Report Budget

Preparation of financial statements and interpretation of operating results Below is the December 31, 2022 trial balance for Radnor City's General Fund. Trial Balance Account Debit Credit Estimated revenues-property taxes $500,000 Estimated revenues-intergovernmental 150,000 Estimated revenues-licenses and fees 100,000 Estimated revenues-fines 50,000 Budgetary fund balance Appropriations-general government 10,000 $159,000 Appropriations-parks and recreation 175,000 Appropriations-public safety 446,000 Appropriations-social services 30,000 Expenditures-public safety 441,000 Expenditures-general government 150,500 Expenditures-parks and recreation 170,500 Expenditures-social services 27,000 Cash 35,600 Property taxes receivable 67,200 Tax anticipation notes payable 10,000 Interest payable 800 Revenues-property taxes 497,000 Revenues-intergovernmental 154,000 Revenues-licenses and fees 99,000 Revenues-fines 48,000 Fund balance 62,000 Vouchers payable 21,000 Total $1,701,800 $1,701,800

The City of Bedford Falls debt service fund budgeted $150,000 (2 payments of $75,000) for interest and an annual principal payment of $500,000. Funding will be transferred from the general fund at the time payments are to be made. Interest payments will be December 15 and June 15. Principal will be paid on June 15. Journalize the budget for July 1 Journal any necessary December 15 entry(ies) What is the amount of accrued interest to be recorded in the Debt Service Fund at June 30?

how about these 3 requirments  Prepare a direct materials budget for the first quarter of the financial year ending 30 September 2022. Prepare a cash budget for the first quarter of the financial year ending 30 September 2022 including any necessary schedules. Prepare a budgeted income statement for the first quarter of the financial year ending 30 September 2022.

Completing a comprehensive budgeting problem—merchandising Company Alliance Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2018 and a balance sheet at April 30, 2018. The March 31, 2018, balance sheet follows: As Alliance Printing Supply’s controller, you have assembled the following additional information: April dividends of $7,000 were declared and paid. April capital expenditures of $16,300 budgeted for cash purchase of equipment. April depreciation expense, $1,000. Cost of goods sold, 40% of sales. Desired ending inventory for April is $22,400. April selling and administrative expenses include salaries of $37,000, 30% of which will be paid in cash and the remainder paid next month. Additional April selling and administrative expenses also include miscellaneous expenses of 10% of sales, all paid in April. April budgeted sales, $89,000, 80% collected in April and 20°/0 in May. April cash payments of March 31…

Completing a comprehensive budgeting problem—merchandising company Belton Printing Company of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for the month of April 2018 and a balance sheet at April 30, 2018. The March 31, 2018a balance sheet follows: As Belton Printings controller, you have assembled the following additional information: April dividends of $7,000 were declared and paid. April capital expenditures of $17,000 budgeted for cash purchase of equipment. April depreciation expense, $800. Cost of goods sold, 55% of sales. Desired ending inventory For April is $24,800. April selling and administrative expenses includes salaries of $29,000, 20% of which Will be paid in cash and the remainder paid next month. Additional April selling and administrative expenses also include miscellaneous expenses of 10% of sales, all paid in April. April budgeted sales, $86,000, 80% collected in April and 20% in May. April cash payments of March 31…

Here is the following information about specific funds allocated within the government budget in 2019 1/2019: Allocations amounted to $ 240,000 1/10/2019 The commitments (purchase order) amounted to $ 40,000 1/15/2019 Cash expenses $ 80,400 1/25/2019 I submitted invoices for $ 8,600 and were approved for 25% of commitments 1/208/2019 Submit invoices for $ 44,000 in exchange for full payment of the balance The above commitments It is required to prepare a statement of support

Prepare journal entries to record the following transactions and events that occurred in Jeter City during calendar year 2022. 1. The city council adopted the following budget: Adopted budget Estimated revenues and other sources: Property taxes $3,250,000 Sales taxes 1,820,000 Use of fund balance 65,000 Total $5,135,000 Appropriations: Streets and parkways: Personal services $1,014,000 Equipment 123,500 Operating supplies 162,500 All other appropriations 3,835,000 Total $5,135,000 2. The Department of Streets and Parkways (S&P) took bids to purchase several items of equipment. The lowest bid came in at $136,500, which was greater than the amount appropriated for equipment. Jeter City’s budget director, who had the authority to interchange budgetary appropriations amounts within a department, authorized a $13,000 reduction in the department’s personal services appropriation and a corresponding increase in the equipment appropriation. 3. S&P entered into contract S&P…

Garden City had the following accounts approved at the beginning of 2021. Estimated Revenues: $8 million Estimated Other Financial Uses $2 million Appropriations $9 million Estimated Other Financial Sources $4 million What budgetary amount of fund balance Garden City will report in its budget summary? O a. Debit $1 million. O b. Credit $1 million. O c. Debit $3 million. O d. Credit $3 million.

HW 2022.1.3. The Sunstate Bank has asked Dell Printing Co. for a budgeted balance sheet for the year ended December 31, 2022. The following information is available: 1.+The cash budget shows an expected cash balance of $75,000 at December 31, 2022. 2- The 2022 sales budget shows total annual sales of $800,000. All sales are made on account and accounts receivable at December 31, 2022 are expected to be 10% of annual sales. 3.+ The merchandise purchases budget shows budgeted cost of goods sold for 2022 of $600,000 and ending merchandise inventory of $95,000. 20% of the ending inventory is expected to have not yet been paid at December 31, 2022. 4.-The December 31, 2021 balance sheet includes the following balances: Equipment $294,000, Accumulated Depreciation $122,000, Common Stock $270,000, and Retained Earnings $48,000. 5.+ The budgeted income statement for 2022 includes the following: depreciation on equipment $15,000, federal income taxes $21,000, and net income $49,000. The income…

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question 19 A county general fund budget includes budgeted revenues of $600 and budgeted expenditures of $595. Actual revenues for the year were $610. To close the Estimated Revenues account at the end of the year a. Debit Estimated Revenues $10 b. Credit Estimated Revenue $10 c. Debit Estimated Revenues $600 d. Credit Estimated Revenues $600 Question 20 Hill City uses encumbrance accounting to control expenditures. However, it charges the cost of outstanding purchase commitments to expenditures in the year they are received, not in the year they are ordered. If Hill City had $5,000 of purchase commitments outstanding at the end of Year 1 and received those goods during Year 2 at a cost of $4,900, what would be the impact on total Fund Balance for Year 2? a. Total Fund Balance at the end of Year 2 would be $4,900 less than at the end of Year 1. b. Total Fund Balance at the end of Year 2 would be $100 less than at the end of Year 1. c. Total Fund Balance at the end of Year 2 would be…

The general ledger of the County of Konstantin contains the following selected account balances: $91400 $35600 $16500 $5700 Appropriations Outstanding Encumbrances Expenditures Vouchers Payable Konstantin wants to order additional goods and services before the fiscal year end. What is the unencumbered balance (i.e., the remaining authority) of the budget that may be expended by Konstantin? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000.

Question 6. Please fill in the blanks in the same format as the question

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What is the budgeted balance of retained earnings as of December 31, 2022? What is the expected balance of the plant and equipment accounts as of December 31, 2022? If a budgeted balance sheet as of December 31, 2022 is to be prepared, how much will be the total assets?

Prepare a budgeted balance sheet at June 30th

Service Thome and Crede, CPAs, are preparing their service revenue (sales) budget for the coming year (2022). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided here.   DepartmentQuarter 1Quarter 2Quarter 3Quarter 4 Auditing2,3001,6002,0002,400 Tax3,0002,2002,0002,500 Consulting1,5001,5001,5001,500   Average hourly billing rates are auditing $80, tax $90, and consulting $110.InstructionsPrepare the service revenue (sales) budget for 2022 by listing the departments and showing billable hours, billable rate, and total revenue for each quarter and the year in total. Prepare quarterly production budgets.

Prepare a Budgeted Statement of Financial Position as at 31 December 2022 using the below information: Statement of comprehensive income for the year ended 31 December 2021Sales                                                               10 000 000Cost of sales                                                   (5 750 000)Gross profit                                                      4 250 000Variable selling and administrative expenses (1 500 000)Fixed selling and administrative expenses     (500 000)Net profit                                                          2 250 000 Statement of financial position as at 31 December 2021ASSETSNon-current assets                    800 000Property, plant and equipment  800 000Current assets                           3 400 000Inventories                                 1 600 000Accounts receivable                   600 000Cash                                           1 200 000                                                    4 200…

QUESTION 2 REQUIRED Prepare the Cash Budget for January, February and March 2021. (Provide separate monetary columns for each month.) INFORMATION Ricoh Limited is planning the business activities of Project Haz for the first three months of 2021. Some of the items in the Statement of Financial Position as at 31 December 2020 are expected to be as fallows: Current assets Debtors/Accounts receivable R 600 000 20 000 Bank Current liabilities Creditors (for material purchases) 100 000 Additional information The following forecasts have been made by Ricoh Limited for the first three months of 2021: 1. Direct materials The costs of production include the following: R26 per unit Direct labour R22 per unit 2. The sales manager anticipates the following sales volumes at a constant price of R160 per unit: January February March 2 300 units 2 500 units 3 400 units All the sales are on credit and debtors pay their accounts in the month after the sale. 3. The purchases manager expects to purchase…

Suggest five internal strategies that may be employed by management to improve an organization monthly cash flow and militate against or reduce any possible shortfall reflected in the budget prepared

The city council of Temecula approved the 2013 budget as follows: Budgeted 2013 revenues from: Property taxes   $6,000,000 Sales taxes         $2,000,000 Appropriations for 2013: Salaries             $5,600,000 Materials          $2,200,000 Equipment       $125,000   Required: Prepare the general journal entry necessary to initially record the budget on 1/1/13             Date Account Debit Credit

Please draft a budgeted receipt schedule from debtors for the period of 1 January 2023 to 30 June 2023. Month of 2023 Budgeted total sales: 1. January 140 000 2. February 132 000 3. March 128 000 4. April 115 000 5. May 120 000 6. June 150 000 Additional information: Total sales for September 2022, October 2022, November 2022 and December 2022 were R 120 000, R128 000 and R134 000 and R140 000 respectively. The goods sold on credit were 60% of actual sales. Customers will pay their debt as follows: . ⚫ 0% in the first month after the month of sale • 60% in the second month after the month of sale • 30% in the third month after the month of sale 10% in the fourth month after the month of sale

Preparing the financial budget—budgeted balance sheet Barker, Inc. has the following balance sheet at December 31, 2018: Barker projects the following transactions for 2019: Sales on account, $20,000 Cash receipts from customers from sales on account, $17,600 Purchase of raw materials on account, $7,000 Payments on account, $3,500 ‘ Total cost of completed products, $16,600, which includes the following: Raw materials used, $7,100 Direct labor costs incurred and paid, $3,900 Manufacturing overhead costs incurred and paid, 154,800 Depreciation on manufacturing equipment, $800 Prepare a budgeted balance sheet for Barker, Inc. for December 31, 2019. (Hint: it may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.) Cost of goods sold, $14,800 Selling and administrative costs incurred and paid, $500 Purchase of equipment, paid in 2019, $2,000

Preparing a financial budget—budgeted income statement and balance sheet Ballentine Company has the following post-closing trial balance on December 31, 2018: The company’s accounting department has gathered the following budgeting information for the first quarter of 2019: Additional information: Direct materials purchases are paid 50% in the quarter purchased and 50%, in the next quarter. Direct labor, ma following budgeted income statement nufacturing overhead selling and administrative costs, and income tax expense are paid in the quarter incurred. Accounts payable at December 31, 2018 are paid in the first quarter of 2019. Requirements Prepare Ballentine Company’s budgeted income statement for the first quarter of 2019. Prepare Ballentine Company’s budgeted balance sheet as of March 31, 2019.

The City of Portland has the following budget data for one of its Special Revenue Funds for the upcoming fiscal year: Estimated Revenues: $7,900,000 Appropriations: $8,900,000 Estimated Other Financing Sources: $1,100,000 The city just approved the budget and these amounts. Prepare the necessary budgetary journal entry in the General Ledger to record the budget.