Question
ACCT 636 Dialogue Period One 1. Part1-Compare Financial Statements-For this part refer to the Denver government-wide statement of net position (Illustration A2-1); the Denver government-wide
ACCT 636 Dialogue Period One
1. Part1-Compare Financial Statements-For this part refer to the Denver government-wide statement of net position (Illustration A2-1); the Denver government-wide statement of activities (Illustration As-s); the Promote Health Association, Inc.s balance sheet (Illustration 14-1) and the Promote Health Association, Inc.s statement of activities (Illustration 14-2).
a. Compart Denvers statement of net position to the Promote Health Association, Inc. balance sheet. What are some similarities and differences in the statement formats?
b. Compare Denvers statement of activities to the Promote Health Association, Inc. statement of activities. What are some similarities and differences in the statement formats?
Part2 The Town of Franklins General Fund has the following net resources at June 30, 20xx.
Required: Please prepare the fund balance section of the balance sheet.
a. Total assets of $846,000 and liabilities of $137,500
b. $20,000 rainy day funds approved by the township governing board
c. $16,000 of supplies inventory
d. $95,000 state grant for snow removal
e. $450,000 contractual obligations for capital projects
f. $106,000 of outstanding encumbrances representing purchase orders which will be paid from the General Fund.
Part3- Review the Excel spreadsheet in BB and identify all the Major Funds. Also, identify why they are major funds.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started