Solved by verified expert :Transactions and Budgetary Comparison Schedule. The following transactions occurred during the 2014 fiscal year for the City of Fayette. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year’s appropriation.1. The budget prepared for the fiscal year 2014 was as follows:Estimated Revenues:Taxes $1,943,000Licenses and permits 372,000Intergovernmental revenue 397,000Miscellaneous revenues 62,000Total estimated revenues 2,774,000Appropriations:General government 471,000Public safety 886,000Public works 650,000Health and welfare 600,000Miscellaneous 86,000Total appropriations 2,693,000Budgeted increase in fund balance $ 81,0002. Encumbrances issued against the appropriations during the year were as follows:General government $ 58,000Public safety 250,000Public works 392,000Health and welfare 160,000Miscellaneous 71,000Total $931,0003. The current year’s tax levy of $2,005,000 was recorded; uncollectibles were estimated as $65,000.4. Tax collections from prior years’ levies totaled $132,000; collections of the current year’s levy totaled $1,459,000.5. Personnel costs during the year were charged to the following appropriations in the amounts indicated. Encumbrances were not recorded for personnel costs. Since no liabilities currently exist for withholdings, you may ignore any FICA or federal or state income tax withholdings. (Note: Expenditurescharged to Miscellaneous should be treated as General Government expenses in the governmental activities general journal at the government-wide level.)General government $ 411,000Public safety 635,000Public works 254,000Health and welfare 439,000Miscellaneous 11,100Credit to Vouchers Payable $1,750,1006. Invoices for all items ordered during the prior year were received and approved for payment in the amount of $14,470. Encumbrances had been recorded in the prior year for these items in the amount of $14,000. The amount chargeable to each year’s appropriations should be charged to thePublic Safety appropriation.7. Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in Transaction (2) of this problem. The following appropriations were affected.Actual EstimatedLiability LiabilityGeneral government $ 52,700 $ 52,200Public safety 236,200 240,900Public works 360,000 357,000Health and safety 130,600 130,100Miscellaneous 71,000 71,000$850,500 $851,2008. Revenue other than taxes collected during the year consisted of licenses and permits, $373,000; intergovernmental revenue, $400,000; and $66,000 of miscellaneous revenues. For purposes of accounting for these revenues at the government-wide level, the intergovernmental revenues were operating grants and contributions for the Public Safety function. Miscellaneous revenues are not identifiable with any function and therefore are recorded as General Revenues at the government-wide level.9. Payments on Vouchers Payable totaled $2,505,000.Additional information follows: The General Fund Fund Balance—Unassigned account had a credit balance of $82,900 as of December 31, 2013; no entries have been made in the Fund Balance—Unassigned account during 2014.Requireda. Record the preceding transactions in general journal form for fiscal year 2014 in both the General Fund and governmental activities general journals.b. Prepare a budgetary comparison schedule for the General Fund of the City of Fayette for the fiscal year ending December 31, 2014, as shown in Illustration 4–5. Do not prepare a government-wide statement of activities since other governmental funds would affect that statement.
Expert answer:Transactions and Budgetary Comparison Schedule.
How it works
- Paste your instructins in the instructions box. You can also attach an instructions file
- Select the writer category, deadline, education level and review the instructions
- Make a payment for the order to be assignment to a writer
- Download the paper after the writer uploads it
Will the writer plagiarize my essay?
You will get a plagiarism-free paper and you can get an originality report upon request.
Is this service safe?
All the personal information is confidential and we have 100% safe payment methods. We also guarantee good grades