Question
In: Accounting
CITY OF VIENNA Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2017 Budgeted...
| CITY OF
VIENNA Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2017 |
||||
Budgeted |
Actual |
Variance |
||
|
Original |
Final |
|||
|
Revenues: |
||||
|
Taxes |
$6,500,000 |
$6,465,000 |
$6,480,000 |
$ 15,000 |
|
Licenses |
230,000 |
? |
225,000 |
(8,000) |
|
Intergovernmental |
1,200,000 |
1,200,000 |
1,200,000 |
0 |
|
Miscellaneous |
120,000 |
104,000 |
? |
2,000 |
|
Total Revenues |
8,050,000 |
? |
? |
9,000 |
|
Expenditures and Encumbrances: |
||||
|
General Government |
2,700,000 |
2,602,000 |
? |
98,500 |
|
Public Safety |
4,050,000 |
4,200,000 |
4,215,000 |
(15,000) |
|
Health and Welfare |
? |
? |
1,198,000 |
22,000 |
|
Total Expenditures and |
? |
? |
? |
105,500 |
|
Net Change in Fund Balance |
70,000 |
(20,000) |
94,500 |
114,500 |
|
Fund Balance—Beginning |
350,000 |
350,000 |
350,000 |
0 |
|
Fund Balance—Ending |
$ 420,000 |
$ 330,000 |
$ 444,500 |
$114,500 |
Required:
Determine the missing amounts.
During the year, the City made a single budget revision. Prepare the journal entry to record that revision.
Solutions
Expert Solution
|
|
Actual |
Variance |
||
|
Original |
Final |
|||
|
Revenues: |
||||
|
Taxes |
$6,500,000 |
$6,465,000 |
$6,480,000 |
$ 15,000 |
|
Licenses |
230,000 |
A |
225,000 |
(8,000) |
|
Intergovernmental |
1,200,000 |
1,200,000 |
1,200,000 |
0 |
|
Miscellaneous |
120,000 |
104,000 |
B |
2,000 |
|
Total Revenues |
8,050,000 |
C |
D |
9,000 |
|
Expenditures and Encumbrances: |
||||
|
General Government |
2,700,000 |
2,602,000 |
E |
98,500 |
|
Public Safety |
4,050,000 |
4,200,000 |
4,215,000 |
(15,000) |
|
Health and Welfare |
F |
G |
1,198,000 |
22,000 |
|
Total Expenditures and |
H |
I |
J |
105,500 |
|
Net Change in Fund Balance |
70,000 |
(20,000) |
94,500 |
114,500 |
|
Fund Balance—Beginning |
350,000 |
350,000 |
350,000 |
0 |
|
Fund Balance—Ending |
$ 420,000 |
$ 330,000 |
$ 444,500 |
$114,500 |
A = 225000 – (-8000) = 225000 + 8000 = 233000
B = 104000+2000 = 106000
C = 6465000 + 233000 + 1200000 + 104000 = 8002000
D = 6480000+225000+1200000+106000 = 8011000
E = 2602000 – 98500 = 2503500
J = 2503500+4215000+1198000 = 7916500
I = 7916500+105500= 8022000 or 8002000 – (-20000) = 8022000
G = 8022000-2602000-4200000 = 1220000
H = 8050000-70000 = 7980000
F = 7980000-2700000-4050000 = 1230000
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