Reference no: EM131292097
Quarterly allotments for the appropriation to the State Library System for the fiscal year beginning July 1, 201X and ending on June 30, 201Y were as follows: Q1: $3,750,000 Q2: $4,500,000 Q3: $3,750,000 Q4: $3,000,000 On December 31, 201X, budgetary status reports showed expenditures of $7,500,000 and encumbrances of $1,000,000. Using an accrual accounting concept, what was the budgetary status of Library Systems as of that December 31 date? Show and label all work and state your conclusion. As of the end of the third quarter, the Library System shows expenditures of $11,000,000 and has $3,000,000 in encumbrances. It projects that spending in the fourth quarter will be $500,000 more than what was initially allotted for that budget period. Determine the amount of the supplemental appropriation, if any, which must be requested in order to end the fiscal year with a balanced budget.
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