Variance Budget Actual Favorable/ Unfavorable Revenues: $2,500,000 $2,400,000 Tax Revenues 500,000 Charges for services 200.000F Total revenues 500,000 400,000 X 800,000 100,000 U Expenditures: Administrative expenditure Materials and supplies Health services Total expenditures Excess (Deficit) Fund balance - Beginning X 600.000 200,000 F X X 300,000 F 500,000 Fund balance - Ending X Required: (1) From the budget, actual, and variance columns above, you are required to: i. Compute the missing amounts that are marked by (X) and indicate whether the variance is favorable or not. (8.5 marks) ii. Journalize the budgetary (estimated) transactions. (2.5 marks) (2) Explain the basis of recognizing revenues and expenditure of the general funds. 12 marks) (3) Explain the bases on which assets and liabilities are reported in the government-wide financial statements. (2 marks)