Shepherd City's original budget included a credit to fund balance of $20,000. During the year, the City recorded an additional entry that debited budgetary fund balance and credited estimated revenues. Which of the following accurately describes what happened? The estimated revenues decreased, reducing the City's projected surplus for the year. The estimated revenues decreased, improving the City's projected surplus for the year. The estimated revenues increased, reducing the City's projected surplus for the
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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- For the fiscal year 20X7 budget, the Town of Purplesburg anticipates the following inflows in its General Fund budget Property taxes, licenses, and fees $7,000,000 Proceeds of borrowings 3,000,000 Transfers from discontinued funds 2,000,000 In the budgetary entry, what amount should the town record for Estimated Revenues? a. $7,000,000 b. $10,000,000 c. $12,000,000 d. $3,000,000The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,000,000 and appropriations were $1,990,000. Property taxes in the amount of $1,940,000 were levied. It is estimated that $9,000 of the taxes levied will be uncollectible. A General Fund transfer of $25,000 in cash and $300,000 in equipment (with accumulated depreciation of $65,000) was made to establish a central duplicating internal service fund. A citizen of Lynnwood donated marketable securities with a fair value of $800,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after-school program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of December 31 was $40,000. The city’s utility fund billed the city’s General Fund…The General Fund for Nisland has the following budget for the current year: Estimated Revenues$4,500,000 Appropriations$5,200,000 Estimated other financing sources$800,000 Estimated other financing uses$75,000 During the year, the actual results were: Revenues$4,300,000 Expenditures$5,150,000 Other financing sources$850,000 Other financing uses$70,000 Required: Prepare the Closing Entries for Nisland. Does it need a record for budgetary / encumbrances first and then the actual cost? DO NOT GIVE SOLUTION IN IMAGE FORMAT
- The City of Weston is preparing its budget for calendar year 2013. After estimating revenues from all other sources, the City calculates that it must raise $8,000,000 from property taxes. You are given the following information regarding the tax rate: Property taxes to be collected $8,000,000 Estimated uncollectible property taxes $50,250 Total assessed value of property at beginning of 2013 $95,000,000 Expected reduction in assessed value from appeals $200,000 Assessed value of City property, not subject to tax $1,200,000 Adjustments to assessed values for senior citizen exemptions $1,000,000 Required: Compute the gross amount of property taxes required to be levied. Compute the tax rate per $100 of net assessed valuation. Determine the amount of property…A city maintains an internal audit department and accounts for it in its general fund. In the coming year, the department will purchase $300,000 of computer and other office equipment, all of which will be paid for out of current resources (i.e., not with debt).City officials have given top priority to reducing general fund expenditures. To that end, the city comptroller has proposed accounting for the internal audit department in an internal service fund rather than in the general fund. As envisioned by the comptroller, the audit department would bill each of the units (all of which are accounted for in the general fund) for each audit performed. Fees would be established so that they would cover all audit department costs. The fund would be established by a transfer of $300,000 from the general fund to cover the cost of the new equipment.The city estimates that for the coming year the audit department's operating costs, excluding any costs relating to the new equipment, will be…A city maintains an internal audit department and accounts for it in its general fund. In the coming year, the department will purchase $300,000 of computer and other office equipment, all of which will be paid for out of current resources (i.e., not with debt).City officials have given top priority to reducing general fund expenditures. To that end, the city comptroller has proposed accounting for the internal audit department in an internal service fund rather than in the general fund. As envisioned by the comptroller, the audit department would bill each of the units (all of which are accounted for in the general fund) for each audit performed. Fees would be established so that they would cover all audit department costs. The fund would be established by a transfer of $300,000 from the general fund to cover the cost of the new equipment.The city estimates that for the coming year the audit department's operating costs, excluding any costs relating to the new equipment, will be…
- Government officials of the City of Jones expect to receive general fund revenues of $400,000 in 2017 but approve spending only $380,000. Later in the year, as they receive more information, they increase the revenue projection to $420,000. Officials also approve the spending of an additional $15,000. For each of the following, indicate whether the statement is true or false and, if false, explain why.a. In recording this budget, appropriations should be credited initially for $380,000.b. The city must disclose this budgetary data within the required supplemental information section reported after the notes to the financial statements.c. When reporting budgetary information for the year, three figures should be reported: amended budget, initial budget, and actual figures.d. In making the budgetary entry, a debit must be made to some type of Fund Balance account to indicate the projected surplus and its effect on the size of the fund.e. The reporting of the budget is reflected in the…Government officials of the City of Jones expect to receive general fund revenues of $400,000 in 2017 but approve spending only $380,000. Later in the year, as they receive more information, they increase the revenue projection to $420,000. Officials also approve the spending of an additional $15,000. For each of the following, indicate whether the statement is true or false and, if false, explain why. In recording this budget, appropriations should be credited initially for $380,000. The city must disclose this budgetary data within the required supplemental information section reported after the notes to the financial statements. When reporting budgetary information for the year, three figures should be reported: amended budget, initial budget, and actual figures. In making the budgetary entry, a debit must be made to some type of Fund Balance account to indicate the projected surplus and its effect on the size of the fund. The reporting of the budget is reflected in the…Chesterfield County had the following transactions. Prepare the entries first for fund financial statements and then for government-wide financial statements.a. A budget is passed for all ongoing activities. Revenue is anticipated to be $834,000 with approved spending of $540,000 and operating transfers out of $242,000.b. A contract is signed with a construction company to build a new central office building for the government at a cost of $8 million. A budget for this project has previously been recorded.c. Bonds are sold for $8 million (face value) to finance construction of the new office building.d. The new building is completed. An invoice for $8 million is received and paid.e. Previously unrestricted cash of $1 million is set aside to begin paying the bonds issued in (c).f. A portion of the bonds comes due and $1 million is paid. Of this total, $100,000 represents interest. The interest had not been previously accrued.g. Citizens’ property tax levies are assessed. Total billing…
- King City has budgeted the following General Fund revenues and appropriations for the fiscal year 2002. Estimated Revenues: Taxes $6,000,000 Licenses and Permits 1,200,000 Fines and Forfeits 400,000 Intergovernmental Revenues 2,000,000 Total Estimates Revenues $9,600.00 Appropriations General Administration $1,700,000 Police 2,000,000 Fire 2,300,000 Health and Welfare 1,800,000 Public Works…The finance director of the Bethandy Independent School District is making preliminary estimates of the budget outlook for the General Fund for the 20x8 fiscal year. These estimates will permit the superintendent to advise the department heads properly when budget instructions and forms are distributed. She has assembled the following information: Estimated 20X7 Expected Change- 20X8 1. Revenues Property Taxes............................................................................ $2,000,000 +6% State aid....................................................................................... 1,000,000 +3% Federal grants.............................................................................. 500,000 -$40,000 Other............................................................................................ 300,000 +$10,000 $3,800,000 2. Expenditures Salaries and…At its final meeting of the fiscal year, the Muscat Municipality will be making plans to allocate funds remaining in this year’s budget. Nine projects have been under consideration throughout the entire year. To gauge community support for the various projects, questionnaires were randomly mailed to voters throughout the city asking them to rank the projects (9 = highest priority, 1 = lowest priority). The Municipality tallied the scores from the 500 responses it received. Although the Municipality has maintained that it will not be bound by the results of questionnaire, it plans to use this information while taking into account other concerns when making the budget allocations. The estimated cost of each project, the estimated number of permanent new jobs each would create, and the questionnaire point tallies are summarised in the table given below. Project Cost (£1000) New Jobs Points X1 Hire seven new police officers X2 Modernise police…