Chap003, solutions for study

Chap003, solutions for study - Chapter 03 - Budgetary...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 03 - Budgetary Accounting for the General and Special Revenue Funds C HAPTER 3 Budgetary Accounting for the General and Special Revenue Funds 3-2. CITY OF SOUTH DUNDEE APPROPRIATION, EXPENDITURES, AND ENCUMBRANCES LEDGER GENERAL FUND: P UBLIC S AFETY - P OLICE MONTH: JULY, 2008 U NEXPENDED A PPROPRIATION B ALANCE T RANSACTION R EFERENCE A PPROPRIATIONS E NCUMBRANCES E XPENDITURES = SUM 1 B UDGET ($18,000,000) ($18,000,000) 2 P URCHASE O RDERS I SSUED $600,000 ($17,400,000) 3 I NVOICES RECEIVED AND APPROVED FOR PAYMENT ($580,000) $575,000 ($17,405,000) 4 P AYROLLS $898,000 ($16,507,000) 5 B UDGET R EVISION $20,000 ($16,487,000) ($17,980,000) $20,000 $1,473,000 ($16,487,000) $ A MOUNTS IN ( ) DENOTE CREDITS 3-3. 1. T HE C ITY APPROVED A BUDGET PROVIDING APPROPRIATIONS TO THE P UBLIC S AFETY D EPARTMENT IN THE AMOUNT OF $ 254,000. 2. P URCHASE ORDERS TOTALING $ 18,000 WERE PLACED AND ENCUMBRANCES RECORDED . 3. I NVOICES TOTALING $ 14,500 ARE RECEIVED AND APPROVED FOR PAYMENT . T HESE ITEMS WERE PREVIOUSLY ENCUMBERED IN THE AMOUNT OF $ 15,000. $ 3,000 OF THE PURCHASE ORDERS FROM #2 ARE STILL OUTSTANDING . 4. E XPENDITURES TOTALING $ 11,000 ARE RECORDED . S INCE THESE AMOUNTS WERE NOT PREVIOUSLY EMCUMBERED , THEY ARE LIKELY SALARIES OR OTHER RECURRING ITEMS 5. T HE APPROPRIATIONS BUDGET IS REDUCED BY $ 17,000 AS A RESULT OF A BUDGET REVISION . 3-1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Chapter 03 - Budgetary Accounting for the General and Special Revenue Funds 3-4. D EBITS C REDITS A. E STIMATED R EVENUES C ONTROL A PPROPRIATIONS C ONTROL B UDGETARY F UND B ALANCE 10,000,000 9,800,000 200,000 B. E STIMATED R EVENUES C ONTROL B UDGETARY F UND B ALANCE A PPROPRIATIONS C ONTROL 9,800,000 200,000 10,000,000 C. E STIMATED R EVENUES C ONTROL E STIMATED O THER F INANCING S OURCES C ONTROL A PPROPRIATIONS C ONTROL E STIMATED O THER F INANCING U SES C ONTROL B UDGETARY F UND B ALANCE 10,000,000 1,300,000 9,800,000 1,200,000 300,000 D. E STIMATED R EVENUES C ONTROL E STIMATED O THER F INANCING S OURCES C ONTROL B UDGETARY F UND B ALANCE A PPROPRIATIONS C ONTROL E STIMATED O THER F INANCING U SES C ONTROL 9,800,000 1,200,000 300,000 10,000,000 1,300,000 3-2
Background image of page 2
Chapter 03 - Budgetary Accounting for the General and Special Revenue Funds 3-5. A. Total Appropriations Less: Other Revenues Amount to be Raised From Property Tax $ 50,000,000 24,000,000 26,000,000 B. A MOUNT TO BE R AISED F ROM P ROPERTY T AX D IVIDE BY P ERCENTAGE C OLLECTIBLE P ROPERTY T AX L EVY (R OUNDED ) 26,000,000 .98 26,530,612 C. A SSESSED V ALUE OF P ROPERTY 600,000,000 L ESS : E XEMPTIONS FOR H OUSEHOLD , O LD A GE , ETC . 80,000,000 N ET A SSESSED V ALUATION 520,000,000 P ROPERTY T AX L EVY N ET A SSESSED V ALUATION P ROPERTY T AX R ATE 26,530,612 520,000,000 .0510 OR $5.10 PER $100 NET ASSESSED VALUATION D. M ILLAGE R ATE = $51.00 ( THE RATE PER $1,000 NAV) E. A SSESSED V ALUATION 60,000 H OMESTEAD E XEMPTION - 2,000 N.A.V. S UBJECT TO T AX 58,000 P ROPERTY T AX R ATE X $ 0.0510 P ROPERTY T AX $ 2,958.00 3-3
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 15

Chap003, solutions for study - Chapter 03 - Budgetary...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online