416 Chapter 14 Required: Prepare a Statement of Net Cost for the quarter ended December 31. 14-9, Assume the Federal Interstate Commission began the fiscal year with the following account balances: FEDERAL INTERSTATE COMMISSION Trial Balance October 1, 2017 Credits Debits $ 730,000 105.000 Fund Balance with Treasury Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations 1,350.000 $480,000 126,000 79,000 1,500,000 $2.185.000 $2.185.000 1. Congress passed a spending bill providing $16,000,000 to fund the agen- cy's operations for the year 2. During the first quarter the commission processed the following items for payment (all items were paid by Treasury in the first quarter) Beginning balances Accounts payable Wages payable Salaries and benefits $ 126,000 79,000 495,000 Supplies Contracted services 500,000 1,000,000 Grants 900,000 Equipment 500,000 Total $3,600,000 3. Unpaid wages at the end of the quarter totaled $25,000. 4. In addition to the items paid in item 2, the commission received supplies of $12,000 and contracted services of $70,000 that are to be processed for payment in January 5. Unused supplies on hand totaled $214,000 at December 31 6. Depreciation for the quarter is $60,000. 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. (Assume the amount of appropriations used is $3,909,000 and use the format appearing in Illustration 14-11.) c. Prepare a Balance Sheet as of December 31 416 Chapter 14 Required: Prepare a Statement of Net Cost for the quarter ended December 31. 14-9, Assume the Federal Interstate Commission began the fiscal year with the following account balances: FEDERAL INTERSTATE COMMISSION Trial Balance October 1, 2017 Credits Debits $ 730,000 105.000 Fund Balance with Treasury Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations 1,350.000 $480,000 126,000 79,000 1,500,000 $2.185.000 $2.185.000 1. Congress passed a spending bill providing $16,000,000 to fund the agen- cy's operations for the year 2. During the first quarter the commission processed the following items for payment (all items were paid by Treasury in the first quarter) Beginning balances Accounts payable Wages payable Salaries and benefits $ 126,000 79,000 495,000 Supplies Contracted services 500,000 1,000,000 Grants 900,000 Equipment 500,000 Total $3,600,000 3. Unpaid wages at the end of the quarter totaled $25,000. 4. In addition to the items paid in item 2, the commission received supplies of $12,000 and contracted services of $70,000 that are to be processed for payment in January 5. Unused supplies on hand totaled $214,000 at December 31 6. Depreciation for the quarter is $60,000. 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. (Assume the amount of appropriations used is $3,909,000 and use the format appearing in Illustration 14-11.) c. Prepare a Balance Sheet as of December 31