Chapter 4 - 4-3. a. Calculation of Estimated RequiredTax...

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Unformatted text preview: 4-3. a. Calculation of Estimated RequiredTax Anticipation FinancingEstimated Expenditure Requirements:Budgeted expenditures, remainder of FY 2011$2,470,000Current liabilities payable830,000$3,300,000Estimated Resources Available:Cash on hand, April 1, 2011740,000Collections of budgeted FY 2011 revenuesand delinquent property taxes, including interest and penalties1,100,0001,840,000Estimated Amount of Required Tax Anticipation Note Financing$1,460,000b.General Fund and Governmental Activities:DebitsCreditsCASH1,460,000TAX ANTICIPATION NOTES PAYABLE1,460,000b.General Fund:TAX ANTICIPATION NOTES PAYABLE1,460,000EXPENDITURES201136,500CASH1,496,500Governmental Activities:TAX ANTICIPATION NOTES PAYABLE1,460,000EXPENSESINTEREST ON TANs36,500CASH1,496,500(Note: Interest on notes is $1,460,000 X .05 X 6/12=$36,500)4-5. a.General Fund:INVENTORY OF SUPPLIES15,000RESERVE FOR INVENTORY OF SUPPLIES15,000Governmental Activities:INVENTORY OF SUPPLIES15,000EXPENSES (VARIOUS FUNCTIONS)15,000(Note: Inventory consumed = BeginningInventory + Purchases Ending inventory, or $140,000 + $720,000 - $155,000 = $705,000.This is the amount that expenses shouldequal for the year.) b.General Fund:INVENTORY OF SUPPLIES15,000EXPENDITURES15,000FUND BALANCE15,000RESERVE FOR INVENTORY OF SUPPLIES15,000Governmental Activities:Same as part a4-7.DADE CITYGENERAL JOURNALDebitsCreditsAPPROPRIATIONS6,224,000ESTIMATED OTHER FINANCING USES2,776,000ESTIMATED REVENUES7,997,000BUDGETARY FUND BALANCE1,003,000REVENUES 7,980,000...
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This note was uploaded on 07/19/2011 for the course ACCOUNT 346 taught by Professor Bino during the Spring '11 term at Rutgers.

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Chapter 4 - 4-3. a. Calculation of Estimated RequiredTax...

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