The Budgetary Comparison Schedule for the City of Vienna appears below. Several items of information are missing
Question:
The Budgetary Comparison Schedule for the City of Vienna appears below. Several items of information are missing (denoted with “?”).
Required:
a. Determine the missing amounts.
b. During the year, the City made a single budget revision. Prepare the journal entry to record that revision.
Transcribed Image Text:
CITY OF VIENNA Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2020 Actual Variance Amounts (Budgetary Basis) Budgeted with Final Final Budget Original Revenues: $6,465,000 $6,480,000 $ 15,000 $6,500,000 Taxes 225.000 (5,000) Licenses 230,000 1,200,000 1,200.000 Intergovernmental 1,200.000 120,000 104,000 2,000 Miscellancous 12,000 Total revenues 8,050,000 Expenditures and Encumbrances: 2,700,000 2,602,000 98,500 General Government Public Safety 4,050,000 4,200,000 4,215,000 (15,000) Health and Welfare 1,198,000 22,000 Total expenditures and 105,500 encumbrances 70,000 (23,000) 94,500 117,500 Net Change in Fund Balance Fund Balance-Beginning Fund Balance-Ending 350,000 $ 444,500 350,000 350,000 $ 420,000 $ 327,000 $117,500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
Based on the provided table the missing amounts are Health and Welfare expenditures 1198000 Miscella...View the full answer
Answered By
David Njeri
I am a professional tutor with seven years of experience in tutoring, editing, proofreading, and research in diverse fields. I have tutored students daily to help them understand new concepts and acquire knowledge in their area of specialization. Therefore, my learners have achieved their education and corporate goals since they pass exams with excellent grades and exhibit professionalism in their fields. I am self-motivated and willing to offer the best for the success of learners I tutor daily. I can work under pressure to deliver desirable results both in the short-term and long-term. I can also deliver high-quality research to ensure my learners score high marks. In addition, I can use my expertise to develop innovations in learning which will help learners understand the concepts clearly. Moreover, I do my best to ensure my company achieves the best results and prioritize the integrity of both the company and learners.
Thank you for considering me!
0.00
0 Reviews
10+ Question Solved
Related Book For
Essentials Of Accounting For Governmental And Not-for-Profit Organizations
ISBN: 9781260570175
14th Edition
Authors: Paul Copley
Question Posted:
Students also viewed these Business questions
-
Prepare the journal entry to record income taxes on December 31, 2011, assuming that Turner Corporations income tax expense is $35,000 and that it owes $30,000 in income taxes to the government....
-
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
-
Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock assuming the shares: a. Sell for $15 cash per share. b. Are exchanged for land valued at...
-
Explain why some conditions on the market are regarded as anomalies and explain how that affects factor investing.
-
What are the differences between defensive market strategies and offensive market strategies?
-
Consider the function f(x) = |x - 2| + |x + 3| on [-4, 4]. Graph f, identify the critical points, and give the coordinates of the local and absolute extreme values.
-
Do any of the following contradict the theory that the demand for labour equals the marginal revenue product: wage scales related to length of service (incremental scales), nationally negotiated wage...
-
In order to protect against terrorists, the U.S. government is collecting more and more data on individuals into comprehensive databases. Have you any concerns about this? Why or why not?
-
You have found the following historical information for the Daniela Company over the past four years: Year 1 Year 2 Year 3 Year 4 Stock price EPS $ 49.65 2.42 $ $ 67.54 $ 60.50 58.32 2.59 2.74 2.88...
-
The founder of Frenza asks us to assist her in accounting and analysis of the corporations bonds, which have an annual contract rate of 8%. She wants to know the business and accounting implications...
-
Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 7. Fund balance on January 1, 2020, was $753,000. There were no...
-
The City of South Dundee budget for the fiscal year ended June 30, 2020, included an appropriation for the police department in the amount of $8,900,000. During the month of July 2019, the following...
-
Solve each quadratic equation by the method of your choice. x 4 - 10x 2 + 9 = 0
-
A sexual harassment policy is an example of__________ plans used by organizations. (a) long-term (b) single-use (c) standing-use (d) operational
-
The presence or absence of a felt need for change is a key issue in the_________ phase of the planned change process. (a) improvising (b) evaluating (c) unfreezing (d) refreezing
-
Olivia is being audited by the IRS. The revenue agent determines that certain expenses that were deducted on her return are not valid, and he accordingly makes adjustments to her tax liability. Upon...
-
The two questions asked by Porter to identify competitive strategies for a business or product line are: 1What is the market scope? 2What is the ____________? (a) market share (b) source of...
-
In Porters five forces framework, having ____________ increases industry attractiveness. (a) many rivals (b) many substitute products (c) low bargaining power of suppliers (d) few barriers to entry
-
A risky experimental treatment is to be given to at most three patients. The treatment will be given to one patient. If it is a success, then it will be given to a second. If it is a success, it will...
-
A heat engine has a heat input of 3 Ã 104 Btu/h and a thermal efficiency of 40 percent. Calculate the power it will produce, in hp. Source 3 x 10 Btu/h 40% HE Sink
-
Discuss website creation in terms of design and the practical implications for navigation.
-
Search engine optimisation is now a key issue for any organisation, large or small, from a marketing perspective". Discuss the veracity of this statement using examples to illustrate.
-
Discuss the changing, dynamic role of sales promotion within the integrated communications mix and qualify this with the use of an example, industrial, trade or consumer, of your choice.
-
Analyze your self-concept from physical and social characteristics, then do it your identification is categorized as high/low Self Estem? Give the reason! 2 Having many friends is very beneficial...
-
1. Assume: Q(S) = 2P; Q(D) = 300 -P 1. What is the equilibrium P and Q? 2. If there is a price ceiling of $90, is it binding? Will there be a shortage or surplus, and how much? 3. What if there is...
-
(6) 2.1. Define planning and discuss why planning in any farm business is essential. 2.2. Demonstrate your understanding of risks and uncertainties in farming and describe any three methods you can...
Study smarter with the SolutionInn App