ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS HANDOUT PROBLEM 2 Score Name Section Problem (10 points). The Town of Magenta has the attached ledger information available for revenues for its General Fund at April 30, 20X1. You may assume that the ledger information provided is correct in all details and there are no other General Fund revenue classifications. REQUIRED: Answer the following questions, showing all necessary computations. (1) What should be the balance in the Estimated Revenues control account? (2) What was the original approved budget for Estimated Revenues for the year? (3) Was the Estimated Revenues budget amended during the year? (a) If so, when, how much, and was it an increase or a decrease? What should be the balance in the Revenues control account? TOWN OF MAGENTA REVENUES LEDGER INFORMATION AT APRIL 30, 20X1 PROPERTY TAXES Estimated Revenues Revenues S 10,200,000 S $ 9,950,000 Date 1/01 Balance 3/15 10,200,000 250,000 Date 1/01 LICENSES AND PERMITS Estimated Revenues Revenues 2,400,000 525.000 450,000 2/10 Balance 2,400,000 1,875,000 1,425,000 3/21 Date INTERGOVERNMENTAL REVENUES Estimated Revenues Revenues 4,200,000 400,000) 1/01 Balance 4,200,000 3,800,000 2/03 Date 1/01 CHARGES FOR SERVICES Estimated Revenues Revenues 750,000 145,000 5,000) Balance 750,000 605,000 610,000 1/25 3/25