Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Village of Alberts Alley recorded the following budgetary journal entry at the beginning of fiscal 2022: Estimated revenue4,000,000Appropriations3,960,000Budgetary fund balance40,000 At the end of

The Village of Alberts Alley recorded the following budgetary journal entry at the beginning of fiscal 2022:

Estimated revenue4,000,000Appropriations3,960,000Budgetary fund balance40,000

At the end of fiscal 2022, what would be the effect on the ending actual fund balance, assuming the following:

a. Actual revenues are equal to estimated revenues, and actual expenditures are $5,600 less than appropriations. The actual ending fund balance would increase by: $Answer

b. Actual revenues are equal to estimated revenues, and actual expenditures are equal to appropriations. The actual ending fund balance would increase by: $Answer

c. Actual revenues exceed estimated revenues by $3,200, and actual expenditures are equal to appropriations. The actual ending fund balance would increase by: $Answer

d. Actual revenues are $2,400 less than estimated revenues, and actual expenditures are $1,600 less than appropriations. The actual ending fund balance would increase by: $Answer

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

Investing In People Financial Impact Of Human Resource Initiatives

Authors: John W. Boudreau, Wayne F. Cascio, Alexis A. Fink

3rd Edition

1586446096, 978-1586446093

More Books

Students also viewed these Accounting questions

Question

=+46. Monthly gas prices, part 3. Using the data from Exercise

Answered: 1 week ago