A city adopts the general fund budget the budget estimates

Reference no: EM13583950

a. A city adopts the general fund budget. The budget estimates that $2,000,000 in property taxes will be received and authorizes spending for operating activities of $1,900,000 and also anticipates $80,000 will be spent during the year to settle an outstanding lawsuit.

Prepare the journal entry to record the budget.

b. The city completes its fiscal year. The city received property tax revenues of $1,900,000, and the remaining balance will not be received until 90days after the fiscal year-end. The city settled the lawsuitefor $75,000. The city sprnt 41,750,000 during the fiscal year and still has $80,000 in encumbrances outstanding. Prepare the entries to close the budgetry accounts (use the info from a. above as needed).

Reference no: EM13583950

Questions Cloud

A die is rolled twice what is the probabilty that the sum : a die is rolled twice. what is the probabilty that the sum of the faces is greater than 7 given thata the first outcome

Yokochan bakeries specializes in making cakes cookies and : yokochan bakeries specializes in making cakes cookies and other pastries out of rice flour which they grind themselves.

This assignment will allow you to explore a particular : general informationthenbspwritingnbspassignment is anbspresearch paper where a particular topic

In applying the treasury stock method of computing diluted : 1. which of the following is not a component of net periodic pension cost?a. interest costb. actual return on plan

A city adopts the general fund budget the budget estimates : a. a city adopts the general fund budget. the budget estimates that 2000000 in property taxes will be received

Bert and ernie form duckie corp in late 1999 bert : 1. which of the following scenarios will qualify under section 351 as a nontaxable corporate formation? for those

Communication what are the modes of communication in : what are the modes of communication in organizations and the assumptions that modes in organizational communication

During 2009 the ellis corporation had 370000 shares of 20 : 1. employees of harding fabricators inc. earned gross wages of 140000 during a recent two-week period. employee

The following transactions occurred at the lionel : the following transactions occurred at the lionel corporation in 2010. use this information to prepare lionels schedule

User Account

All Pages