Reference no: EM132873745
Choo Choo, AL's annual budget went into effect on July 1, 2021. The General Fund had an unassigned fund balance of $4,520,000 at June 30, 2021.
The General Fund annual budget for FY 2022 (July 1, 2021 to June 30, 2022) included estimated revenues $20,060,000, appropriations of $21,775,000, and estimated other financing sources of $1,500,000 (from the issuance of general obligation bond proceeds to be received in the General Fund during FY 2022).
Question a. Record the journal entry for the annual budget in the General Fund (subsidiary information is not provided):
Question b. How much is the FY 2022 budget deficit or surplus: $ (Deficit or Surplus?):
Question c. If the unassigned fund balance at June 30, 2021 was $4,250,000, can Choo Choo, AL adopt the FY 2022 budget? Provide a one-sentence explanation:
Question d. Briefly explain inter-period equity:
Question e. Does the FY 2022 budget meet inter-period equity based on your explanation in part d?
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