Suppose the following transactions occurred in the General Fund of Anytown, U.S.A. during the year. A....

 

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Suppose the following transactions occurred in the General Fund of Anytown, U.S.A. during the year. A. The budget was approved as follows: B. C. 1. D. E. F. G. H. Instructions: Budgeted Revenues $900,000 Budgeted Expenditures $800,000 Budgeted Other Fin. Uses: Transfers to Internal Service Fund $100,000 Levied and collected property taxes of $904,000. Paid salaries of $599,000 for city administration, firemen, police officers, and other such city employees. Payroll had not been previously accrued. Encumbrances are not used for payroll. Received one shiny, new fire-truck, which cost $103,000, paid in cash. Received a $1,000 invoice from the Water/Sewer Enterprise Fund for usage by city hall. Recorded the bill on the books. Payment will be made later. Closed the temporary accounts into fund balance. At the beginning of the year, the General Fund had cash and unreserved fund balance of $400,000 each. Placed an order for two new shiny-yellow fire-trucks that are estimated to cost $100,000 each. Created a new Central Motor Pool and funded it with $99,000 cash transferred from the General Fund. How much spending authority is still left for the year after transaction letter F has occurred? $_ 2. Complete the following activity statement for the General Fund showing the budget, actual and variance (indicate favorable or unfavorable) for the year. In other words, put a dollar amount where each question mark appears (and add U or F for the variances). BUDGETED ACTUAL VARIANCE (U or F) Revenues Expenditures PLUS Outstanding Encumbrances Other Fin. Uses: Transfers From/(To) Other Funds Net Increase (Decr.) Total Assets Total Liabilities Fund Balance: $900,000 ($800,000) ($100,000) Total Fund Balance $0 Fund Balance - Reserved for Encumbrances Fund Balance - Unreserved Total Liabilities and Fund Balance 3. Show the dollar amounts that would appear in the fund balance section of the balance sheet at the end of the year. In other words, complete the amounts where the question marks are below. BALANCE SHEET (General Fund) at end of year ? $1,000 ? ? 2 2 ? ? ? 2 2 ? ? Suppose the following transactions occurred in the General Fund of Anytown, U.S.A. during the year. A. The budget was approved as follows: B. C. 1. D. E. F. G. H. Instructions: Budgeted Revenues $900,000 Budgeted Expenditures $800,000 Budgeted Other Fin. Uses: Transfers to Internal Service Fund $100,000 Levied and collected property taxes of $904,000. Paid salaries of $599,000 for city administration, firemen, police officers, and other such city employees. Payroll had not been previously accrued. Encumbrances are not used for payroll. Received one shiny, new fire-truck, which cost $103,000, paid in cash. Received a $1,000 invoice from the Water/Sewer Enterprise Fund for usage by city hall. Recorded the bill on the books. Payment will be made later. Closed the temporary accounts into fund balance. At the beginning of the year, the General Fund had cash and unreserved fund balance of $400,000 each. Placed an order for two new shiny-yellow fire-trucks that are estimated to cost $100,000 each. Created a new Central Motor Pool and funded it with $99,000 cash transferred from the General Fund. How much spending authority is still left for the year after transaction letter F has occurred? $_ 2. Complete the following activity statement for the General Fund showing the budget, actual and variance (indicate favorable or unfavorable) for the year. In other words, put a dollar amount where each question mark appears (and add U or F for the variances). BUDGETED ACTUAL VARIANCE (U or F) Revenues Expenditures PLUS Outstanding Encumbrances Other Fin. Uses: Transfers From/(To) Other Funds Net Increase (Decr.) Total Assets Total Liabilities Fund Balance: $900,000 ($800,000) ($100,000) Total Fund Balance $0 Fund Balance - Reserved for Encumbrances Fund Balance - Unreserved Total Liabilities and Fund Balance 3. Show the dollar amounts that would appear in the fund balance section of the balance sheet at the end of the year. In other words, complete the amounts where the question marks are below. BALANCE SHEET (General Fund) at end of year ? $1,000 ? ? 2 2 ? ? ? 2 2 ? ?