For the fiscal year 20X7 budget, the town of Cary anticipates the ...

[ts19998]

For the fiscal year 20X7 budget, the town of Cary anticipates the following inflows in its General Fund budget:
  Property taxes, licenses, and fees 6,000,000
  Proceeds of borrowings 4,000,000
  Transfers from discontinued funds 1,000,000
 
  In the budgetary entry, what amount should the town record for Estimated Revenues?
 
  a. 1,000,000
  b. 4,000,000
  c. 6,000,000
  d. 7,000,000
  e. 11,000,000

Question 2

For each of the following, determine the amount of net income or net loss for the year. (a) Revenues for the year totaled 71,300 and expenses totaled 35,500 . The owner made anadditional investment of 15,000 during the year. (b) Revenues for the year totaled 220,500 and expenses totaled 175,000 . The ownerwithdrew 40,000 during the year. (c) Revenues for the year totaled 149,000 and expenses totaled 172,000 . The ownerinvested an additional 12,000 and withdrew 16,000 during the year. (d) Revenues for the year totaled 198,150 and expenses totaled 174,200 . The ownerwithdrew 35,000 during the year.

[ladyjames123]

Answer to Question 1

C

Answer to Question 2

(a) 35,800 net income (71,300  35,500)
(b) 45,500 net income (220,500  175,000)
(c) 23,000 net loss (149,000  172,000)
(d) 23,950 net income (198,150  174,200)