The commissioners of the Regents Park Commission Special Revenue Fund approved the following budget for calendar year 2012. Assume that the Unassigned fund balance at the beginning of the year was $ 10,000. Also, assume that no encumbrances were outstanding and no supplies were on hand at the beginning or the end of the year. Prepare a statement of revenues, expenditures, and changes in fund balance. In addition, prepare a budgetary comparison schedule, assuming the ori-ginally approved budget and the final budget areidentical.
Answer to relevant QuestionsPrepare the general journal entries necessary to record the following selected transactions of the General Fund of the City of Roxyville. 1. Property taxes of $ 4,000,000 were levied. The city estimates that 1.5 percent of ...Under what circumstances are Capital Projects Funds used? Are closing entries necessary in the accounting records for a capital project that is not completed in the first year? Assume you are the accounting supervisor for the City of Secret Valley, and you discover a violation the city made regarding its bond indentures. The city has four bond issues outstanding, and the bond indenture for each ...Explain why a separate fund generally is used to account for the construction and acquisition of major general capital assets.
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