[Solution]Examples of the Organizations in KSA

Learning Goal: I’m working on a accounting multi-part question and need an explanation and answer to help me learn. Answer all Questions (Total Marks 5) Identify…

Learning Goal: I’m working on a accounting multi-part question and need an explanation and answer to help me learn.
Answer all Questions (Total Marks 5)

Identify the governmental, business and fiduciary type of activities carried on by the government of KSA. Give examples of the organizations in KSA. (Mark 1)

The council of the Town of Fursan approved the 2019 budget as follows: (Mark 1)
Prepare entries to record the following transactions and events related to Max County’s tax revenues for the year beginning January 1, 2013: (Mark 1)
From the information below prepare Financial Statements (Mark 2)

Budgeted 2019 revenues from:
Property taxes$4,000,000
Sales taxes$1,000,000
Appropriations for 2019:
Salaries$3,600,000
Materials$1,000,000
Equipment$100,000
During 2019, the town’s mayor presented the council with a budget revision to increase the amount of appropriation for salaries by $50,000.The council approved this budget revision.
Required:
a. Prepare the general journal entry necessary to initially record the budget.
b. Prepare the general journal entry necessary to record the budget revision.
 
a. To raise property tax revenue of $750,000, the County bills its property owners a total of $752,000, providing $2,000 for uncollectible and refundable taxes.
b. During the year, taxpayers pay a total of $650,000 in property taxes.
c. Edam declares bankruptcy, owing the County $2,000 in property taxes. The County writes off the unpaid amount as uncollectible.
d. The state collects sales taxes on behalf of Max County. It sends the County $150,000 for sales taxes collected during the year.
e. At year-end, the County declares all unpaid property taxes to be delinquent

Cash
20,000

Taxes receivable, net
147,000

Investments
65,000

Due from other funds
68,000

Vouchers payable

39,000

Due to other funds

152,750

Unassigned fund balance

117,000

Estimated revenues
610,000

Appropriations

590,000

Budgetary fund balance

20,000

Revenues-taxes

590,175

Revenues-charges for services

14,080

Expenditures-personal services
287,125

Expenditures-supplies
29,680

Expenditures-capital outlay
244,000

Transfer in from debt service fund

32,500

Transfers out to capital projects fund
84,700
0

$1,555,505
$1,555,505

Assignment status: Solved by our experts

>>>Click here to get this paper written at the best price. 100% Custom, 0% plagiarism.<<<

Leave a Reply

Your email address will not be published. Required fields are marked *