4:57 PM ezto.mheducation.com oo Verizon LTE [The following information applies t

Question

4:57 PM ezto.mheducation.com oo Verizon LTE [The following information applies to the questions displayed below) The following transactions occured during the 2017 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year's approprietion 1. The budget prepared for the fiscal year 2017 was as follows: Estinated Revenues Taxes Licenses and permits Intergovernmental revenue Miscellaneous revenues S2,020,000 383.000 408,000 73,000 Total estimated revenues 2,884,000 Appropriations General government Public safety Public works Health and welfare 494.100 909.100 673,100 623,100 97,000 Total appropriations 2,796.400 Budgeted increase in fund balance S 87,600 2. Encumbrances issued against the appropriations during the year were as follows: General government Public safety Public works Health and welfare Miscellaneous S 69,000 403,000 70,890 82,000 Total S985,890 3. The current year's tax levy of $2,091,900 was recorded:, uncollectibles were estimated as $76,000 4. Tax collections from prior years levies totaled $143,000, collections of the current year's levy totaled $1,470,000. S. Personnel costs during the year were charged to the following appropriations in the amounts indicated Encumbrances were not recorded for personnel costs. Since no iabilities currently exist for withholdings you may ignore any FICA or federal or state income tax withholdings. (Note: Expenditures charged to Miscellaneous should be treated as General Government expenses in the governmental activities general journal at the government-wide level.) General government Public safety Public works Health and welfare Miscellaneous S 422,000 646,000 265,000 450,000 12,200 Credit to Vouchers Payable $195,200 6. Invoices for all items ordered during the prior year were received and approved for payment in the amount of $14,690. Encumbrances had been recorded in the prior year for these items in the amount of $14,110. The amount chargeable to each year's appropriations should be charged to the Public Safety appropriation. 7. Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in Transaction (2) of this problem. The following appropriations were affected. Estimated Liability 63,200 251,900 368,000 141100 82,000 Actual Liability $63,700 General government Public sefety Public works Health and safety Miscellaneous 247,200 371,000 141,600 82,000 500 $906,200

Explanation / Answer

CITY OF EVERGREEN JOURNAL ENTRIES a) Debit Credit General Fund Estimated Revenues $2,884,000 Appropriations $2,796,400 Budgetary Fund Balance $87,600 Governmental activities No Entry b) General Fund Encumbrances $985,890 Encumbrances Outstanding $985,890 Governmental activities No Entry c) General Fund Taxes Receivables -------- current $2,091,900 Allowances for uncollectible current Taxes $76,000 Revenue $2,015,900 Governmental activities Taxes Receivables -------- current $2,091,900 Allowances for uncollectible current Taxes $76,000 Revenue $2,015,900 d) General Fund Cash $1,613,000 Taxes Receivables -------- Delinquent $143,000 Taxes Receivables -------- current $1,470,000 Governmental activities Cash $1,613,000 Taxes Receivables -------- Delinquent $143,000 Taxes Receivables -------- current $1,470,000 e) General Fund Expenditures $1,795,200 Vouchers Payable $1,795,200 Governmental activities Expenses General government $422,000 Expenses Public safety $646,000 Expenses Public works $265,000 Expenses Health and welfare $450,000 Expenses Miscellaneous $12,200 Vouchers Payable $1,795,200 f) General Fund Encumbrances Outstanding ----------- 2017 $14,110 Encumbrances $14,110 Encumbrances -------- 2017 $14,110 Encumbrances -------- 2018 $580 Vouchers Payable $14,690 Governmental activities Expenses Public safety $14,690 Vouchers Payable $14,690 g) General Fund Encumbrances Outstanding ----------- 2017 $906,200 Encumbrances $906,200 Expenditure $905,500 Vouchers payable $905,500 Governmental activities Expenses General government $63,700 Expenses Public safety $247,200 Expenses Public works $371,000 Expenses Health and welfare $141,600 Expenses Miscellaneous $82,000 Vouchers Payable $905,500 h) General Fund Cash $875,300 Revenues $875,300 Governmental activities Cash $875,300 Program Revenues—General Government—Charges For Services $385,100 Program Revenues—Public Safety—Operating Grantsand Contributions $412,100 General Revenues—Miscellaneous $78,100 i) General Fund Vouchers Payable $2,516,000 Cash $2,516,000 Governmental activities Vouchers Payable $2,516,000 Cash $2,516,000

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