Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume a federal agency has the following events: Receives a warrant from the Treasury notifying the agency of appropriations of $4,800,000. OMB apportions one-fourth of

Assume a federal agency has the following events:

  1. Receives a warrant from the Treasury notifying the agency of appropriations of $4,800,000.
  2. OMB apportions one-fourth of the appropriation for the first quarter of the year.
  3. The director of the agency allots $1,133,000 to program units.
  4. Program units place orders of $804,000.
  5. Supplies ($134,000) and services ($566,000) are received during the first quarter. Supplies of $121,000 were used in the quarter. Accounts payable were paid in full.

Required: Prepare a schedule showing the status of the appropriation at the end of the first quarter.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Management Accounting

Authors: Charles T. Horngren, Gary L. Sundem, William O. Stratton, Dave Burgstahler, Jeff O. Schatzberg

16th Global Edition

0273790013, 978-0273790013

More Books

Students also viewed these Accounting questions

Question

1. Explain the goal of yield management.

Answered: 1 week ago

Question

13.1 Explain the strategic role of employee benefits.

Answered: 1 week ago