Preparation of financial statements and interpretation of operating resultsBelow is the December 31, 2022 trial balance for Radnor City's General Fund.Trial BalanceAccountDebitCreditEstimated revenues-property taxes$500,000Estimated revenues-intergovernmental150,000Estimated revenues-licenses and fees100,000Estimated revenues-fines50,000Budgetary fund balanceAppropriations-general government10,000$159,000Appropriations-parks and recreation175,000Appropriations-public safety446,000Appropriations-social services30,000Expenditures-public safety441,000Expenditures-general government150,500Expenditures-parks and recreation170,500Expenditures-social services27,000Cash35,600Property taxes receivable67,200Tax anticipation notes payable10,000Interest payable800Revenues-property taxes497,000Revenues-intergovernmental154,000Revenues-licenses and fees99,000Revenues-fines48,000Fund balance62,000Vouchers payable21,000Total$1,701,800 $1,701,800 C) Prepare a budgetary comparison schedule.Enter revenues and expenditures in order of magnitude (largest to smallest amounts).Radnor CityGeneral FundBudgetary Comparison ScheduleFor the Year Ended December 31, 2022Originaland FinalBudgetActualVarianceRevenues:Property taxes497,000 x $0 x $IntergovernmentalLicenses and feesFinesTotal revenues0 x0 xExpenditures:Public safety0 x0 xParks and recreation0 xGeneral government0 x0 xSocial servicesTotal expenditures0 xRevenues less expendituresFund balance at beginning +0 xFund balance at end of year$40 x $0 x $0 x

Budgetary comparison schedule is a management accounting statement which sets out budgeted revenues…

Answered: Preparation of financial statements and…

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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Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars). Debits Credits Cash $1,800 Property taxes receivable 800 Salaries payable $700 Deferred property tax revenues 300 Unassigned fund balance - 1,600 Totals $2,600 $2,600 Croton has adopted the following budgetary and accounting policies: Encumbrance accounting is used only for the acquisition of supplies and for the award of contracts for construction and construction-related activities. Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget. Because final income tax returns are not required to be filed until April 15 of the year following the end of a calendar…
mataerial name:- government and Not-for-profit Accounting. The question:- The Board of Commissioners of the City of ALQUDS adopted its budget for the year ending Dec,31,2018, which indicated revenues of $12000 and appropriations of $ 8000 , the city has a beginning fund balance 1\1 :$4000 . The city policy to record the budget and encumber the estimated amount of purchase orders issued and contract signed. During the year the city engaged in the following transactions: 1) Total amounts of purchase orders issued $5000 a percentage of 60% of which were accomplished, and billed with 2500; the remainder will be completed in the following year. 2) Other unencumbered expenditures incurred and paid $5000 3) Total revenues collected during the year $10000. Required: Make journal entry/ies to record the adopted budget? Journal entries during year: Make closing entries end of year?
During January 2023, General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 were received at an actual cost of $2,200. The entry to record this transaction will require a debit to: Multiple Choice Expenditures-2023 in the amount of $200. Expenditures-2023 in the amount of $2,200. Expenditures-2022 in the amount of $200. Expenditures-2022 in the amount of $2,200.
The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $698,000. Parks had net expenses of $113,000. Art museum had net revenues of $59,250. General revenues were $977,750. The overall increase in net position for the city was $226,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $47,750 in its fund balance. The capital projects fund had an increase of $45,500 in its fund balance. The enterprise fund had an increase of $90,000 in its net position balance. Officials for the City of…
Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 1. The legislature adopted the following budget: Estimated revenues and other sources: Property taxes $1,740,000 Sales taxes 1,000,000 Use of fund balance 10,000 Total $2,750,000 Appropriations: General government—salaries $ 420,000 General government—supplies 30,000 Parks department—salaries 2,000,000 Parks department—plants and supplies 300,000 Total $2,750,000 2. The Parks department placed PO 2019-1 for shrubbery in the amount of $52,000 and PO 2019-2 for gardening supplies in the amount of $11,000. The orders were charged to the appropriation for Parks department—plants and supplies. 3. The supplier delivered the shrubbery ordered on PO 2019-1; however, the supplier said he could not deliver some of the shrubs because he no longer carried them. The invoice for $49,000 was approved and forwarded to the comptroller’s…
4. City of Atwater wants to prepare closing entries at the end of a fiscal year for budgetary and operating statement control accounts in the general ledger of the General Fund. Following balance are belong to the City. Appropriations, $7,824,000%3; Financing Uses, $2,766,000; Estimated Revenues, $7,798,000; Encumbrances,$0; Expenditures, $5,900,0003; Uses, $2,770,000; Revenues, $8,980,000. Required Show in general journal form the entry needed to close all of the preceding accounts that should be closed as of the end of the fiscal year. Estimated Other Other Financing
City of Smithville General Fund Operating statement account balances For year 2023 Estimated Revenues Dr(Cr) Revenues Dr(Cr) Balance Dr(Cr) Acct 3020/4020 Estimated Revenues-Property Taxes $1,877,413 $1,877,578 ($165) Acct 3030/4030 Estimated Revenues-Sales Taxes 1,578,000 1,579,203 (1,203) Acct 3040/4040 Estimated Revenues-Interest and Penalties on Taxes 15,000 12,571 2,429 Acct 3050/4050 Estimated Revenues-Licenses and Permits 500,000 497,960 2,040 Acct 3060/4060 Estimated Revenues-Fines and Forfeits 175,000 173,590 1,410 Acct 3070/4070 Estimated Revenues-Intergovernmental Revenue 789,000 789,000 0 Acct 3080/4080 Estimated Revenues-Charges for Services 659,720 661,253 (1,533) Acct 3090/4090 Estimated Revenues-Miscellaneous Revenues 91,300 91,250 50 Encumberances Dr(Cr) Expenditures Dr(Cr) Appropriations Cr(Dr) Available Balance Cr(Dr) Acct 5020 / 6020 / 7020 Appropriations-General…
A county's general fund has $4,000,000 in supplies on hand at the beginning of 2020. It purchases $25,000,000 in supplies and uses supplies costing $26,000,000 during 2020. If the county uses the consumption method to report supplies inventories, what balances appear in the general fund financial statements for 2020? Multiple Choice Expenditures of $26,000,000 and fund balance-nonspendable of $3,000,000 Expenditures of $25,000,000 and fund balance--unassigned of $3,000,000 Expenditures of $25,000,000 and fund balance-nonspendable of $3,000,000 Expenditures of $26,000,000 and fund balance--unassigned of $3,000,000
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…
Below is information on a county's results of operations for the current year, for the general fund. Excess of revenues and other financing sources over expenditures and other financing uses, legal budget basis $6,000,000 Revenues accrued on the modified GAAP basis but not on a budget basis 1,500,000 Outstanding encumbrances of governmental funds, beginning of year 200,000 Outstanding encumbrances of governmental funds, end of year 300,000 Repayment of temporary loan to general fund, reported as revenue only for budget purposes 400,000 Unbudgeted transfers in 30,000 What is the excess of revenues and other financing sources over expenditures and other financing uses for the general fund, on a modified accrual GAAP basis? a. $8,030,000 b. $7,200,000 c. $7,230,000 d. $7,170,000

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