2 10 points eBook Print References Assume the Scenic Rivers Commission (a federal agency) began the fiscal year with the following account balances: ( SCENIC RIVERS COMMISSION Trial Balance October 1, 2023 Fund Balance with Treasury Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations Supplies Equipment Contracted services Total Debits $164,000 107,000 1,363,000 258,000 510,000 1,710,000 $2,478,000 $1,634,000 Credits 1. Congress passed a spending bill providing $15,600,000 to fund the agency's operations for the year. 2. During the first quarter, the commission processed (accounts payable) the following items for payment. $483,000 129,000 84,000 938,000 $1,634,000 3. The commission processed wages and benefits through wages payable in the amount of $707,000 4. Unexpended appropriations were reclassified to expended appropriations for the items above. 5. Accounts payable of $2,530,000 and wages payable of $717,000 were paid by Treasury. 6. Unused supplies on hand totaled $200,000 at December 31. 7. Depreciation for the quarter is $80,800 Required: a. Prepare journal entries in the proprietary accounts for the events described above. b. Prepare a Statement of Changes in Net Position for the quarter ended December 31. c. Prepare a Balance Sheet as of December 31.

2 Assume the Scenic Rivers Commission (a federal agency) began the fiscal year with the following account balances SCENIC RIVERS COMMISSION 10 points Fund Balance with Treasury Supplies Equipment Trial Balance October 1, 2023 Debits $164,000 Credits 107,000 1,363,000 $433,000 129,000 84,000 938,000 Accumulated Depreciation Accounts Payable Pint Mages Payable Cumulative Results of Operations References $1,634,000 $1,634,000 1. Congress passed a spending bill providing $15.600.000 to fund the agency's operations for the year. 2. During the first quarter, the commission processed (accounts payable) the following items for payment. Supplies Equipment Contracted services Total 250,000 $10,000 1,710,000 $3,478,000 3 The commission processed wages and benefits through wages payable in the amount of $707,000 4. Unexpended appropriations were reclassified to expended appropriations for the items above. 5. Accounts payable of $2,530,000 and wages payable of $717,000 were paid by Treasury. 6. Unused supplies on hand totaled $200,000 at December 31 7. Depreciation for the quarter is $80,800 Required: a. Prepare journal entries in the proprietary accounts for the events described above. b. Prepare a Statement of Changes in Net Position for the quarter ended December 31 c. Prepare a Balance Sheet as of December 31.