Prepare a budgetary comparison schedule

Assignment Help Accounting Basics
Reference no: EM13868977

The trustees of the Ketzel Park Special Revenue Fund approved the following budget for calendar year 2013:

1436_374-B-A-N-P-O (250).png

Transactions and events for calendar year 2013 were as follows:
1. Recorded the approved budget for the year.
2. Collected $ 250,000 in general admissions fees and $ 160,000 in big cat zoo admissions fees during the year.
3. Ordered supplies for $ 38,000.
4. All supplies ordered in previous transaction arrived, together with an invoice for $ 37,000. The invoice was approved for payment, but was not paid during the year.
5. The Ketzel Park trustees approved a $ 10,000 increase in the cat food appropriation.
6. During the year, salaries were paid in the amount of $ 270,000. Also, at year- end, an accrual of $ 9,000 was made for salaries earned but not paid.
7. Cat food in the amount of $ 68,000 was purchased, paid for, and consumed. (Purchase orders for cat food are not prepared. Record the liability for receipt of the food and the payment.)
Use the preceding information to do the following:
a. Prepare journal entries to record the foregoing transactions and events.
b. Prepare a statement of revenues, expenditures, and changes in fund balance.
c. Prepare a balance sheet. Assume that the fund balance is classified as Committed.
d. Prepare a budgetary comparison schedule.

Reference no: EM13868977

Questions Cloud

Collected property taxes in the amount : Collected property taxes in the amount of $ 840,000 and licenses and fees of $ 70,000 Invested $ 50,000 of available cash in a CD. Later in the year, redeemed the CD in full with interest of $ 2,000 Ordered police sedans for $ 80,000.
Is the practice of transferring juveniles to the adult court : Write a research paper on given topic- Topic: Is the practice of transferring juveniles to the adult court successfully reducing recidivism?
Write the paragraph on modern poems and two postmodern poems : Write the paragraph on modern poems and two postmodern poems
The initial estimated total income before tax : In 2010, Dreyer Corporation began construction work under a three year contract. The contract price is $800,000. Dreyer uses the percentage  of  completion method. The financial statement presentations relating to this contract on December 31, 2010 f..
Prepare a budgetary comparison schedule : Prepare journal entries to record the foregoing transactions and events.Prepare a statement of revenues, expenditures, and changes in fund balance Prepare a balance sheet. Assume that the fund balance is classified as Committed Prepare a budgetary co..
Nursing research project - orientation to clinical settings : Nursing Research Project, Topic : Orientation to clinical Settings / Policy and Procedure Changes / Operating Room / Wrong Site Surgery and Time Out Procedures
Vital to the process of collecting data is the continual : Vital to the process of collecting data is the continual alignment to your research question
Explain about derivatives : Explain about derivatives. Derivative is a product whose value is derived from the value of one ormorebasic variables,Explain Products, participants and functions.
Prepare report with items noted so it is ready for dr starr : Read the Case Study "Food and Beverages at Southwestern University Football Games" and answer the question- Prepare a brief report with the items noted so it is ready for Dr. starr at the next meeting.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Fast-flow paints produces mixer paint through a two state

fast-flow paints produces mixer paint through a two state process mixing and packing. the following events depict the

  You have been asked to help a local company evaluate a

you have been asked to help a local company evaluate a major capital expenditure. the company is a new internet company

  Magrath company case study

Magrath Company has an operating cycle of less than one year and provides credit terms for all of its customers, On April 1, 2011, the comany factored, without recourse, some of its accounts receivable. What are the two basic approaches to estimat..

  Other operating expenses include 3500 of monthly

schedule of cash payments select physical therapy inc. is planning its cash payments for operations for the third

  You are auditing the accounts receivable balance of a cable

you are auditing the accounts receivable balance of a cable television provider. individual accounts receivables tend

  Sonne company produces a perfume called whim the direct

sonne company produces a perfume called whim. the direct materials and direct labor standards for one bottle of whim

  Latin america has some very unique physical geographical

latin america has some very unique physical geographical climate landforms etc.. phenomena. explain and describe using

  Foster company makes power tools the budgeted sales are

foster company makes power tools. the budgeted sales are 420000 budgeted variable costs are 147000 and budgeted fixed

  Identify whether the following tests are substantive

identify whether the following tests are substantive analytical procedures tests of details of transactions or tests of

  Assume select made no adjusting entry with respect to this

on september 1 2011 select company borrowed 600000 from a bank and signed a 12 six-month note payable with interest on

  Determining balance of retained earnings

In April 2006, ABC Motors had Total Sales of $100,000; Total Expenses of $60,000 and a beginning balance of Retained Earnings of $25,000. The company will pay a $10,000 dividend this month (the dividend was declared this month as well). What is th..

  Unit cost of the good coats

Assume that spoilage loss is charged to all production during August. What would be the unit cost of the good coats produced on Job 501?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd