Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 3, Problem 20EP
The following information is provided about the Town of York’s General Fund operating statement and budgetary accounts for the fiscal year ended September 30. (Note: The town has no restricted, committed, or assigned fund balances.)
Required
- a. Prepare the
journal entry to record the budget. - b. Did the Town of York engage in imprudent budgeting practice by authorizing a greater amount of expenditures than revenues estimated for the year, or potentially violate town or state balanced-budget laws?
- c. Calculate the end-of-year balance for the Fund Balance—Unassigned that would be reported on the town’s
balance sheet prepared as of September 30. Show all necessary work.
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City of Greenville
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6,048
303
497
370
Credits
Taxes
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Intergovernmental Revenue
Charges for Services
Appropriations
Public Safety
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6,080
308
497
368
1,636
3,375
Public Works
Culture & Recreation
Interfund Transfers Out
Expenditures
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1,465
724
Estimated Other Financing Uses
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1,622
Public Safety
3,360
Public Works
1,443
Culture & Recreation
715
Encumbrances
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12
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232
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Interfund…
In approving the budget of the City of Troy, the
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.a
An increase in outstanding
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A credit to budgetary fund balance
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Chapter 3 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 3 - Prob. 1QCh. 3 - Discuss the different ways in which depreciation...Ch. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Explain the essential differences between revenues...Ch. 3 - Prob. 6QCh. 3 - How do Budgetary Fund Balance and Fund Balances...Ch. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10Q
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