Question
Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues
Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020.
1. Estimated revenues (legally budgeted): Property taxes 5,641,000 Sales taxes 4,830,000 Licenses and permits 1,500,000 Miscellaneous 500,000 2. Appropriations: General government 5,285,000 Culture and recreation 4,210,000 Health and welfare 1,000,000
3. Revenues received (cash): Property Taxes 5,545,000 Sales taxes 4,700,000 Licenses and permits 1,700,000 Miscellaneous 800,000
4. Encumbrances issued (includes salaries and other recurring items): General Government 5,275,000 Culture and Recreation 4,630,000 Health and welfare 905,000
5. Goods and services received (paid in cash) : (estimated) (actual) General government 5,275,000 5,285,000 Culture and recreation 4,630,000 4,610,000 Health and welfare 905,000 890,000
6. Budget revisions: (Increase appropriations) General government 140,000 Culture and recreation 110,000
Journal entries, budgetary comparison are required.
Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes $5,641,000 Sales taxes 4,830,000 Licenses and permits 1,500,000 Miscellaneous 500.000 2. Appropriations General government Culture and recreation Health and welfare $5,285,000 4,210.000 1,000,000 3. Revenues received (cash) Page 79 Property taxes $5,545,000 Sales taxes Licenses and permits Miscellaneous 4,700.000 1.700,000 800,000 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 General government Culture and recreation Health and welfare 4,630,000 905,000 5. Goods and services received (paid in cash) Estimated $5,275.000 4,630.000 Actual $5,285,000 General government Culture and recreation Health and welfare 4,610,000 905,000 890,000 6. Budget revisions Increase appropriations: General government $ 140,000 110,000 Culture and recreationStep by Step Solution
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