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    Solutiondone 2-270

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    The Murphy County Commissioners adopted a General Fund budget for fiscal year 20X8 that estimated $12 million in revenues and $11.9 million in appropriations. During the year, actual revenues were $11.56 million and expenditures were $6.452 million. The budget was revised in response to lower than expected intergovernmental revenues and higher health costs due to an outbreak of flu.

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    Solutiondone 2-270

    Uploaded by

    trilocksp Singh
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    The Murphy County Commissioners adopted a General Fund budget for fiscal year 20X8 that estimated $12 million in revenues and $11.9 million in appropriations. During the year, actual revenues were $11.56 million and expenditures were $6.452 million. The budget was revised in response to lower than expected intergovernmental revenues and higher health costs due to an outbreak of flu.

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    The Murphy County Commissioners adopted a General Fund budget for fiscal year 20X8 that estimated $12 million in revenues and $11.9 million in appropriations. During the year, actual revenues were $11.56 million and expenditures were $6.452 million. The budget was revised in response to lower than expected intergovernmental revenues and higher health costs due to an outbreak of flu.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    79 views1 page

    Solutiondone 2-270

    Uploaded by

    trilocksp Singh
    The Murphy County Commissioners adopted a General Fund budget for fiscal year 20X8 that estimated $12 million in revenues and $11.9 million in appropriations. During the year, actual revenues were $11.56 million and expenditures were $6.452 million. The budget was revised in response to lower than expected intergovernmental revenues and higher health costs due to an outbreak of flu.

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    of 1

    The Murphy County Commissioners adopted the following

    General Fund budget


    The Murphy County Commissioners adopted the following General Fund budget for the 20X8
    fiscal year:Murphy CountyGeneral FundBudget—20X8Estimated Revenues: Taxes . . . . . . . . . .
    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,000,000Licenses and Permits . . . . . . . . . . . . . .
    . . . . . . . . . . . . . . . . . . 800,000Intergovernmental . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    2,000,000Charges for Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000Fines and
    Forfeits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000Other . . . . . . . . . . . . . . . . . . . . . . .
    . . . . . . . . . . . . . . . . . . . . . . 600,000 12,000,000Appropriations: General Government . . . . . . . .
    . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000Public Safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    . . . . . . . 4,000,000Highways and Streets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    5,000,000Health and Sanitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000Culture and
    Recreation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 Other . . . . . . . . . . . . . . . . . . . . . . . .
    . . . . . . . . . . . . . . . . . . . . . 600,000 11,900,000Excess of Estimated Revenues over
    Appropriations . . . . . . . . 100,000Fund Balance—Beginning . . . . . . . . . . . . . . . . . . . . . . . . . . .
    1,400,000Fund Balance—Ending (Anticipated) . . . . . . . . . . . . . . . . . . $ 1,500,000The following
    events occurred during 20X8:1. Purchase orders issued and contracts let were expected to
    cost:General Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 300,000Public Safety . . .
    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200,000Highways and Streets . . . . . . . . . . . . .
    . . . . . . . . . . . . . . . . . . . . 2,500,000Health and Sanitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    . 500,000Culture and Recreation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000Other . . . . . . .
    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,0002. The commissioners reviewed the
    budget during the year and (a) revised the estimate of Intergovernmental Revenues to
    $1,500,000 and reduced the Public Safety and Highways and Streets appropriations by
    $225,000 each to partially compensate for the anticipated decline in intergovernmental
    revenues, and (b) increased the Health and Sanitation appropriation by $70,000 because of
    costs incurred in connection with an unusual outbreak of Tasmanian flu.3. Revenues (actual) for
    20X8 wereTaxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,150,000Licenses and
    Permits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 785,000Intergovernmental . . . . . . . . . . . . . . . . . . .
    . . . . . . . . . . . . 1,520,000Charges for Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    210,000Fines and Forfeits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395,000Other . . . . . . . . . . . . .
    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 $ 11,560,0004. Goods and services under
    purchase orders and contracts were received:The remaining orders are still outstanding.5.
    Other expenditures incurred wereGeneral Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
    700,000Public Safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,560,000Highways and
    Streets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,271,000Health and Sanitation . . . . . . . . . . . . . . . . .
    . . . . . . . . . . . 485,000Culture and Recreation . . . . . . . . . . . . . . . . . . . . . . . . . . 45,000Other . . .
    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 391,000 $6,452,000Required 1. Set up
    general ledger T-accounts and also revenues and expenditures subsidiary ledgers like those in
    Illustrations 4-3 and 4-4.2. Record the Murphy County 20X8 General Fund budget in the general
    ledger and subsidiary ledger accounts, keying these entries “B” (for budget). Then record the
    numbered transactions and events, keying these entries by thosenumbers. View Solution: The
    Murphy County Commissioners adopted the following General Fund budget
    SOLUTION-- http://solutiondone.online/downloads/the-murphy-county-commissioners-adopted-

    Unlock answers here solutiondone.online

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