ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
18th Edition
ISBN: 9781260949766
Author: RECK
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 17, Problem 20EP
To determine
Prepare statement of budgetary resources for FA Administration for the 11 months ended August 31, 2020.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The budget officer of the Department of Social Welfare and Development (DSWD) was granted a cashadvance in the amount of P15,000. He is to attend a seminar in the Department of Budget andManagement (DBM) head office. Accordingly, the obligation incurred for this purpose was appropriatelyrecorded in the Registry of Allocation, Obligation, and Disbursement – Maintenance and OtherOperating Expenses (RAOD-MOOE) in the amount of P15,000. After that seminar, the budget officerliquidated his cash advance by preparing the Liquidation Report form and reported total expensesrelated to that official travel in the amount of 12,300.Required: Give the necessary entries to be made by the DSWD for the above scenario.
The Department of Foreign Affairs (DFA) collected P10,000,000 revenue from passport and visaapplications for March 20X2. The said amount was then deposited in an authorized servicing bank.Moreover, in the same month, the DFA received a P5,000,000 cash disbursement ceiling (CDC) andpaid…
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
Scenario: The appropriation to the state library system (fiscal year starts July 1) for fiscal 2018 was $15 million. On December 31, 2017, its budget reports showed expenditures of $7.5 million and encumbrances outstanding of $500,000. Quarterly allotments were as follows: Q1: $3.75 million; Q2: $4.5 million; Q3: $3.75 million; and Q4: $3 million. What was the status of system operations at that point?
System operations were under plan by $250,000.
System operations were under plan by $750,000.
System operations were over the plan by $250,000.
System operations were consistent with the plan; half the year had elapsed and half the money was spent.
Chapter 17 Solutions
ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - Prob. 5QCh. 17 - Prob. 6QCh. 17 - The federal government uses two groups of funds....Ch. 17 - Prob. 8QCh. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 12CCh. 17 - Prob. 13CCh. 17 - Access the most recent Financial Report of the...Ch. 17 - Prob. 15.1EPCh. 17 - Prob. 15.2EPCh. 17 - Prob. 15.3EPCh. 17 - Prob. 15.4EPCh. 17 - Prob. 15.5EPCh. 17 - Prob. 15.6EPCh. 17 - Which of the following is a correct mathematical...Ch. 17 - Which of the following is not a component of a...Ch. 17 - Fund Balance with the Treasury would be considered...Ch. 17 - Prob. 15.10EPCh. 17 - Which of the following federal funds is most...Ch. 17 - Following is a list of a number of accounts used...Ch. 17 - One amount is missing in the following trial...Ch. 17 - Use the data from Problem 1717 for this...Ch. 17 - Prob. 19EPCh. 17 - Prob. 20EPCh. 17 - Congress authorized the Flood Control Commission...Ch. 17 - Prob. 22EP
Knowledge Booster
Similar questions
- On the basis of the projected proceeding data and projections prepare the following for Year ended ended 31 December 2020: 1. Sales budget.2. Production budget.3. Labour cost budget.arrow_forwardPrepare a revenue budget for the year ending December 31, 2016.arrow_forwardat the end of the 2023 fiscal year the general fund had $500 in encumbrances that remained opened into fiscal year 2024. In 2024 the encumbered goods were received at an invoiced cost of $520. How much would be recorded as the 2024 expenditure?arrow_forward
- Which of the following statements is true concerning the recording of a budget? At the beginning of the year, debit Appropriations. A debit to the Budgetary Fund Balance account indicates an expected surplus. At the beginning of the year, debit Estimated Revenues. At the end of the year, credit Appropriations.arrow_forwardA National Government Agency has an approved appropriation for 2022 of P100,000,000. 25% of the amount was appropriation reserve and the balance was released per General Allotment Release Order (GARO) No. 2022-1. Notice of Cash Allocation of P30,000,000 was received by the agency. How much is the Subsidy from National Government to be recorded by the agency?arrow_forwardThe board of commissioners of the City of Hartmoore adopted a General Fund budget for the year ending June 30, 2017, that included revenues of $1,292,500, bond proceeds of $575,000, appropriations of $1,060,000, and operating transfers out of $420,000. a. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? b. If this budget is formally integrated into the accounting records, what later entry is required?arrow_forward
- 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.)arrow_forwardPrepare the following budgets for the month of January 2021 B.Material required for production in quantitiesarrow_forwardA national government agency had the following transactions relating to billings and collections for the month of December 2022: December 02 – The agency prepared the following billings for the month of November 2022: Rent/Lease Income – P50,000; Power Supply System Fees – P150,000; Landing and Parking Fees – P20,000; and Waterworks System Fees – P100,000. December 09 – Collected all of the billings made on December 02, 2022 and issued Official Receipts. December 10 – Remitted all collections made last December 09, 2022 to the Bureau of Treasury (BTr). The journal entry to recognize the remittance to Bureau of Treasury on December 10, 2022 includes a debit to Cash – Treasury/Agency, Deposit, Regular: P320,000 debit to Cash – Treasury/Agency, Deposit, Trust: P320,000 debit to Cash – Collecting Officer, P320,000 debit to Cash-in Bank, LCCA, P320,000arrow_forward
- Following is a trial balance of the accounts of the Bureau of Bridge Inspection (BOBI), a relatively newunit of the Department of Transportation (DOT), as of October 1, 2022. Bureau of Bridge Inspections Trial Balance October 1, 2022 Budgetary accounts Total actual resources-collected $20,000 Delivered orders-obligations, unpaid $20,000 Totals $20,000 $20,000 Proprietary accounts: Fund balance with Treasury $20,000 Inventory, materials, and supplies 6,000 General property, plant, and equipment 30,000 Disbursements in transit $20,000 Cumulative results of operations 36,000 Totals $56,000 $56,000 BOBI is responsible for overseeing state inspections of bridges constructed with federal funds. Itreports program expenses by object of account. BOBI does not use commitment accounting, but doesobligate budgetary resources when it enters into contracts or sends purchase orders to buy capitalassets and supplies and materials. It also…arrow_forwardThe credit balance in ABC Agency's Unexpended Appropriations at the beginning of its current fiscal year was $42,000, and the credit balance in ABC Agency's Cumulative Results of Operations at the beginning of its current fiscal year was $8,000. In its year end closing entries, ABC Agency debited Appropriations Used for $387,000 and credited Appropriations Realized for $406,000. In addition, the net costs of operations for ABC Agency for its current fiscal year were $367,000. What is the total net position for ABC Agency at the end of its current fiscal year?arrow_forwardPrepare the following budgets for the month of January 2021 B.Materials required for production in quantitiesarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Cost AccountingAccountingISBN:9781305087408Author:Edward J. Vanderbeck, Maria R. MitchellPublisher:Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Cengage Learning