can you please let me know what I'm missing? it says that the question is incomplete.
Assume the Federal Interstate Commission began the fiscal year with the following account balances: Credits FEDERAL INTERSTATE COMMISSION Trial Balance October 1, 2020 Debits Fund Balance with Treasury $ 730,000 Supplies 105,000 Equipment 1,350,000 Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations $2,185,00 $ 480,000 126,eee 79, eee 1,589, eee $2,185,000 1. Congress passed a spending bill providing $16.000.000 to fund the agency'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). Accounts payable Wages payable Salaries and benefits Supplies Contracted services Grants Equipment Total $ 126,800 79, 495,000 580, 600 1,080, eee 980,000 580, eee $3,680,000 3. Unpaid wages at the end of the quarter totaled $35.000. 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.) c. Prepare a Balance Sheet as of December 31. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare journal entries in the proprietary accounts for the events described above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Transaction Credit Debit 16.000.000 1 General Journal Fund Balance with Treasury Unexpended Appropriations 1 >> 16.000.000 2 2 Accounts Payable Wages Payable Supplies Equipment Program Expenses Fund Balance with Treasury 000000 120,000 79.000 500.000 500.000 2.395.000 3,600,000 3 3 35.000 Program Expenses Wages Payable olo 35,000 4 4 Supplies Program Expenses Accounts Payable 12.000 70.000 OO 82.000 5 5 403,000 Program Expenses Supplies olol 403,000 6 6 80.000 Program Expenses Accumulated Depreciation >> 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare a Statement of Changes in Net Position for the quarter ended December 31. (Assume the amount of appropriations used is $3,909,000.) (Deductions should be entered with a minus sign.) FEDERAL INTERSTATE COMMISSION Statement of Changes in Net Position For the Quarter Ended December 31, 2020 Cumulative Results of Unexpended Operations Appropriations Beginning Balance $ 1.500.000 Appropriations Received 16,000,000 Appropriations Used 3,909,000 Other Financing Sources 0 0 Total Financing Sources 5.409,000 12,091,000 Net Cost of Operations 2.963.000 Ending Balance IS 2,448.000 S 12.091.000 Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare a Balance Sheet as of December 31. FEDERAL INTERSTATE COMMISSION Balance Sheet As of December 31, 2020 Assets: Intragovernmental: Fund Balance with Treasury $13, 130,000 Governmental: Supplies Equipment (Net of Accumulated Depreciation) >> 214.000 1.310.000 Total Assets $ 14,654.000 Liabilities: Accounts Payable Wages Payable IS OI 82.000 35.000 Net Position: Unexpended Appropriations Cumulative Results of Operations 12.091.000 2.448.000 O Total Liabilities and Net Position $14.654,000
