As the newly-hired assistant controller for the City of Lancaster, you are asked to determine...
50.1K
Verified Solution
Link Copied!
Question
Accounting
As the newly-hired assistant controller for the City of Lancaster, you are asked to determine the amount of available funds. After consulting your assistant and the city treasurer, you begin to analyze the following information.
(in thousands)
Dr (Cr)
Cash in bank
$100,000
Estimated revenue
5,000,000
Budgetary deficit
150,000
Revenue
(4,600,000)
Expenditures
4,550,000
Accounts payable
(500,000)
Fund balance-assigned*
(350,000)
Fund balance-unassigned
(400,000)
*Assigned fund balance consists of outstanding encumbrances.
Calculate the funds available to be encumbered.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
