New York State’s general fund budget and actual information for fiscal 2017 appear below. All dollar amounts are in millions

Use the “final” financial plan (budget) amounts when answering the questions below.

Assume New York State’s general fund separates its other financing sources (uses) into sources and uses when preparing its budget and closing entries.

Required (answer in millions)

a). Prepare the fiscal 2017 budget entry for the general fund.

b). Prepare the fiscal 2017 closing entries for the general fund.

Transcribed Image Text:

RECEIPTS: Taxes Miscellaneous Federal grants Total receipts DISBURSEMENTS: Local assistance grants(¹) State operations General State charges Total disbursements Excess (deficiency) of receipts over disbursements OTHER FINANCING SOURCES (USES): Transfers from other funds Transfers to other funds Net other financing sources (uses) Excess (deficiency) of receipts and other financing sources over disbursements and other financing uses $ $ Financial Plan Amounts Original Final 47,752 $ 2,813 50,565 45,957 8,299 5,425 59,681 (9,116) 18,411 (12,160) 6,251 General (2,865) $ 46,061 $ 3,799 49,860 44,826 8,253 5,491 58,570 (8,710) 18,130 (11,122) 7,008 (1,702) S Actual (Budgetary Basis) 45,507 $ 3,813 49,320 44,440 8,086 5,462 57,988 (8,668) Variance with Final Budget 17,575 (10,093) 7,482 (1,186) S (554) 14 (540) 386 167 29 582 42 (555) 1,029 474 516 RECEIPTS: Taxes Miscellaneous Federal grants Total receipts DISBURSEMENTS: Local assistance grants(¹) State operations General State charges Total disbursements Excess (deficiency) of receipts over disbursements OTHER FINANCING SOURCES (USES): Transfers from other funds Transfers to other funds Net other financing sources (uses) Excess (deficiency) of receipts and other financing sources over disbursements and other financing uses $ $ Financial Plan Amounts Original Final 47,752 $ 2,813 50,565 45,957 8,299 5,425 59,681 (9,116) 18,411 (12,160) 6,251 General (2,865) $ 46,061 $ 3,799 49,860 44,826 8,253 5,491 58,570 (8,710) 18,130 (11,122) 7,008 (1,702) S Actual (Budgetary Basis) 45,507 $ 3,813 49,320 44,440 8,086 5,462 57,988 (8,668) Variance with Final Budget 17,575 (10,093) 7,482 (1,186) S (554) 14 (540) 386 167 29 582 42 (555) 1,029 474 516

Answer rating: 100% (QA)

a General Fund Budget Entry For the Fiscal Year 2017 Receipts Taxes 46061 million ... View the full answer