The Department of Education had an appropriation of $1million in 2020 and of $1.03 million in 2021 (an increase of $0.03 million or 3%). If using the incremental budgeting approach, what is the 2022 budget base for this department? If using zero-based budgeting approach, what is the 2022 budget base for this department?
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- The Department of Education had an appropriation of $1million in 2020 and of $1.03 million in 2021 (an increase of $0.03 million or 3%).
- If using the incremental budgeting approach, what is the 2022 budget base for this department?
- If using zero-based budgeting approach, what is the 2022 budget base for this department?
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- The following is the general budget for earmarked funds and its adjustments during the 2020 financial period: 1) The total estimated revenues within the general budget for funds allocated for the year 2020 amounted to (3) million dinars, of which 2595 thousand dinars for public services. 2) In addition to the above, the estimated revenues of public parking, which amount to 336 thousand dinars, have been allocated to cover public safety expenses of 300 thousand dinars. 3) Reducing income tax revenues by 120,000 dinars and travel allowances by 90,000 dinars, provided that the difference is covered from the fund's balance account. 4) Frost occurred in the Jordan Valley that affected the agricultural crop, and it was decided to compensate farmers for 70,000 dinars within the general budget appendix prepared for this purpose. This compensation is covered from the money balance account. Required: To record the general budget entries in the general appropriated funds journal.Scenario: Agency ABC had an appropriation of $10 million in 2020 and an appropriation of $11.5 million in 2021 (an increase of $1.5 million or 15%). According to the incrementalist view, what is the 2021 budget base for the agency? $13.225 million ($11.5 million plus 15%) $13 million ($11.5 million plus $1.5 million) $11.5 million $10 millionToday is November 1, 2021. A continuous budget for the period from November 1, 2021 through October 31, 2022 is more reflective of current operating conditions than an operating budget for calendar year 2021 that was compiled in November 2020. True or false?
- Bemidji, Minnesota, needs $3,055,000 for its 2019 budget. Total assessed value of property in Bemidji is $254,583,333. What is the tax rate expressed as a percent, per $100, per $1,000, and in mills?Shown below are the totals from 2025 period budgets. Revenue budget $100,000 Materials usage from production budget 15,000 Labor cost budget 20,000 Manufacturing overhead budget 20,000 General and administrative budget 30,000 Capital expenditure budget 20,000 Work in Progress Inventories Beginning of 2002 10,000 End of 2002 5,000 Finished Goods Inventory Beginning of 2002 15,000 End of 2002…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…
- Budget planners for a certain community have determined that $6,391,000 will be required to provide all government services next year. The total assessed property value in the community is $110,000,000. What tax rate is required to meet the budgetary demands? (Express your answer as a tax rate per $100 to two decimal places rounded up.) ______Budget planners for a certain community have determined that $9,235,400 will be required to provide all government services next year. The total assessed property value in the community is $122,500,000. What tax rate is required to meet the budgetary demands? (Express your answer as a tax rate per $100 and round to the nearest hundredth)The City of South River 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 2020, the following transactions occurred (in summary):Purchase orders were issued in the amount of $520,000.Of the $520,000 in purchase orders, $480,000 were filled, with invoices amounting to $478,000.Salaries, not encumbered, amounted to $302,000.A budget appropriations reduction in the amount of $50,000 was approved by the city council.Prepare an appropriations, expenditures, and encumbrances ledger for the police department for the month of July. (Credit amounts should be indicated by a minus sign.)
- Prepare a budgeted multiple-step income statement for 2022. CORONADO INDUSTRIESBudgeted Income StatementHow much was the actual sales during the last quarter of 2021? What is the total budgeted cost of goods sold for the year 2022? How much dividends will be paid in 2022? What is the total budgeted cash disbursements for production costs and operating expenses for the year 2022? What is the budgeted cash balance on December 31, 2022? What is the expected balance of accounts receivable as of December 31, 2022? What is the budgeted balance of raw materials inventory as of December 31, 2022? What is the expected balance of income tax payable as of December 31, 2022? 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?Bramble Company is preparing its master budget for 2022. Relevant data pertaining to its sales, production, and direct materials budgets are as follows. Sales. Sales for the year are expected to total 960,000 units. Quarterly sales are 22%, 27%, 27%, and 24%, respectively. The unit selling price is expected to be $42 for the first three quarters and $45 beginning in the fourth quarter. Sales in the first quarter of 2023 are expected to be 15% higher than the budgeted sales for the first quarter of 2022. Production. Management desires to maintain the ending finished goods inventories at 20% of the next quarter’s budgeted sales volume. Direct materials. Each unit requires 2 pounds of raw materials at a cost of $12 per pound. Management desires to maintain raw materials inventories at 10% of the next quarter’s production requirements. Assume the production requirements for first quarter of 2023 are 432,000 pounds. Prepare the sales budget by quarters for 2022.