Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The town council of Riverside estimated revenues for 2017 to be $692,000 from property taxes and $176,000 from business licenses. The appropriations budget from the
The town council of Riverside estimated revenues for 2017 to be $692,000 from property taxes and $176,000 from business licenses. The appropriations budget from the council was as follows General government Parks and recreation Sanitation Streets and sidewalks $378,000 115,000 95,000 166,000 In April, heavy spring rains caused some flooding near the river. As a result, a picnic area at River's Edge Park was ruined and several damaged shops had to shut down. The council adopted an upward revision of $35,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $20,000 The General Fund began the year with a balance of $58,000. During the year, tax collections totaled $698,500 and revenues from business licenses were $152,000. Expenditures were $372,000 for general government, $138,500 for parks and recreation, $98,600 for sanitation, and $160,333 for streets and sidewalks. There are no outstanding encumbrances at year-end. Required Prepare a budgetary comparison schedule for the General Fund for 2017. (Negative variance amounts should be indicated by a minus sign.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started