I Chose Option # 1 For My Portfolio Project

705 Words3 Pages
I chose Option #1 for my Portfolio Project, and in this paper I will discuss three different scenarios. The first scenario is creating journal entries for Kendal County. The second scenario is about the city of Dallas. The third scenario is about the McCracken County Humane Society (MCHS). City of Dallas In this section the following will be discussed regarding the city of Dallas: journal entries for the city, year-end statement of revenues, expenditures, and changes in fund balance and balance sheet. It will also cover the following: by how much did the department over- or under-spend its supplies budgets?, assess the “true” economic costs associated with supplies, and determine whether the city was adherent to budgetary spending mandates. The last two questions that will be covered are: what impact would cost-cutting measures have on supplies expenditures as reported in an actual-to budget comparison, and what impact would the year-end measures have on reported supplies expenditures (per GAAP)? Year-End Statement of Revenues, Expenditures, and Changes in Fund Balance and Balance Sheet The statement of revenues, expenditures and changes in fund balance would report supplies expenditure at $185,000. The balance sheet would report supplies inventory of $37,000, fund balance-non spendable of $37,000 and fund balance-assigned of $7,000, as shown above. By How Much Did the Department Over- or Under-Spend its Supplies Budget? The city had a budget of $195,000 for supplies; the department spent or ordered only $180,000 worth of supplies. So the department under-spent its budget by $15,000. Assess the “True” Economic Costs Associated with Supplies The “true” economic cost represents the amount of supplies that have been used. Then the st... ... middle of paper ... ...n expendable resources are expendable as well. How Would the Transfer From the Permanent Fund to the Special Revenue Fund be Reported in the Government-Wide Statements? In the government-wide statements, the transfer would not be shown, but both the special revenue and the permanent funds are governmental funds. The transfer would be eliminated in the contribution program in the government-wide statement. As shown above, it would be debited from transfer to special revenue fund and credited to cash. The second one would be debited from cash and credited to transfer from permanent fund. In this paper, I chose Option #1 for my Portfolio Project. I discussed three different scenarios. The first scenario was creating journal entries for Kendal County. The second scenario was about the city of Dallas. The third scenario was about the McCracken County Humane Society (MCHS).

More about I Chose Option # 1 For My Portfolio Project

Open Document