Question 23
Question 25
LO 2,5 WO E3-23. (Recording the adopted budget; determining property tax rate) Following are (a) a condensed summary of the General Fund budget adopted by the village of Croton- on-Hudson, New York for the fiscal year 2017-2018, and (b) the total assessed value of taxable proper- ties in the village. Prepare the journal entry to record the budget and compute the property tax rate per $1,000 of taxable assessed value Chapter 3 Budgetary Considerations in Governmental Accounting 3-28 $11,474,943 7,126,817 18,601,760 425,000 $19,026,760 Estimated revenues and other sources Real property taxes .. Non-property taxes and other... Total estimated revenues Appropriated provlously accumulated fund balance. Total estimated revenues and other sources Appropriations Police department.... All other departments and other. Employee bonelits ... Transfer to debt service fund Total appropriations Assessed value of taxablo real property. $3,195,140 8,869,106 4,536, 121 2,426,393 $19,026,760 $44,615,183 LO 5 Mile E3-25. (Recording the adopted budget) Sleepy Hollow's General Fund budget for fiscal 2019 is based on the following estimated revenues and appropriations. Is Sleepy Hollow projecting a budgetary surplus or a deficit for 2019? Prepare the journal entry to record the 2019 budget. Estimated Revenue Property taxes Sales taxes... Licenses and permits Fines and forfolts $2,000,000 720,000 120,000 8,500 Appropriations Administration. Public safety Streets. Parks and recreation $ 425,000 1,500,000 630,000 367,000 LO 2,5 WO E3-23. (Recording the adopted budget; determining property tax rate) Following are (a) a condensed summary of the General Fund budget adopted by the village of Croton- on-Hudson, New York for the fiscal year 2017-2018, and (b) the total assessed value of taxable proper- ties in the village. Prepare the journal entry to record the budget and compute the property tax rate per $1,000 of taxable assessed value Chapter 3 Budgetary Considerations in Governmental Accounting 3-28 $11,474,943 7,126,817 18,601,760 425,000 $19,026,760 Estimated revenues and other sources Real property taxes .. Non-property taxes and other... Total estimated revenues Appropriated provlously accumulated fund balance. Total estimated revenues and other sources Appropriations Police department.... All other departments and other. Employee bonelits ... Transfer to debt service fund Total appropriations Assessed value of taxablo real property. $3,195,140 8,869,106 4,536, 121 2,426,393 $19,026,760 $44,615,183 LO 5 Mile E3-25. (Recording the adopted budget) Sleepy Hollow's General Fund budget for fiscal 2019 is based on the following estimated revenues and appropriations. Is Sleepy Hollow projecting a budgetary surplus or a deficit for 2019? Prepare the journal entry to record the 2019 budget. Estimated Revenue Property taxes Sales taxes... Licenses and permits Fines and forfolts $2,000,000 720,000 120,000 8,500 Appropriations Administration. Public safety Streets. Parks and recreation $ 425,000 1,500,000 630,000 367,000
