the amount of P15,000. He is to attend a seminar in the Department of Budget andManagement (DBM) head office. Accordingly, the obligation incurred for this purpose was appropriatelyrecorded in the Registry of Allocation, Obligation, and Disbursement – Maintenance and OtherOperating Expenses (RAOD-MOOE) in the amount of P15,000. After that seminar, the budget officerliquidated his cash advance by preparing the Liquidation Report form and reported total expensesrelated to that official travel in the amount of 12,300.Required: Give the necessary entries to be made by the DSWD for the above scenario. The Department of Foreign Affairs (DFA) collected P10,000,000 revenue from passport and visaapplications for March 20X2. The said amount was then deposited in an authorized servicing bank.Moreover, in the same month, the DFA received a P5,000,000 cash disbursement ceiling (CDC) andpaid…
The Eaton School District engaged in the following transactions during its fiscal year ending August 31, 2021. • It established a purchasing department, which would be accounted for in a new internal service fund, to purchase supplies and distribute them to operating units. To provide working capital for the new department, it transferred $1.7 million from its general fund to the internal service fund. • During the year, operating departments that are accounted for in the general fund acquired supplies from the internal service fund for which they were billed $300,000. Of this amount, the government transferred $200,000 from the general fund to the internal service fund, expecting to transfer the balance in the following fiscal year. The supplies had cost the purchasing department $190,000. During 2021, the operating departments used only $220,000 of the supplies for which they were billed. They had nosupplies on hand at the start of the year. • The school district transferred…
a unit of the Department of State, was established October 1, 2022. It is financed by an appropriation from Congress. Following are the transactions of the agency during October 2022: October 1 The agency received a certified copy of an appropriation warrant from the Department of the Treasury for $900,000. October 1 The entire appropriation of $900,000 was apportioned by the OMB. October 1 Of the amount apportioned, $450,000 was allotted to the agency by the Department of State to finance its October operations. October 4 The agency ordered equipment at an estimated cost of $275,000. October 14 The equipment arrived, together with an invoice for $300,000. The equipment was accepted at the price charged, because the contract permitted a 10 percent cost overrun. October 24 The agency sent a disbursement schedule to Treasury requesting payment of the following items. Equipment $300,000 Salaries 75,000 Utilities 20,000 October…
Here is the following information about specific funds allocated within the government budget in 2019 1/2019: Allocations amounted to $ 240,000 1/10/2019 The commitments (purchase order) amounted to $ 40,000 1/15/2019 Cash expenses $ 80,400 1/25/2019 I submitted invoices for $ 8,600 and were approved for 25% of commitments 1/208/2019 Submit invoices for $ 44,000 in exchange for full payment of the balance The above commitments It is required to prepare a statement of support
On December 23, 2022, a legislation approves the allocation of P10B funds to support the operations of a National Government Agency (NGA) for the whole CY 2023. At the start of 1st quarter of CY 2023, NGA receives authorization to incur obligations for a maximum amount of P2.4B for the said quarter and Notice of Cash Allocation amounting to P2.2B. At the end of the 1st quarter, total obligations incurred amounted to P2B while total disbursements amounted to P1.7B.Compute for the amount of unliquidated obligations for the 1st Quarter of CY 2023. Options: a. P400,000,000 b. P200,000,000 c. P300,000,000 d. P500,000,000 ------
Accounting for salaries A federal agency receives a separate allotment to finance the salary costs of its program. The allotment is sufficient to cover salaries earned in the last month of the fiscal year but paid early in the next fiscal year. The account Allotments-realized resources has a credit balance of $300,000. The agency maintains budgetary control by means of a vacancy control system. The following events and transactions occurred at the agency: 1. A disbursement schedule is sent to Treasury requesting salary checks- $275,000. 2. Treasury notifies the agency that payment was made. 3. The agency accrues salaries of $18,000 at the end of the fiscal year. 4. The agency accrues $20,000 for unused vacation leave. Budgetary resources for vacation leave are provided when leave is actually taken. a) Make the budgetary entries needed to record the above transactions. Enter accounts in order of magnitude (largest to smallest amounts), debits first. If no entry is necessary, select 'No…
The budget was passed. Estimated revenues amounted to $1,210,000 and appropriations totaled $1,207,800. All expenditures are classified as General Government. Note: Enter debits before credits. Transaction General Journal Debit Credit 02
The budget officer of the Department of Social Welfare and Development (DSWD) was granted a cash advance in the amount of P15,000. He is to attend a seminar in the Department of Budget and Management (DBM) head office. Accordingly, the obligation incurred for this purpose was appropriately recorded in the Registry of Allocation, Obligation, and Disbursement – Maintenance and Other Operating Expenses (RAOD-MOOE) in the amount of P15,000. After that seminar, the budget officer liquidated his cash advance by preparing the Liquidation Report form and reported total expenses related to that official travel in the amount of 12,300.Required: Give the necessary entries to be made by the DSWD for the above scenario.
Park City uses encumbrance accounting and formally integrates its budget into the general fund's accounting records. For the year ending July 31, Year 1, the following budget was adopted: Estimated revenues $30,000,000 Appropriations $27,000,000 Estimated transfer to debt service fund $900,000 Park's budgetary fund balance is a $3,000,000 credit balance $3,000,000 debit balance $2,100,000 credit balance O $2,1000,000 debit balance
A government health care district incorporates its budget in its accounting system and encumbers all purchase orders and contracts. Prior to the start of the year, the governing board adopted a budget in which agency revenues were estimated at $5,600 and expenditures of $5,550 were appropriated. During the year, the following transactions incurred: the government health care district collected $5,500 in fees, grants, taxes, and other revenues It ordered goods and services for $3,000. it received and paid for $2,800 of goods and services that had been previously encumbered. It expects to receive the remaining $200 in the following year. It incurred $2500 in other expenditures for goods and services that had not been encumbered. What is total fund balance at year end? $500 $300 $200 None of above
Entity A is a newly formed government agency. Entity A's transactions and events during the calendar year 20xl are follows: a. Received appropriation of 500,000 b. Received allotment of 450,000. c. Incurred obligations amounting to 440,000. d. Received Notice of Cash Allocation of 430,000. e. Accrued P80,000 salaries through granting, and liquidation, of cash advance. The breakdown of the salaries is as follows: Salaries and Wages = 70,000 Personal Economic Relief Allowance (PERA) = 10,000 Gross Compensation = 80,000 Withholding Tax = 18,000 GSIS = 4,000 Pag-IBIG = 1,000 PhilHealth = 2,000 Total Salary Deductions = 25,000 f. Received delivery of purchased office equipment worth 200,000. The equipment has an estimated useful life of 5 years and a 5% residual value. Entity A recognizes monthly depreciation every end of the month using the straight line method. The equipment is acquired on January 1, 20x1. g. Paid the accounts payable from the purchase of equipment in (f)…