Meman The town council of Riverside estimated revenues for 2020 to be $685,000 from property taxes and $165,000 from business licenses.The appropriations budget from the council was as follows:General governmentParks and recreationSanitationStreets and sidewalksIn April, heavy spring rains caused some flooding near the river. As a result, a picnic area at River's Edge Park was ruined and severaldamaged shops had to shut down. The council adopted an upward revision of $50,000 for the parks and recreation budget andreduced the estimated revenues from business licenses by $30,000.The General Fund began the year with a balance of $49,000. During the year, tax collections totaled $687,500 and revenues frombusiness licenses were $124,000. Expenditures were $365,000 for general government, $160,500 for parks and recreation, $91,600for sanitation, and $157,333 for streets and sidewalks. There are no outstanding encumbrances at year-end.Required:Prepare a budgetary comparison schedule for the General Fund for 2020. (Negative variance amounts should be indicated by aminus sign. Leave no cells blank - be certain to enter "0" wherever required.)Revenues:$395,000110,00090,000160,000Property TaxesBusiness LicensesTotal RevenuesExpenditures and Encumbrances:General GovernmentParks and RecreationSanitationStreets and SidewalksAnswer is complete but not entirely correct.TOWN OF RIVERSIDEBudgetary Comparison ScheduleGeneral FundFor the Year Ended December 31, 2020Total Expenditures and EncumbrancesExcess (Deficiency) of Revenues Over Expenditures and EncumbrancesFund Balance, BeginningFund Balance, Ending› › › ›Budgeted AmountsOriginal$ 685,000 S165,000850,000395,000110,00090,000160,0000755,00049,000 X144,000$ 193,000Finaloooo0X S 687,500124,0000x00ActualAmounts(BudgetaryBasis)0x0x0x0x811,500365,000160,50091,600157,333000x0x774,43349,000 X86,0670 S 135,0670Variancewith FinalBudgetPositive(Negative)S2,500(110,000) X(107,500)(30,000) X(500)(1,600) ✔(2,667) X0(34,767)* ›› * >0x22,06722,067

Budget: A budget is an expectation of income and costs for a defined future period of time that is…

appropriations budget from the council was as follow neral government rks and recreation nitation reets and sidewalks $395,000 110,000 90,000 160,000 pril, heavy spring rains caused some flooding near the aged shops had to shut down. The council adopted a ced the estimated revenues from business licenses t General Fund began the year with a balance of $49.0

appropriations budget from the council was as follow neral government rks and recreation nitation reets and sidewalks $395,000 110,000 90,000 160,000 pril, heavy spring rains caused some flooding near the aged shops had to shut down. The council adopted a ced the estimated revenues from business licenses t General Fund began the year with a balance of $49.0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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