The town council of Riverside estimated revenues for 2024 to be $854,235 from property taxes and $199,765 rom business licenses. The appropriations budget from the council was as follows: General government Parks and recreation Sanitation Streets and sidewalks In April, heavy spring rains caused some flooding near the river. As a result, a picnic area at River's Edge Park was ruined and several damaged shops had to shut down. The council adopted an upward revision of $78,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $58,000. The General Fund began the year with a balance of $63,000. During the year, tax collections totaled $856,900 and revenues from business licenses were $140,800. Expenditures were $379,000 for general government, $217,900 for parks and recreation, $116,100 for sanitation, and $171,333 for streets and sidewalks. There are no outstanding encumbrances at year-end. Required: Prepare a budgetary comparison schedule for the General Fund for 2024. $409,000 138,000 118,000. 188,000. Note: Negative variance amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Revenues: Property Taxes Business Licenses. Total Revenues Expenditures and Encumbrances: General Government Parks and Recreation Sanitation Streets and Sidewalks Fund Balance, Beginning Fund Balance, Ending Answer is complete but not entirely correct. TOWN OF RIVERSIDE Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2024 Total Expenditures and Encumbrances Excess (Deficiency) of Revenues Over Expenditures and Encumbrances OO 0000 Budgeted Amounts $ Original $ 854,235 $ 854,235 S 199,765 199,765 X 0- 09 1,054,000 409,000 138,000 118,000 188,000 0 853,000 0x Final 63,000 63,000 1,054,000 409,000 138,000 X 118,000 188,000 0✓ 853,000 Actual Amounts (Budgetary Basis) 0x 63,000 $ 63,000 $ 0X S 140,800 0 140,800 0x 0x 118,900 171,333 0 290,233 Variance with Final Budget Positive (Negative) 0x 63,000✔ 63,000 $ 0x 0x 0✔ 0 0x 0 0x oooooo 0 0 0 ****> 00 0x 0 0

The town council of Riverside estimated revenues for 2024 to be $854,235 from property taxes and $199,765 rom business licenses. The appropriations budget from the council was as follows: General government Parks and recreation Sanitation Streets and sidewalks In April, heavy spring rains caused some flooding near the river. As a result, a picnic area at River's Edge Park was ruined and several damaged shops had to shut down. The council adopted an upward revision of $78,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $58,000. The General Fund began the year with a balance of $63,000. During the year, tax collections totaled $856,900 and revenues from business licenses were $140,800. Expenditures were $379,000 for general government, $217,900 for parks and recreation, $116,100 for sanitation, and $171,333 for streets and sidewalks. There are no outstanding encumbrances at year-end. Required: Prepare a budgetary comparison schedule for the General Fund for 2024. $409,000 138,000 118,000. 188,000. Note: Negative variance amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Revenues: Property Taxes Business Licenses. Total Revenues Expenditures and Encumbrances: General Government Parks and Recreation Sanitation Streets and Sidewalks Fund Balance, Beginning Fund Balance, Ending Answer is complete but not entirely correct. TOWN OF RIVERSIDE Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2024 Total Expenditures and Encumbrances Excess (Deficiency) of Revenues Over Expenditures and Encumbrances OO 0000 Budgeted Amounts $ Original $ 854,235 $ 854,235 S 199,765 199,765 X 0- 09 1,054,000 409,000 138,000 118,000 188,000 0 853,000 0x Final 63,000 63,000 1,054,000 409,000 138,000 X 118,000 188,000 0✓ 853,000 Actual Amounts (Budgetary Basis) 0x 63,000 $ 63,000 $ 0X S 140,800 0 140,800 0x 0x 118,900 171,333 0 290,233 Variance with Final Budget Positive (Negative) 0x 63,000✔ 63,000 $ 0x 0x 0✔ 0 0x 0 0x oooooo 0 0 0 ****> 00 0x 0 0

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 78IIP

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