The following information is provided by the Town of York's General Fund operating statement and budgetary accounts for the fisc
al year ened September 30, 2016. (Note: The town has no restricted, commited, or assigned fund balances.)
Estimated Revenues-32,150,000
Revenues - 32,190,000
Apporations - 32,175,000
Expenditures - 32,185,000
Fund Balance - Unassigned Septtember 30,2015 - 500,000
A. Prepare a journal entry to record the budget
B. Did the Town of York engage in imprudent budgeting practice by authorizing a greater amount of expenditures than revenues estimated for the year, or potentially violate town or state balanced-budget laws.
C. Calculate the end of year balance for the Fund Balance- Unassigned that would be reported on the town's balance sheet prepared as of September 30,2016. Show all work necessary work.
Estimated Revenues-32,150,000
Revenues - 32,190,000
Apporations - 32,175,000
Expenditures - 32,185,000
Fund Balance - Unassigned Septtember 30,2015 - 500,000
A. Prepare a journal entry to record the budget
B. Did the Town of York engage in imprudent budgeting practice by authorizing a greater amount of expenditures than revenues estimated for the year, or potentially violate town or state balanced-budget laws.
C. Calculate the end of year balance for the Fund Balance- Unassigned that would be reported on the town's balance sheet prepared as of September 30,2016. Show all work necessary work.
1 answer:
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