Transactions and financial statements The trustees of the Ketzel Park Special Revenue Fund approved the following budget for calendar year 2022: Estimated Revenues $260,000 140,000 $400,000 General admissions fees Admissions fees (big cat zoo) Appropriations Parks and recreation salaries 280,000 Parks and recreation supplies 40,000 60,000 380,000 Parks and recreation cat food Budgeted Increase in Fund Balance $20.000 Transactions and events for calendar year 2022 were as follows: 1. Recorded the approved budget for the year. 2. Collected $250,000 in general admissions fees and $160,000 in big cat zoo admissions fees during the year. 3. Ordered supplies for $38,000.
Transactions and financial statements The trustees of the Ketzel Park Special Revenue Fund approved the following budget for calendar year 2022: Estimated Revenues $260,000 140,000 $400,000 General admissions fees Admissions fees (big cat zoo) Appropriations Parks and recreation salaries 280,000 Parks and recreation supplies 40,000 60,000 380,000 Parks and recreation cat food Budgeted Increase in Fund Balance $20.000 Transactions and events for calendar year 2022 were as follows: 1. Recorded the approved budget for the year. 2. Collected $250,000 in general admissions fees and $160,000 in big cat zoo admissions fees during the year. 3. Ordered supplies for $38,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Ketzel Park Special Revenue Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance
For the Year Ended December 31, 2022
Revenues:
General admissions fees
250,000
Big cat zoo admissions fees
160,000
Total revenues
410,000
Expenditures
Salaries
279,000
Supplies
37,000 x
Cat food
68,000 x
Total expenditures
Excess of revenues aver expenditures
Fund balance at beginning of year
384,000
26,000
Fund balance at end of year
26,000
c. Prepare a balance sheet. Assume that the fund balance is classified as Committed.
Enter liabilities in order of magnitude (largest to smallest balance).
Ketzel Park Special Revenue Fund
Balance Sheet
December 31, 2022
Assets
Cash
72,000
Total assets
72,000
Liabilities
Accrued salaries payable
9,000 x
Vouchers payable
37,000 x
Total liabilities
46,000
Fund Balance
Committed
26,000
Total liabilities and fund balance
72,000
d. Prepare a budgetary comparison schedule.
Enter expenditures in the order of magnitude (largest to smallest balances).
Ketzel Park Special Revenue Fund
Budgetary Comparison Schedule
For the Year Ended December 31, 2022
Original
Final
Budget
Budget
Actual
Variance
Revenues:
General admissions fees
260,000
260,000
250,000
(10,000)
Big cat zoo admissions fees
140,000
140,000
160,000
20,000
Total revenues
400,000
400,000
410,000
10,000
Expenditures
Salaries
280,000
280,000
279,000
1,000
Supplies
40,000 x
40,000 X
37,000 x
3,000 x
Cat food
60,000 x
70,000 x
68,000 x
2,000 x
Total expenditures
380,000
390,000
384,000
6,000
Excess of revenues over expenditures
20,000
10,000
26,000
16,000
Fund balance at beginning of year
Fund balance at end of year
20,000
10,000
26,000
16,000
Transcribed Image Text:Transactions and financial statements
The trustees of the Ketzel Park Special Revenue Fund approved the following budget for calendar year 2022:
Estimated Revenues
$260,000
140,000 $400,000
General admissions fees
Admissions fees (big cat zoo)
Appropriations
Parks and recreation salaries
Parks and recreation supplies
280,000
40,000
60,000 380,000
Parks and recreation cat food
Budgeted Increase in Fund Balance
$20,000
Transactions and events for calendar year 2022 were as follows:
1. Recorded the approved budget for the year.
2. Collected $250,000 in general admissions fees and $160,000 in big cat zoo admissions fees during the year.
3. Ordered supplies for $38,000.
4. All supplies ordered in the previous transaction arrived, together with an invoice for $37,000. The
invoice was approved for payment, but was not paid during the year.
5. The Ketzel Park trustees approved a $10,000 increase in the cat food appropriation.
6. During the year, salaries were paid in the amount of $270,000. Also, at year-end, an accrual of $9,000
was made for salaries earned but not paid.
7. Cat food in the amount of $68,000 was ordered, paid for, and consumed.
(Purchase orders for cat food are not prepared. Record the liability for receipt of the food and the payment.)
a. Prepare journal entries to record the foregoing transactions and events.
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