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Unformatted text preview: Current taxes $270,000 Delinquent taxes (in full settlement) 104,000 Interest and penalties on last year's taxes (in full settlement) 7,600 Due from other funds 28,000 $409,600 The controller wishes variations in estimates to be recorded in the appropriate revenue or expenditure account. e. Purchase orders totaling $276,000 were placed. Later, invoices for $260,000 were received and vouchered; supplies inventory purchases were $16,000 of the total. f. Payrolls of $50,000 were paid. (Ignore payroll taxes and other deductions.) In addition, vouchers totaling $280,000 were paid. (Supplies Inventory purchases were $16,000 of the total.) g. An automobile was purchased for the fire department. It cost $16,000 and was not previously encumbered. The invoice is vouchered. h. At year end, $6,000 in supplies were on hand. There were no supplies on hand a year ago. The city wishes to show the inventory and to establish a proper reserve....
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This note was uploaded on 12/07/2010 for the course ACCT 430 taught by Professor Unknown during the Spring '10 term at WPUNJ.
- Spring '10