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Calculate the end-of-year balance for the fund balance

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Reference no: EM132368180

Question :

The following information is provided about the Town of York's General Fund operating statement and budgetary accounts for the fiscal year ended September 30. (Note: The town has no restricted, committed, or assigned fund balances.)

Estimated revenues $32,150,000

Revenues 32,190,000

Appropriations 32,175,000

Expenditures 32,185,000

Fund Balance-Unassigned (beginning of the fiscal year) 500,000

Required

a. Prepare the 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. Show all necessary work.

Reference no: EM132368180

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