Question
Assume the Federal Interstate Commission began the fiscal year with the following account balances: FEDERAL INTERSTATE COMMISSION Trial Balance October 1, 2017 Debits Credits Fund
Assume the Federal Interstate Commission began the fiscal year with the following account balances:
FEDERAL INTERSTATE COMMISSION | ||||||
Trial Balance | ||||||
October 1, 2017 | ||||||
Debits | Credits | |||||
Fund Balance with Treasury | $ | 730,000 | ||||
Supplies | 105,000 | |||||
Equipment | 1,350,000 | |||||
Accumulated Depreciation | $ | 480,000 | ||||
Accounts Payable | 126,000 | |||||
Wages Payable | 79,000 | |||||
Cumulative Results of Operations | 1,500,000 | |||||
$ | 2,185,000 | $ | 2,185,000 | |||
Congress passed a spending bill providing $16,000,000 to fund the agencys operations for the year.
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 | $ | 126,000 | |
Wages payable | 79,000 | ||
Salaries and benefits | 495,000 | ||
Supplies | 500,000 | ||
Contracted services | 1,000,000 | ||
Grants | 900,000 | ||
Equipment | 500,000 | ||
Total | $ | 3,600,000 | |
Unpaid wages at the end of the quarter totaled $25,000.
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.
Unused supplies on hand totaled $214,000 at December 31.
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.) c. Prepare a Balance Sheet as of December 31.
For a) the required journal entries are:
1) congress passed a spending bill providing $16,000,000 to fund the agency's operations for the year
2) record the items processed for payment
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
For b) and c) refer to screenshot for format
Complete this question by entering your answers in the tabs below Required A Required BRequired C Prepare a Statement of Changes in Net Position for the quarter ended December 31. (Assume the amount of appropriations used is $3,909,000) (Negative amounts should be indicated with a minus sign.) FEDERAL INTERSTATE COMMIS SION Statement of Changes in Net Position For the Quarter Ended December 31, 2017 Cumulative Unexpended Results of Operations Appropriations Beginning Balance Appropriations Received Appropriations Used Other Financing Sources Total Financing Sources Net Cost of Operations Ending Balance Complete this question by entering your answers in the tabs below Required A Required B Requiredc Prepare a Balance Sheet as of December 31 FEDERAL INTERSTATE COMMISSION Balance Sheet As of December 31, 2017 Assets Governmental: Total Assets Liabilities Net Position Total Liabilities and Net Position Required B RequiredCxStep by Step Solution
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