Question

In: Accounting

One amount is missing in the following trial balance of proprietary accounts, and another is missing...

One amount is missing in the following trial balance of proprietary accounts, and another is missing from the trial balance of budgetary accounts of the Save Our Resources Commission of the federal government. This trial balance was prepared before budgetary accounts were adjusted, such as returning unused appropriations. The debits are not distinguished from the credits.

SAVE OUR RESOURCES COMMISSION
Preclosing Trial Balance
September 30, 2020
Proprietary accounts:
Accounts Payable	$	135,000
Accumulated Depreciation—Plant and Equipment		5,351,000
Appropriations Used		4,501,000
Fund Balance with Treasury—2020		?
Operating Materials and Supplies		64,000
Cumulative Results of Operations—10/1/19		1,010,000
Operating/Program Expenses		2,151,000
Depreciation and Amortization		751,000
Plant and Equipment		8,112,000
Unexpended Appropriations—2020		411,000
Budgetary accounts:
Other Appropriations Realized—2020		?
Expended Authority—2020		4,501,000
Undelivered Orders—2020		311,000
Allotments—2020		101,000

In completing the assignment, assume that all assets are entity assets, Fund Balance with Treasury is an intragovernmental asset, and all other assets are governmental. Also, assume that Other Appropriations Realized—2019 were zero.

Required

Prepare the Statement of Budgetary Resources of the Save Our Resources Commission for 2020.

I have been able to separate out the Preclosing Trial Balance into debits and credits and came up with a funds balance of $330,000 and an other appropriations of $4,913,000. The text provides a similar Statement of Budgetary Resources, but I can't seem to get it to work

The table provided is as follows (bold lines are the blanks that need to be filled in):

Budgetary Resources:

Budgetary Authority

Status of Budgetary Resources:

New Obligations & Upward Adjustments

Total Status of Budgetary Resources

Changes in Obligated Balance

Unpaid Obligations, Beginning of the Year

New Obligations & Upward Adjustments

Outlays (Disbursements)

Unpaid Obligations, End of Year

Expert Solution

a.

	Debit	Credit
Proprietary accounts:
Accounts Payable		135000
Accumulated Depreciation—Plant and Equipment		5351000
Appropriations Used		4501000
Operating Materials and Supplies	64000
Cumulative Results of Operations—10/1/19		1010000
Operating/Program Expenses	2151000
Depreciation and Amortization	751000
Plant and Equipment	8112000
Unexpended Appropriations—2020		411000
Fund Balance with Treasury—2020 [bal. fig.]	330000
Total Proprietary accounts	11408000	11408000

b.

Budgetary Resources:
Budgetary Authority	4812000

Status of Budgetary Resources:
New Obligations & Upward Adjustments	4812000
Total Status of Budgetary Resources	4812000

Changes in Obligated Balance
Unpaid Obligations, Beginning of the Year	0
New Obligations & Upward Adjustments	4812000
Outlays (Disbursements)	4501000

Unpaid Obligations, End of Year	311000

ekkarill92 answered 1 year ago

Prepare an adjusted trial balance. If an amount Ledger Accounts, Adjusting Entries, Financial Statements, and Closing...

Prepare an adjusted trial balance. If an amount Ledger Accounts, Adjusting Entries, Financial Statements, and Closing Entries; Optional Spreadsheet. The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year, follows: Recessive Interiors Unadjusted Trial Balance January 31, 2019 Debit Balances Credit Balances 11 Cash 13,100 13 Supplies 8,000 14 Prepaid Insurance 7,500 16 Equipment 113,000 17 Accumulated Depreciation—Equipment 12,000 18 Trucks 90,000 19 Accumulated Depreciation—Trucks 27,100 21 Accounts Payable 4,500 31 Jeanne McQuay, Capital...

Of the following accounts, which might appear in the adjusted trial balance, but not in the...

Of the following accounts, which might appear in the adjusted trial balance, but not in the post-closing trial balance? A. Income Summary B. Owners capital C. Accounts payable D. Depreciation expense

Determine the missing amount for each of the following

Assets=Liabilities+Owner's Equity(a)x=$5,56,000+$33,74,000(b)$6,111,200=x+$5,725,000(c)$2,150,000=$812,500+xDetermine the missing amount for each of the following

The following selected accounts appeared in the unadjusted trial balance of Hawthorne Industries: - Accounts Receivable...

The following selected accounts appeared in the unadjusted trial balance of Hawthorne Industries: - Accounts Receivable $176,000 Prepaid Rent 69,000 Prepaid Insurance 36,000 Equipment 280,000 Accumulated depreciation - equipment 30,000 Unearned Service Revenue 24,000 Salary Expense 130,000 Additional data: One-half of the revenue received in advance has been earned by December 31, 2019 The prepaid insurance represents three years premium on a policy providing coverage starting September 1, 2019 Since the last payday, employees have earned...

The following trial balance was prepared from the ledger accounts of Ricardo Company: RICARDO COMPANY Trial...

The following trial balance was prepared from the ledger accounts of Ricardo Company: RICARDO COMPANY Trial Balance April 30, Year 1 Account Titles Debit Credit Cash $ 78,400 Accounts receivable 49,000 Supplies 3,700 Prepaid insurance 5,500 Land $ 10,000 Accounts payable 11,500 Common stock 100,000 Retained earnings 34,255 Dividends 9,900 Service revenue 93,000 Rent expense 11,500 Salaries expense 35,300 Operating expense 36,200 Totals $ 229,500 $ 248,755 When the trial balance failed to balance, the accountant reviewed the records and...

My balance sheet does not balance please correct the missing information from trial balance and correct...

My balance sheet does not balance please correct the missing information from trial balance and correct the balance sheet below. 2016 Dr Cr Accounts Payable 1,079,837 Accounts Receivable 3,245,967 Accrued Liabilities - Other 721,358 Accrued Pension Liabilities 450,356 Accrued Restructuring Charges 90,476 Accrued Salaries, Wages and Commissions 350,191 Accumulated Other Comprehensive Income (Loss) 85,000 Accumulated Depreciation - Property, Plant & Equipment 1,999,999 Accumulated Post-Employment Benefit Obligation (long-term) 402,634 Additional Paid-in Capital,...

Which of the following accounts appear on the adjusted trial balance but not on the post-closing...

Which of the following accounts appear on the adjusted trial balance but not on the post-closing trial balance? a. revenue, expenses, capital b. revenue, expenses, unearned revenue c. revenue, expenses, income summary d. revenue, expenses, withdrawals The capital balance on the adjusted trial balance equals the a. ending capital balance b. beginning capital balance c. beginning capital balance plus net income d. beginning capital balance plus investments this period

Following is the adjusted trial balance, with accounts in alphabetical order, for TRN Magazine as at...

Following is the adjusted trial balance, with accounts in alphabetical order, for TRN Magazine as at January 31, 2017: Debit Credit Accounts receivable $ 21,300 Accumulated depreciation, equipment $ 12,300 Cash 8,800 Depreciation expense, equipment 1,650 Equipment 19,300 Interest income 480 Rent expense 17,800 Salaries expense 61,300 Subscription revenues 71,300 Trish Norris, capital 46,470 Trish Norris, withdrawals 19,700 Unearned subscription revenue 19,300 Totals $ 149,850 $ 149,850 Required: Prepare the closing entries. (If no entry is required for a transaction/event,...

The following is a list of the accounts and balances taken from the adjusted trial balance...

The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2021 for, Meilleur Merchants. The list of accounts is in alphabetical order. All accounts have normal balances. Meilleur uses a periodic inventory system and the earnings approach to recognize revenue. Account Balance Dec. 31 1 Accounts payable $15,000 2 Accounts receivable 30,000 3 Accumulated depreciation—building 15,500 4 Accumulated depreciation—equipment 10,000 5 Advertising expense 4,500 6 Building 84,600 7 S. Meilleur, capital...

Given the following accounts and balances produce a trial balance (in the correct order) and then...

Given the following accounts and balances produce a trial balance (in the correct order) and then the Financial Statements. Account description must be exactly as they appear in the list below. Do not include any punctuation in numerical values. Each box needs to be completed - if there is no value enter 0 (zero). Account Balance Sales Revenue 50,000 Depreciation Expense 5,000 Cash at Bank 45,000 Accounts Payable 12,000 Motor Vehicle 50,000 Accounts Receivable 15,000 Rent Expense 10,000 Owners...