Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The printout of the Revenues and Appropriations subsidiary ledger accounts for the General Fund of the City of Augusta for the first quarter of the

The printout of the Revenues and Appropriations subsidiary ledger accounts for the General Fund of the City of Augusta for the first quarter of the fiscal year appeared as follows:

Revenues Ledger
Est. Revenues Revenues Balance
Account Ref. Account Title Dr(Cr) Cr(Dr) Dr(Cr)
3/4020 TaxesReal Property
101 Budget Authorization 750,000 750,000
102 Received in Cash 200,000 550,000
3/4050 Licenses and Permits
101 Budget Authorization 100,000 100,000
102 Received in Cash 10,000 90,000
3/4070 Intergovernmental Revenue
101 Budget Authorization 50,000 50,000
102 Received in Cash 15,000 35,000
103 12,500 47,500

Appropriations, Expenditures, and Encumbrances Ledger
Encumbrances Increase Encumbrances Decrease Encumbrances Balance Expenditures Expenditures Balance Appropriation Balance
Account Ref Account / Description Dr (Cr) Dr(Cr) Dr(Cr) Dr(Cr) Cr(Dr) Cr(Dr)
5/6/7020 General Government
101 Budget Authorization 635,000 635,000
102 Purchase Order Issued 6,400 6,400 628,600
102 Payroll 150,000 150,000 478,600
102 Goods Received 4,700 1,700 4,650 154,650 478,650
5/6/7030 Public Safety
101 Budget Authorization 125,000 125,000
102 Payroll 30,000 30,000 95,000
103 50,000 145,000
5/6/7050 Culture and Recreation
101 Budget Authorization 85,000 85,000
102 Purchase Order Issued 1,200 1,200 83,800
102 Goods Received 1,200 0 1,000 1,000 84,000
102 Payroll 15,000 16,000 69,000
5/6/7070 Miscellaneous
101 Budget Authorization 15,000 15,000

Required

Assuming that there are no other General Fund revenue or expenditure transactions, answer the following questions.

  1. What were the original approved budget amounts for Estimated Revenues and for Appropriations?
  2. (1) Was the budget adjusted during the year? (2) If so, which accounts if any were adjusted and by how much? (3) In total, has Budgetary Fund Balance increased, decreased, or remained the same during the first fiscal quarter?
  3. (1) What are the current balances of the Estimated Revenues and Appropriations control accounts? (2) What are the current balances of the Revenues, Encumbrances, and Expenditures control accounts?

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

Contemporary Economics An Applications Approach

Authors: Robert Carbaugh

8th Edition

1138652199, 978-1138652194

More Books

Students also viewed these Finance questions

Question

12....

Answered: 1 week ago

Question

What other publications/presentations does the person have?

Answered: 1 week ago