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Exercise 4-22 (Algo) Preparing Statements from Revenue and Appropriations Ledgers [LO4-1, 4-2, LO4- 3] 4 The finance director for the City of Green Falls printed the General Fund Revenues and Appropriations Ledgers shown below for the year just ended. REVENUES LEDGER Est. Revenues Dr (Cr) Revenues Cr(Dr) Balance Dr (Cr) Ref. Account Description Estimated Revenues-Taxes-Real Property 102 Budget Authorization 6,702,400 103 Accrued Revenue 6,702,400 (3,100) (353,100) (39,600) 104 6,705,500 350,000 (313,500) Previous Deferral 109 Deferral 110 Budget Amendment 400 40,000 (6,742,400) 111 Closing entry (6,742,000) 0 112 Closing entry (6,742,000) Estimated Revenues-Taxes-Sales 102 Budget Authorization 741,750 103 Received in Cash 741,750 26,150 715,600 110 Budget Amendment 700 (25,450) (716,300) 111 Closing Entry (715,600) 112 Closing Entry (715,600) 0 Estimated Revenues-Interest and Penalties on Taxes Budget Authorization 102 47,050 47,050 24,750 104 Previous Deferral 22,300 110 Budget Amendment (300) (25,050) (22,000) 111 Closing Entry (22,300) 0 112 Closing Entry (22,300) Estimated Revenues-Licenses and Permits 102 Budget Authorization 466,250 103 Received in Cash 466,250 6,200 (460,050) 0 111 Closing Entry 460,050 (460,050) (466,250) 112 Closing Entry Estimated Revenues-Fines and Forfeits 102 Budget Authorization 494,250 103 Received in Cash 498,550 494,250 (4,300) (498,550) 111 Closing Entry (494,250) 112 Closing Entry (498,550) 0 Estimated Revenues-Intergovernmental Revenue 102 Budget Authorization 513,250 513,250 103 Previous Deferral 29,000 484,250 103 Received in Cash 494,250 (10,000) 550 110 Budget Amendment 10,550 (523,800) 111 Closing Entry (523,250) 12 Dints eBook References 112 Closing Entry Estimated Revenues-Charges for Services 102 Budget Authorization 103 Received in Cash 110 Budget Amendment 111 Closing Entry 112 Closing Entry Estimated Revenues-Miscellaneous Revenues Budget Authorization 102 103 Received in Cash 111 Closing Entry 112 Closing Entry Ref. Account Description Appropriations-General Government 102 Budget Authorization 103 Purchase Orders 106 Payroll 107 Elimination 107 Goods Received 109 Utilities and Other 110 Budget Amendment 111 Closing Entry 112 Closing Entry Appropriations-Public Safety Budget Authorization 102 103 Purchase Orders 106 Payroll 107 Elimination 107 Goods Received 109 Utilities and Other 110 Budget Amendment 111 Closing Entry 112 Closing Entry Appropriations-Public Works 102 Budget Authorization 103 Purchase Orders 106 Payroll 107 Elimination 107 Goods Received 110 Budget Amendment 111 Closing Entry 112 Closing Entry Appropriations-Health and Welfare 102 Budget Authorization 337,500 10,450 (347,950) 214,000 (214,000) APPROPRIATIONS LEDGER Enc. Enc. Enc. Increase Decrease Balance 380, 250 380, 250 379,370 880 1,045, 250 941,460 1,039,900 924,170 1,045, 250 5,350 941,460 17,290 (523,250) 348,450 (348,450) 220,675 (220,675) Exp. Dr (Cr) 1,474,876 381,300 11,500 (1,867,676) 2,452,144 1,040,000 39,500 (3,531,644) 807,981 923,990 (1,731,971) 337,500 (10,950) (500) (348,450) 0 214,000 (6,675) (220,675) @ Exp. Balance 1,474,876 1,856,176 1,867,676 0 2,452,144 3,492,144 3,531,644 0 807,981 1,731,971 0 Approp. Cr(Dr) 1,859,750 10,500 (1,870,250) 3,541,250 (10,500) (3,530,750) 1,734,750 10,500 (1,745,250) 1,061,750 Balance Cr(Dr) 1,859,750 1,479,500 4,624 383,994 2,694 (8,806) 1,694 (1,868,556) (880) 3,541,250 2,496,000 43,856 1,083,756 43,756 4, 256 (6,244) (3,536,994) (5,350) 1,734,750 793, 290 (14,691) 909,479 (14,511) (4,011) (1,749,261) (17,290) 1,061,750 637,385 103 Purchase Orders 106 Payroll 424,773 424,773 107 Elimination 637,385 107 Goods received 636,855 1,061,628 (1,061,750) 111 Closing Entry 112 Closing Entry (1,061, 628) 0 Appropriations-Culture and Recreation 102 Budget Authorization 1,076,000 103 Purchase Orders 598,820 598,820 106 Payroll 481,964 481,964 107 Elimination 591,545 7,275 107 Goods Received 593,900 1,075,864 111 Closing Entry Closing Entry (1,076,000) 112 (1,075,864) 0 Appropriations-Miscellaneous 102 Budget Authorization 100, 250 103 Purchase Orders 98,450 98,450 107 Elimination 98,450 0 107 Goods Received 98,450 98,450 10,500 109 Utilities and Other 108,950 111 Closing Entry (100,250) 112 Closing Entry (108,950) 0 The beginning-of-the-year fund balance was $158,760. Estimated and actual Other Financing Uses-Interfund Transfers Out totaled $50,500. Required a. From the ledger detail, reproduce the summary journal entries recorded in the General Fund general journal to close the operating statement and budgetary accounts at the end of the year. b. What are the amounts of encumbrances outstanding at year-end? c. Prepare a statement of revenues, expenditures, and changes in fund balance for the General Fund of the City of Green Falls for the prior year. d. Prepare a budgetary comparison schedule for the General Fund of the City of Green Falls for the prior year. 637, 385 0 424, 365 (408) 636,977 122 (1,061, 628) 1,076,000 477,180 (4,784) 586,761 (7,139) (1,083, 139) (7,275) 100, 250 1,800 100, 250 1,800 (8,700) (108,950) 0 Complete this question by entering your answers in the tabs below. Show less A Required A Required B Required C Required D From the ledger detail, reproduce the summary journal entries recorded in the General Fund general journal to close the operating statement and budgetary accounts at the end of the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Transaction Fund General Journal Debit Credit 1. Record from the ledger, the summary journal entries recorded to close the operating statement and budgetary accounts at the end of the year. 1 General Fund 2 Required A Required B Required C Required D What are the amounts of encumbrances outstanding at year-end? CITY OF GREEN FALLS Encumbrances Ledger Encumbrances Encumbrances Encumbrances Increase Dr Decrease Cr Balance Dr(Cr) Account/Description General Government Public Safety Public Works Culture and Recreation Prepare a statement of revenues, expenditures, and changes in fund balance for the General Fund of the City of Green Falls for the prior year. CITY OF GREEN FALLS General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended Revenues Total Revenues Expenditures Total Expenditures Excess of Revenues over Expenditures Other Financing Sources (Uses) Total Other Financing Sources (Uses) Increase in Fund Balances Fund Balances, January 1 Fund Balances, December 31 Prepare a budgetary comparison schedule for the General Fund of the City of Green Falls for the prior year. CITY OF GREEN FALLS General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended Budgeted Amounts Original Actual Amounts Budget Basis Final Revenues Total Revenues Expenditures Total Expenditures Excess of Revenues over Expenditures and encumbrances Other Financing Uses Increase in Encumbrances O/S Increase in Fund Balance Fund Balances, 1/1 Fund Balances, 12/31 Variance with Final Budget Over (Under) Exercise 4-22 (Algo) Preparing Statements from Revenue and Appropriations Ledgers [LO4-1, 4-2, LO4- 3] 4 The finance director for the City of Green Falls printed the General Fund Revenues and Appropriations Ledgers shown below for the year just ended. REVENUES LEDGER Est. Revenues Dr (Cr) Revenues Cr(Dr) Balance Dr (Cr) Ref. Account Description Estimated Revenues-Taxes-Real Property 102 Budget Authorization 6,702,400 103 Accrued Revenue 6,702,400 (3,100) (353,100) (39,600) 104 6,705,500 350,000 (313,500) Previous Deferral 109 Deferral 110 Budget Amendment 400 40,000 (6,742,400) 111 Closing entry (6,742,000) 0 112 Closing entry (6,742,000) Estimated Revenues-Taxes-Sales 102 Budget Authorization 741,750 103 Received in Cash 741,750 26,150 715,600 110 Budget Amendment 700 (25,450) (716,300) 111 Closing Entry (715,600) 112 Closing Entry (715,600) 0 Estimated Revenues-Interest and Penalties on Taxes Budget Authorization 102 47,050 47,050 24,750 104 Previous Deferral 22,300 110 Budget Amendment (300) (25,050) (22,000) 111 Closing Entry (22,300) 0 112 Closing Entry (22,300) Estimated Revenues-Licenses and Permits 102 Budget Authorization 466,250 103 Received in Cash 466,250 6,200 (460,050) 0 111 Closing Entry 460,050 (460,050) (466,250) 112 Closing Entry Estimated Revenues-Fines and Forfeits 102 Budget Authorization 494,250 103 Received in Cash 498,550 494,250 (4,300) (498,550) 111 Closing Entry (494,250) 112 Closing Entry (498,550) 0 Estimated Revenues-Intergovernmental Revenue 102 Budget Authorization 513,250 513,250 103 Previous Deferral 29,000 484,250 103 Received in Cash 494,250 (10,000) 550 110 Budget Amendment 10,550 (523,800) 111 Closing Entry (523,250) 12 Dints eBook References 112 Closing Entry Estimated Revenues-Charges for Services 102 Budget Authorization 103 Received in Cash 110 Budget Amendment 111 Closing Entry 112 Closing Entry Estimated Revenues-Miscellaneous Revenues Budget Authorization 102 103 Received in Cash 111 Closing Entry 112 Closing Entry Ref. Account Description Appropriations-General Government 102 Budget Authorization 103 Purchase Orders 106 Payroll 107 Elimination 107 Goods Received 109 Utilities and Other 110 Budget Amendment 111 Closing Entry 112 Closing Entry Appropriations-Public Safety Budget Authorization 102 103 Purchase Orders 106 Payroll 107 Elimination 107 Goods Received 109 Utilities and Other 110 Budget Amendment 111 Closing Entry 112 Closing Entry Appropriations-Public Works 102 Budget Authorization 103 Purchase Orders 106 Payroll 107 Elimination 107 Goods Received 110 Budget Amendment 111 Closing Entry 112 Closing Entry Appropriations-Health and Welfare 102 Budget Authorization 337,500 10,450 (347,950) 214,000 (214,000) APPROPRIATIONS LEDGER Enc. Enc. Enc. Increase Decrease Balance 380, 250 380, 250 379,370 880 1,045, 250 941,460 1,039,900 924,170 1,045, 250 5,350 941,460 17,290 (523,250) 348,450 (348,450) 220,675 (220,675) Exp. Dr (Cr) 1,474,876 381,300 11,500 (1,867,676) 2,452,144 1,040,000 39,500 (3,531,644) 807,981 923,990 (1,731,971) 337,500 (10,950) (500) (348,450) 0 214,000 (6,675) (220,675) @ Exp. Balance 1,474,876 1,856,176 1,867,676 0 2,452,144 3,492,144 3,531,644 0 807,981 1,731,971 0 Approp. Cr(Dr) 1,859,750 10,500 (1,870,250) 3,541,250 (10,500) (3,530,750) 1,734,750 10,500 (1,745,250) 1,061,750 Balance Cr(Dr) 1,859,750 1,479,500 4,624 383,994 2,694 (8,806) 1,694 (1,868,556) (880) 3,541,250 2,496,000 43,856 1,083,756 43,756 4, 256 (6,244) (3,536,994) (5,350) 1,734,750 793, 290 (14,691) 909,479 (14,511) (4,011) (1,749,261) (17,290) 1,061,750 637,385 103 Purchase Orders 106 Payroll 424,773 424,773 107 Elimination 637,385 107 Goods received 636,855 1,061,628 (1,061,750) 111 Closing Entry 112 Closing Entry (1,061, 628) 0 Appropriations-Culture and Recreation 102 Budget Authorization 1,076,000 103 Purchase Orders 598,820 598,820 106 Payroll 481,964 481,964 107 Elimination 591,545 7,275 107 Goods Received 593,900 1,075,864 111 Closing Entry Closing Entry (1,076,000) 112 (1,075,864) 0 Appropriations-Miscellaneous 102 Budget Authorization 100, 250 103 Purchase Orders 98,450 98,450 107 Elimination 98,450 0 107 Goods Received 98,450 98,450 10,500 109 Utilities and Other 108,950 111 Closing Entry (100,250) 112 Closing Entry (108,950) 0 The beginning-of-the-year fund balance was $158,760. Estimated and actual Other Financing Uses-Interfund Transfers Out totaled $50,500. Required a. From the ledger detail, reproduce the summary journal entries recorded in the General Fund general journal to close the operating statement and budgetary accounts at the end of the year. b. What are the amounts of encumbrances outstanding at year-end? c. Prepare a statement of revenues, expenditures, and changes in fund balance for the General Fund of the City of Green Falls for the prior year. d. Prepare a budgetary comparison schedule for the General Fund of the City of Green Falls for the prior year. 637, 385 0 424, 365 (408) 636,977 122 (1,061, 628) 1,076,000 477,180 (4,784) 586,761 (7,139) (1,083, 139) (7,275) 100, 250 1,800 100, 250 1,800 (8,700) (108,950) 0 Complete this question by entering your answers in the tabs below. Show less A Required A Required B Required C Required D From the ledger detail, reproduce the summary journal entries recorded in the General Fund general journal to close the operating statement and budgetary accounts at the end of the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Transaction Fund General Journal Debit Credit 1. Record from the ledger, the summary journal entries recorded to close the operating statement and budgetary accounts at the end of the year. 1 General Fund 2 Required A Required B Required C Required D What are the amounts of encumbrances outstanding at year-end? CITY OF GREEN FALLS Encumbrances Ledger Encumbrances Encumbrances Encumbrances Increase Dr Decrease Cr Balance Dr(Cr) Account/Description General Government Public Safety Public Works Culture and Recreation Prepare a statement of revenues, expenditures, and changes in fund balance for the General Fund of the City of Green Falls for the prior year. CITY OF GREEN FALLS General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended Revenues Total Revenues Expenditures Total Expenditures Excess of Revenues over Expenditures Other Financing Sources (Uses) Total Other Financing Sources (Uses) Increase in Fund Balances Fund Balances, January 1 Fund Balances, December 31 Prepare a budgetary comparison schedule for the General Fund of the City of Green Falls for the prior year. CITY OF GREEN FALLS General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended Budgeted Amounts Original Actual Amounts Budget Basis Final Revenues Total Revenues Expenditures Total Expenditures Excess of Revenues over Expenditures and encumbrances Other Financing Uses Increase in Encumbrances O/S Increase in Fund Balance Fund Balances, 1/1 Fund Balances, 12/31 Variance with Final Budget Over (Under)