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3-3 Beginning and Ending Fund Balances. The following information is provided about the Village of Wymette's General Fund operating statement and budgetary accounts for the fiscal year ended June 30, 2010. Estimated revenues $3,150,000 Revenues 3,190,000 Appropriations 3,185,000 Expenditures 3,175,000 Fund balance (beginning of year) 580,000 Budgetary fund balance (after FY 2010 budget was recorded) (35,000) Required a. Did the Village of Wymette engage in imprudent budgeting practice by authorizing a greater amount of expenditures than revenues estimated for the year, or potentially violate village or state balancedbudget laws? b. Calculate the end-of-year balances for the Fund Balance and Budgetary Fund Balance accounts that would be reported on the Village's balance sheet prepared as of June 30, 2010. Show all necessary work. 3-4. Recording Adopted Budget. The City of Marion adopted the following General Fund budget for fiscal year 2011: Taxes $3,000,000 Intergovernmental revenues 1,000,000 Licenses and permits 400,000 Fines and forfeits 150,000 Miscellaneous revenues 100,000 Total estimated revenues $4,650,000 General government $ 950,000 Public safety 2,000,000 Public works 950,000 Health and welfare 850,000 Miscellaneous 50,000 Total appropriations $4,800,000 Required a. Assuming that a city ordinance mandates a balanced budget, what must be the minimum amount in the Fund Balance account of the General Fund at the beginning of FY 2011? b. Prepare the general journal entries to record the adopted budget at the beginning of FY 2011. Show entries in the subsidiary ledger accounts as well as the general ledger accounts. 3-5. Recording Encumbrances. During July 2010, the first month of the 2011 fiscal year, the City of Marion issued the following purchase orders and contracts (see Problem 3-4): General government $ 50,000 Public safety 200,000 Public works 75,000 Health and welfare 65,000 Miscellaneous 4,000 Total purchase orders and contracts $394,000 Required a. Show the general journal entry to record the issuance of the purchase orders and contracts. Show entries in subsidiary ledger accounts as well as general ledger accounts. b. Explain why state and local governments generally record the estimated amounts of purchase orders and contracts in the accounts of budgeted governmental funds, whereas business entities generally do not prepare formal entries for purchase orders. 3-6. Subsidiary Ledgers. The printout of the Estimated Revenues and Revenues subsidiary ledger accounts for the General Fund of the City of Salem as of February 28, 2011, appeared as follows: 01 01 45 1 9,600,000 9,600,000 02 28 45 6 (20,000) 9,580,000 0 01 01 45 1 1,600,000 1,600,000 01 31 27 4 640,000 960,000 02 27 27 7 200,000 760,000 01 01 45 1 3,200,000 3,200,000 02 28 27 7 1,500,000 1,700,000 01 01 45 1 600,000 600,000 02 28 27 7 160,000 440,000 Required Assuming that this printout is correct in all details and that there are no other General Fund revenue classifications, answer the following questions. Show all necessary computations in good form. a. What should be the balance of the Estimated Revenues control account? b. What was the original approved budget for Estimated Revenues for 2011? c. (1) Was the FY 2011 Estimated Revenues budget adjusted during the year? (2) If so, when? (3) If so, by how much? (4) If so, was the original budget increased or decreased? d. What should be the balance of the Revenues control account? e. If in the Folio column of the accounts the numerals 45 stand for general journal and the numerals 27 stand for cash receipts journal, what is the most likely reason that revenues from Property Taxes are first recognized in a general journal entry, whereas revenues from the other three sources are first recognized in cash receipts journal entries? 3-7. Appropriations, Encumbrances, and Expenditures. The finance director of the Town of Liberty has asked you to determine whether the appropriations, expenditures, and encumbrances comparison for Office Supplies for a certain year (reproduced as follows) presents the information correctly. You determine that the General Fund chart of accounts describes office supplies as \"tangible items of relatively short life to be used in a business office.\" You also determine that the transfer of stationery, at cost, to the town water utility was properly authorized; the Water Utility Fund is to pay the General Fund $330 for the supplies. The transfer of $46,000 from Office Supplies to Personal Services was made by an accounting clerk, without the knowledge of managers, to avoid reporting that the Personal Services appropriation had been overexpended. Required To determine whether the following budgetary comparison is correct, you need to compute each of the following. Organize and label your computations so the finance director can understand them. a. The final amended amount of the appropriation for Office Supplies for the year. b. The valid amount of encumbrances outstanding against this appropriation at the end of the year. c. The net amount of expenditures made during the year that were properly chargeable to this appropriation. d. The unencumbered unexpended balance of this appropriation. 3-8. Computerized Accounting SystemDepartmental Budgetary Comparison Report. Review the computer generated budgetary comparison report presented below for the Lincoln City Parks and Recreation Department as of July 1 of its fiscal year ending December 31, 2010, and respond to the questions that follow. Required a. Explain the account code structure being employed by Lincoln City. Does that structure appear consistent with the expenditure classifications required by GASB standards? Does it allow for more detailed expenditure classifications, if desired? For example, could materials and supplies be further classified as recreational supplies, office supplies, building supplies, and so forth? b. What is the likely reason there are no outstanding encumbrances for the Personnel Services, Conferences and Training, and Utilities accounts? c. Does it appear that the Parks and Recreation Department may overexpend its appropriation for any accounts before the end of FY 2010? If so, which accounts may run short? d. Does it appear that the Parks and Recreation Department may underexpend any of its appropriations for FY 2010? If so, which accounts may have excessive spending authority? e. What factors may explain the expenditure patterns observed in parts c and d? 3-9. Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2011. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Parks and Recreation, $150,000; and Miscellaneous, $50,000. Required a. Prepare the journal entry (or entries), including subsidiary ledger entries, to record the Town of Bedford Falls's General Fund operating budget on July 1, 2010, the beginning of the Town's 2011 fiscal year. b. Prepare journal entries to record the following transactions that occurred during the month of July 2010. 1. Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits. 2. Supplies were ordered by the following functions in early July 2010 at the estimated costs shown: 3. During July 2010, supplies were received at the actual costs shown below and were paid in cash. General Government, Parks and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered earlier in the month at estimated costs of $10,700 and $5,900, respectively. c. Calculate and show in good form the amount of budgeted but unrealized revenues in total and from each source as of July 31, 2010. d. Calculate and show in good form the amount of available appropriation in total and for each function as of July 31, 2010