accounting governmental

Anonymous
timer Asked: Feb 4th, 2016

Question description

3–23Subsidiary Ledgers. The printout of the Revenues and Appropriations subsidiary ledger accounts for the General Fund of the City of Augusta as of March 31, 2017, appeared as follows:

Page 109

Required

Assuming that this printout is correct in all details and that there are no other General Fund revenue or expenditure transactions, answer the following questions. Show all necessary computations in good form.

  1. What were the original approved budget amounts for Estimated Revenues and for Appropriations?

    1. Was the Estimated Revenues budget adjusted during the year?

    2. If so, by how much?

    3. If so, was the original budget increased or decreased?

    1. What are the current balances of the Estimated Revenues and Appropriations control accounts?

    2. What are the current balances of the Revenues and Expenditures control accounts?

    3. What do these balances indicate?

3–22Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000; and Miscellaneous, $50,000.

Required

  1. Prepare the journal entry (or entries), including subsidiary ledger entries, to record the Town of Bedford Falls's General Fund operating budget on July 1, 2016, the beginning of the Town's 2017 fiscal year.

  2. Prepare journal entries to record the following transactions that occurred during the month of July 2016.

    1. Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits.

    2. Supplies were ordered by the following functions in early July 2016 at the estimated costs shown:

      General Government$ 7,400
      Public Safety11,300
      Public Works6,100
      Culture and Recreation4,200
      Miscellaneous900
      Total29,900

    3. During July 2016, supplies were received at the actual costs shown below and were paid in cash. General Government, Culture and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered earlier in the month at estimated costs of $10,700 and $5,900, respectively.

      Actual CostEstimated Cost
      General Government$ 7,300$ 7,400
      Public Safety10,80010,700
      Public Works6,1005,900
      Culture and Recreation4,1004,200
      Miscellaneous900900
      Total29,20029,100
  3. Calculate and show in good form the amount of budgeted but unrealized revenues in total and from each source as of July 31, 2016.

  4. Calculate and show in good form the amount of available appropriation in total and for each function as of July 31, 2016.                                                                                                                                                                                     3–20    Recording Adopted Budget. The Town of Willingdon adopted the following General Fund budget for fiscal year 2017:

  5. Required

    Prepare the general journal entries to record the adopted budget at the beginning of FY 2017. Show entries in the subsidiary ledger accounts as well as the general ledger accounts.

    3–18Recording Budget and Ending Fund Balances. 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, 2016. (Note: The town has no restricted, committed, or assigned fund balances.)

    Estimated revenues$32,150,000
    Revenues32,190,000
    Appropriations32,175,000
    Expenditures32,185,000
    Fund Balance—Unassigned September 30, 2015500,000

    Required

    1. Prepare the journal entry to record the budget.

    2. 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?

    3. 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, 2016. Show all necessary work.



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