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 $3,600,000. 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 $3,600,000.
  2. OMB apportions one-fourth of the appropriation for the first quarter of the year.
  3. The director of the agency allots $875,000 to program units.
  4. Program units place orders of $600,000.
  5. Supplies ($120,000) and services ($420,000) are received during the first quarter. Supplies of $100,000 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.

Assume a federal agency has the following events:

  1. Receives a warrant from the Treasury notifying the agency of appropriations of $3,600,000.
  2. OMB apportions one-fourth of the appropriation for the first quarter of the year.
  3. The director of the agency allots $875,000 to program units.
  4. Program units place orders of $600,000.
  5. Supplies ($120,000) and services ($420,000) are received during the first quarter. Supplies of $100,000 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.

AMOUNT STATUS
$2700,000 U. AUTH
50,000 (WRONG ANSWER) APPORTIONMENT
250,000 (WRONG ANSWER) ALLOTEMENTS
80,000 (WRONG ANSWER) OB. FOR UNDELIVERED ORDERS
520,000 (WRONG ANSWER) EXPENDED APPROPRIATIONS
3,600,000 TOTAL

**** PLEASE DON'T PUT THE NUMBERS WITH WRONG ANSWER. I TRIED THESE AND GOT IT WRONG. ****

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

Auditing Cases An Interactive Learning Approach

Authors: Steven M Glover, Douglas F Prawitt

4th Edition

0132423502, 978-0132423502

More Books

Students also viewed these Accounting questions

Question

What are HR ethics?

Answered: 1 week ago

Question

What does corporate sustainability mean?

Answered: 1 week ago