The following information applies to the questions displayed below) The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year's appropriation 1. The budget prepared for the fiscal year 2020 was as follows: $2,062,000 389.000 414.000 79.000 27944 000 Estimated Revenues: Taxes Licenses and permits Intergovernmental revenue Miscellaneous revenues Total estimated revenues Appropriations General government Public safety Public Works Health and welfare Miscellaneous Total appropriations Budgeted Increase in fund balance 506.700 921700 685.700 635.700 103 000 2,852 800 $ 1200 2. Encumbrances issued against the appropriations during the year were as follows: General government Public safety Public works Health and welfare Miscellaneous Total $ 25,000 267000 409.000 176,630 93.000 $1015 R30 3. The current year's tax levy of $2,139,300 was recorded; uncollectibles were estimated as $82,000 4. Tax collections of the current year's levy totaled $1.476,000. The City also collected $149,000 in taxes from the prior year's levy in the first 60 days after year end. These delinquent collections had been anticipated prior to year-end.) 5. Personnel costs during the year were charged to the following appropriations in the amounts indicated. Encumbrances were not recorded for personnel costs. Because no liabilities currently exist for withholdings, you may ignore any FICA or federal or state income tax withholdings (Expenditures charged to Miscellaneous should be treated as General Government expenses in the governmental activities general journal at the government-wide level.] General government Public safety Public works Health and welfare Miscelleneous Credit to Vouchers Payable $ 428.000 652000 27L000 455,000 12.800 $1810 800 6. Invoices for all items ordered during the prior year were received and approved for payment in the amount of $14.810. Encumbrances had been recorded in the prior year for these items in the amount of $14,170. The amount chargeable to each year's appropriations should be charged to the Public Safety appropriation. 7. Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in Transaction (2) of this problem The following appropriations were affected General government Public safety Public works Health and welfare Miscellenepus Actual Estimated Liability Liability $69.700 S 69.200 253,200 257900 377000 374 000 147600 147.100 88,000 38.000 $9355005026 8. Revenue other than taxes collected during the year consisted of licenses and permits, $391,700, intergovernmental revenue, $418,700; and $84,700 of miscellaneous revenues. For purposes of accounting for these revenues at the government-wide level, the intergovernmental revenues were operating grants and contributions for the Public Safety function. Miscellaneous revenues are not identifiable with any function and therefore, are recorded as General Revenues at the government-wide level 9. Payments on Vouchers Payable totaled $2,522,000. Additional information follows: The General Fund Fund Balance-Unassigned account had a credit balance of $113,900 as of December 31, 2019; no entries have been made in the Fund Balance-Unassigned account during 2020 4. Award: 4.50 points b. Prepare a budgetary comparison schedule for the General Fund of the City of Evergreen for the fiscal year ending December 31, 2020 (Input all amounts as positive values.) CITY OF EVERGREEN General Fund Budgetary Comparison Schedule For the Year Ended December 31, 2020 Budget (Original and Final) Actual Variance with Final Budget Over (Under) Revenues Total Revenues Expenditures (Budget Basis) Total Expenditures 0 0 0 Excess of Revenues Over Expenditures Increase in Encumbrances Outstanding Increase in Fund Balances Fund Balances, 1/1 Fund Balances, 12/31 References Worksheet Learning Objective: 04-01 Analyze typical operating transactions for governmental activities and prepare appropriate joumal entries at both the government-wide and fund levels. Difficulty: 3 Hard Learning Objective: 04-03 Prepare year-end General Fund financial statements The following information applies to the questions displayed below) The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year's appropriation 1. The budget prepared for the fiscal year 2020 was as follows: $2,062,000 389.000 414.000 79.000 27944 000 Estimated Revenues: Taxes Licenses and permits Intergovernmental revenue Miscellaneous revenues Total estimated revenues Appropriations General government Public safety Public Works Health and welfare Miscellaneous Total appropriations Budgeted Increase in fund balance 506.700 921700 685.700 635.700 103 000 2,852 800 $ 1200 2. Encumbrances issued against the appropriations during the year were as follows: General government Public safety Public works Health and welfare Miscellaneous Total $ 25,000 267000 409.000 176,630 93.000 $1015 R30 3. The current year's tax levy of $2,139,300 was recorded; uncollectibles were estimated as $82,000 4. Tax collections of the current year's levy totaled $1.476,000. The City also collected $149,000 in taxes from the prior year's levy in the first 60 days after year end. These delinquent collections had been anticipated prior to year-end.) 5. Personnel costs during the year were charged to the following appropriations in the amounts indicated. Encumbrances were not recorded for personnel costs. Because no liabilities currently exist for withholdings, you may ignore any FICA or federal or state income tax withholdings (Expenditures charged to Miscellaneous should be treated as General Government expenses in the governmental activities general journal at the government-wide level.] General government Public safety Public works Health and welfare Miscelleneous Credit to Vouchers Payable $ 428.000 652000 27L000 455,000 12.800 $1810 800 6. Invoices for all items ordered during the prior year were received and approved for payment in the amount of $14.810. Encumbrances had been recorded in the prior year for these items in the amount of $14,170. The amount chargeable to each year's appropriations should be charged to the Public Safety appropriation. 7. Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in Transaction (2) of this problem The following appropriations were affected General government Public safety Public works Health and welfare Miscellenepus Actual Estimated Liability Liability $69.700 S 69.200 253,200 257900 377000 374 000 147600 147.100 88,000 38.000 $9355005026 8. Revenue other than taxes collected during the year consisted of licenses and permits, $391,700, intergovernmental revenue, $418,700; and $84,700 of miscellaneous revenues. For purposes of accounting for these revenues at the government-wide level, the intergovernmental revenues were operating grants and contributions for the Public Safety function. Miscellaneous revenues are not identifiable with any function and therefore, are recorded as General Revenues at the government-wide level 9. Payments on Vouchers Payable totaled $2,522,000. Additional information follows: The General Fund Fund Balance-Unassigned account had a credit balance of $113,900 as of December 31, 2019; no entries have been made in the Fund Balance-Unassigned account during 2020 4. Award: 4.50 points b. Prepare a budgetary comparison schedule for the General Fund of the City of Evergreen for the fiscal year ending December 31, 2020 (Input all amounts as positive values.) CITY OF EVERGREEN General Fund Budgetary Comparison Schedule For the Year Ended December 31, 2020 Budget (Original and Final) Actual Variance with Final Budget Over (Under) Revenues Total Revenues Expenditures (Budget Basis) Total Expenditures 0 0 0 Excess of Revenues Over Expenditures Increase in Encumbrances Outstanding Increase in Fund Balances Fund Balances, 1/1 Fund Balances, 12/31 References Worksheet Learning Objective: 04-01 Analyze typical operating transactions for governmental activities and prepare appropriate joumal entries at both the government-wide and fund levels. Difficulty: 3 Hard Learning Objective: 04-03 Prepare year-end General Fund financial statements