The writer is very fast, professional and responded to the review request fast also. Thank you.
Presentation/PPT
27/08/2022
please help me to have an idea how to solve this case problems,,,,
Subject: Governmental and nonprofit accounting 11th ed
P3-1(Operating Budget Preparation)The finance director of the Bethany Independent School Districts is making preliminary estimates of the budget outlook for the GF for the 20×8 fiscal year. These estimates will permits the superintendent to advice the department heads properly when budget instructions and forms are distributed. She has assembled the ff informations:
Est 20×7 Expected change 20×8
1.Revenue
Property taxes 2,000,000.00 +6%
STate Aid 1,000,000.00 +3%
Federal Grants 500,000.00 -40,000.00
Other 300,000.00 +10,000.00
Expenditure
Salaries and wages 2,700,000.00 ?
Utilities 400,000.00 +4%
Maintenance 300,000.00 +24,000.00
Capital Outlay 200,000.00 +15,000.00
Debt Service 100,000.00 +20,000.00
Other 50,000.00 +5,000.00
3.Fund balance at the end of 20×7 is expected to be $1.6million; at least $1.5million must be available at the end of 20×8 for carry over to help finance 20×9 operations
REQUIRED: A. to have a draft operating budget for the Bethany Independent School District for the 20×8 fiscal year, including 20×7 comparative data and expected change computations. Assume that 20×8 appropriations are to equal 20×8 estimated revenues B. what total salaries and wages amount and average percentage increase or decrease are implied in the draft operations budget prepared in part (a)?.
Please specify the maximum salary and wages amount and percentage increase that seem to be feasible in 20×8?
P3-2 Budgetary and other entries-General and subsidiary ledgers, The murphy county commissioner adopted the following general fund budget for the 20×8 fiscal year
Murphy County
GF
Budget 20×8
Est Revenue
Taxes 8,000,000.00
Lic and Permits 800,000.00
Intergovernmental 2,000,000.00
Charges for services 200,000.00
Fines and forfiets 400,000.00
Other 600,000.00
total 12,000,000.00
Appropriations
General Govt 1,000,000.00
Puiblic safety 4,000,000.00
Higways and streets 5,000,000.00
Health and sanitation 900,000.00
cULTURE /recreation 400,000.00
Other 600,000.00
total 11,900,000.00
Excess of est.Revenue over appropriations 100,000.00
Funds balances – Beginning 1,400,000.00
Fund Blances – Ending (anticipated) 1,500.000.00
the following events occured during 20×8
1.Purchase order issued and contracts let were expected to cost
General Govt 300,000.00
Puiblic safety 1,200,000.00
Higways and streets 2,500,000.00
Health and sanitation 500,000.00
cULTURE /recreation 300,000.00
Other 200,000.00
total 5,000,000.00
2. The commissioner reviewed the budget during the year and revised the estimate of intergovernmental revenue to $1,500,000.00 and reduced the public safety highways and strret appropriations by $225,000.00 each to partially compensate for the anticipated decline in intergovernmental revenue. and (b) increased the health and sanitation appropriation by $70,000.00 because of cost incurred in connection with an unusual outbreak of tasmanian flu.
3.Revenue (actual) for 20×8 were
Taxes 8,150,000.00
Lic and Permits 785,000.00
Intergovernmental 1,520,000.00
Charges for services 210,000.00
Fines and forfiets 395,000.00
Other 500,000.00
Total 11,560,000.00
4. Goods and services under purchase order and contract were received
est.cost actual cost
General Govt 280,000.00 278,000.00
Puiblic safety 900,000.00 910,000.00
Higways and streets 2,500,000.00 2,500,000.00
Health and sanitation 440,000.00 440,000.00
cULTURE /recreation 300,000.00 295,000.00
Other 180,000.00 181,000.00
Total $4,600,000.00 $4,604,000.00
The remaining orders are still oustanding
5. Other expenditures incurred were:
General Govt 700,000.00
Puiblic safety 2,560,000.00
Higways and streets 2,271,000.00
Health and sanitation 485,000.00
cULTURE /recreation 45,000.00
Other 391,000.00
total $6,452,000.00
REQUIRED:
1.Please Sset up general ledger T-accounts like those in illustration 3-1 and also revenue and expenditures subsiduiary ledger like those in illustration 3-2 and 3-3
2. make a Record the murphy county 20×8 general fund budget in the general ledger and subsidiary ledger account, keying these entries “B” (for budget). Then record the numbered transactions and events, keying these entries by those numbers.
***********
P3-3…Budgetary comparison statement…this problem is based on the information about the Murphy county general fund budgeted and actual transactions and events described in problem 3-2
:..Helpme to get a budgetary comparison statement for the General fund of murphy county for the 20×8 fiscal year. The statement should present reveneue (by source category) , expenditures and encumbrances (by function) and the excess revenues over (under) expenditures and encumbrances. Please Use these column headings;
Original budget
Revised budget
actual
variance – over (under)
To assume that no encumbrances were oustanding at the beginning of 20×8
2.Since encumbrances do not constitutes expenditures, some governmental fund budgetary comparison statements omit data on encumbrances. (a) if no encumbrances were outstanding at the beginning of 20×8, what effects would ommision of encumbrances data have on the Murphy county general fund budgetary comparison statement for the 20×8 fiscal year?
(b) and to what circumsytances would includung or excluding encumbrances data mislead users of a governmental fund budgetary comparison statement?
The writer is very fast, professional and responded to the review request fast also. Thank you.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more