On July 1, 2011, Duchy County receives a $500,000 contribution from the local chapter of Homeless No
Question:
1. On September 1, the county invests the contribution in bonds, which yield 4.5% annually (payable on March 1 and September 1).
2. On March 1, the county receives the first interest payment.
3. On May 15, the county distributes the interest to the homeless shelter.
4. On June 30, the county closes its accounts.
REQUIRED
Prepare a statement of fiduciary net assets and a statement of changes in fiduciary net assets for this private-purpose trust fund at June 30, 2012.
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Duchy County Trust Fund Statement of Changes in Fiduciary Net Assets Tru...View the full answer
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Related Book For 
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
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