The City of Pleasant Valley adopted the following budget for its general fund for the upcoming fiscal
Question:
The City of Pleasant Valley adopted the following budget for its general fund for the upcoming fiscal year.
Estimated revenues:
Taxes $5,000,000
Intergovernmental revenues 1,000,000
Licenses and permits 400,000
Fines and forfeits 150,000
Miscellaneous revenues 100,000
Total estimated revenues $6,650,000
Appropriations:
General government $2,000,000
Public safety 2,200,000
Public works 950,000
Health and welfare 850,000
Miscellaneous 50,000
Total appropriations $5,950,000
- Prepare a summary general journal entry to record the adopted budget at the beginning of FY 2017. Ignore the subsidiary ledger accounts.
- Use the following to make an entry for purchases. Ignore subsidiary ledger accounts.
General government $150,000
Public safety 100,000
Public works 75,000
Health and welfare 65,000
Miscellaneous 10,000
Total $400,000
- Use the following to calculate the year-end balances for the Fund Balance. Show your work.
- Estimated Revenues $2,150,000
- Revenues 2,190,000
- Appropriations 2,185,000
- Expenditures 3,175,000
- Beginning unassigned fund balance 500,000 credit
- Budgetary fund balance after the budget was recorded was $30,000
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton