General fund operating budget and operating transactions

Assignment Help Financial Accounting
Reference no: EM131255550

Recording 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 a. 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. b. 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 $7400 Public Safety 11,300 Public Works 6,100 Culture and Recreation 4,200 Misc 900 Total $29,900 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 Cost Estimated Cost General Govt $7300 $7400 Public Safety 10,800 10,700 Public Works 6,100 5,900 Culture & Recreation 4,100 4,200 Misc 900 900 Total $29,200 $29,100 c. Page 108Calculate and show in good form the amount of budgeted but unrealized revenues in total and from each source as of July 31, 2016. d. Calculate and show in good form the amount of available appropriation in total and for each function as of July 31, 2016.

Reference no: EM131255550

Questions Cloud

Create fictional incidents for the risk area you select : Create three fictional incidents for the risk area you selected. Write about each scenario in not more than a page. Include the following information about each scenario: Details of the incident-What, where, when, and who
Effects of an increase in government spending : Suppose a liquidity trap exists. Graphically illustrate and explain the effects of an increase in government spending using the IS-LM model.
What is quick prints optimal order up to level : What is Quick Prints optimal order-up-to level for plain paper if Quick Print operates with a 99 percent in-stock probability?
Calculate the real value of salary in today : Charles started working in 2006 when the CPI was 100. His salary has remained at $30,000 since 2006. The CPI today is 200. A. Calculate the real value of his salary in today___________ show all your work here:
General fund operating budget and operating transactions : Recording 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. Calculate and show in good form the amount of available appropriation in ..
Different birth defects or birth-related problems : Your supervisor is impressed with the medical knowledge you have as to the health effects/risks of alcohol/substance abuse and asks that you prepare a PowerPoint presentation to present to the probation department staff. He tells you that the pres..
Develop a plan of correction to address the incident : For this incident, complete the Compliance section using fictitious data. The tracking of the indicators should correspond to the incident. That is, some failure of compliance may have led to the incident. Develop a plan of correction to address t..
What is the probability main line is able to satisfy : How many part As should Main Line order from the supplier? - What is the probability Main Line is able to satisfy all demand during the week?
Discouraged workers and the economy : A "discouraged worker" is an individual without a job who has a desire to work; however, the worker has not actively searched for a job within the last six months, because the worker believes that there are no jobs available. Such a worker is not ..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd