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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 alance Est. Revenues Revenues Dr (Cr) Account Title Taxes-Real Property Budget Authorization Received in Cash Dr (Cr) Cr(Dr) Account Ref. 3/4020 762,000 551,200 762,000 101 210, 800 102 Licenses and Permits 3/4050 112,000 100,800 Budget Authorization Received in Cash Intergovernmental Revenue Budget Authorization 112,000 101 11,200 102 3/4070 62,000 45,800 59,500 62,000 101 16,200 102 Received in Cash 13,700 103 Appropriations, Expenditures, and Encumbrances Ledger Encumbrances Expenditures Balance Encunbrances Encunbrances Balance Dr (Cr) Appropriatio Cr (Dr) Expenditures Dr (Cr) Decrease (Cr) Irese Dr Dr (Cr) Account /Description General Government Ref Account 5/6/7020 647,000 Budget Authorization Purchase Order Issued Payroll Goods Received 101 7,000 7,000 160,800 166,050 102 160,800 5,250 102 1,700 5,300 102 Public Safety Budget Authorization 137,000 5/6/7030 31,200 101 31,200 52,400 102 Payroll 103 Culture and Recreation Budget Authorization Purchase Order Issued Goods Received 97,000 5/6/7050 101 102 1,800 1,800 1,600 17,200 1,600 15, 600 1,800 102 102 Payrol1 Appropriations, Expenditures, and Encumbrances Ledger Encumbrances Encunbrances Expenditures Encumbrances Appropriatis Cr (Dr) Expenditures Dr (Cr) Balance Balance Increase Decrease (Cr) Dr (Cr) Dr (Cr) Account / Description General Government Budget Authorization Purchase Order Issued Dr Ref Account 5/6/7020 647,000 101 7,000 7,000 102 160,800 5,250 160, 800 Payroll Goods Received Public Safoty Budget Authorization Payroll 102 1,700 166,050 5,300 102 5/6/7030 137,000 101 31,200 31,200 102 52,400 103 Culture and Recreation Budget Authorization Purchase Order Issued 5/6/7050 97,000 101 1,800 0 1,800 102 1,600 1,600 1,800 102 Goods Received 17,200 15,600 Payroll Miscellaneous Budget Authorization 102 5/6/7070 16,200 101 Required Assuming that there are no other General Fund revenue or expenditure transactions, answer the following questions. a. What were the original approved budget amounts for Estimated Revenues and for Appropriations? b. (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? c. (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? Required C Required A Required B What were the original approved budget amounts for Estimated Revenues and for Appropriations? Budget Amounts Estimated Revenues Appropriations w w Required A Required B Required C (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? (1) Was the budget adjusted during the year? (2) (3) Has Budgetary Fund Balance increased, decreased, or remained the same during the first fiscal quarter? (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? Current Balance (1) Estimated Revenues Appropriations (2) Revenues Encumbrances Expenditures 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 alance Est. Revenues Revenues Dr (Cr) Account Title Taxes-Real Property Budget Authorization Received in Cash Dr (Cr) Cr(Dr) Account Ref. 3/4020 762,000 551,200 762,000 101 210, 800 102 Licenses and Permits 3/4050 112,000 100,800 Budget Authorization Received in Cash Intergovernmental Revenue Budget Authorization 112,000 101 11,200 102 3/4070 62,000 45,800 59,500 62,000 101 16,200 102 Received in Cash 13,700 103 Appropriations, Expenditures, and Encumbrances Ledger Encumbrances Expenditures Balance Encunbrances Encunbrances Balance Dr (Cr) Appropriatio Cr (Dr) Expenditures Dr (Cr) Decrease (Cr) Irese Dr Dr (Cr) Account /Description General Government Ref Account 5/6/7020 647,000 Budget Authorization Purchase Order Issued Payroll Goods Received 101 7,000 7,000 160,800 166,050 102 160,800 5,250 102 1,700 5,300 102 Public Safety Budget Authorization 137,000 5/6/7030 31,200 101 31,200 52,400 102 Payroll 103 Culture and Recreation Budget Authorization Purchase Order Issued Goods Received 97,000 5/6/7050 101 102 1,800 1,800 1,600 17,200 1,600 15, 600 1,800 102 102 Payrol1 Appropriations, Expenditures, and Encumbrances Ledger Encumbrances Encunbrances Expenditures Encumbrances Appropriatis Cr (Dr) Expenditures Dr (Cr) Balance Balance Increase Decrease (Cr) Dr (Cr) Dr (Cr) Account / Description General Government Budget Authorization Purchase Order Issued Dr Ref Account 5/6/7020 647,000 101 7,000 7,000 102 160,800 5,250 160, 800 Payroll Goods Received Public Safoty Budget Authorization Payroll 102 1,700 166,050 5,300 102 5/6/7030 137,000 101 31,200 31,200 102 52,400 103 Culture and Recreation Budget Authorization Purchase Order Issued 5/6/7050 97,000 101 1,800 0 1,800 102 1,600 1,600 1,800 102 Goods Received 17,200 15,600 Payroll Miscellaneous Budget Authorization 102 5/6/7070 16,200 101 Required Assuming that there are no other General Fund revenue or expenditure transactions, answer the following questions. a. What were the original approved budget amounts for Estimated Revenues and for Appropriations? b. (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? c. (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? Required C Required A Required B What were the original approved budget amounts for Estimated Revenues and for Appropriations? Budget Amounts Estimated Revenues Appropriations w w Required A Required B Required C (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? (1) Was the budget adjusted during the year? (2) (3) Has Budgetary Fund Balance increased, decreased, or remained the same during the first fiscal quarter? (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? Current Balance (1) Estimated Revenues Appropriations (2) Revenues Encumbrances Expenditures

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

The Handbook Of Structured Finance

Authors: Arnaud De Servigny, Norbert Jobst

1st Edition

0071468641, 978-0071468640

More Books

Students also viewed these Finance questions

Question

1 Apply the three-step writing process to persuasive messages

Answered: 1 week ago

Question

Identify five strategies to prevent workplace bullying.

Answered: 1 week ago