Homework Ch 6 Saved 3 The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program's bank account for the year. 5 points 1. At the beginning of 2020, the program had unrestricted cash of $35.000. Cash Basis 12 months eBook Cash receipts: Registration fees Borrowing from bank Total deposits Cash disbursements: $139,000 65.ee 204,00 Print Wages References Payroll taxes Insurance (paid monthly) Purchase of bus Interest on bank note Total checks Excess of receipts over disbursements 78,000 19,480 7,400 74,089 1,950 171,750 $ 32,250 2. The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1 and April 1 of each year, beginning October 1, 2020. 3. The bus was purchased on April 1 with the proceeds provided by the bank loan and has an estimated useful life of five years (straight-line basis-use monthly depreciation). 4. All invoices and salaries related to 2020 had been paid by close of business on December 31. except for the employer's portion of December payroll taxes, totaling $2,400. Required: a. Prepare the journal entries, closing entries, and a Statement of Revenues. Expenses, and Changes in Fund Net Position assuming the City intends to treat the summer camp program as an enterprise fund. b. Prepare the journal entries, closing entries, and a Statement of Revenues. Expenditures, and Changes in Fund Balance assuming the City intends to treat the summer camp program as a special revenue fund. 2. The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1 and April 1 of each year, beginning October 1.2020. 3. The bus was purchased on April 1 with the proceeds provided by the bank loan and has an estimated useful life of five years (straight-line basis-use monthly depreciation). 4. All invoices and salaries related to 2020 had been paid by close of business on December 31, except for the employer's portion of December payroll taxes, totaling $2,400. Required: a. Prepare the journal entries, closing entries, and a Statement of Revenues. Expenses, and Changes in Fund Net Position assuming the City intends to treat the summer camp program as an enterprise fund. b. Prepare the journal entries, closing entries, and a Statement of Revenues. Expenditures, and Changes in Fund Balance assuming the City intends to treat the summer camp program as a special revenue fund. Complete this question by entering your answers in the tabs below. Reg A Entries Reg A Net Position Reg B Entries Reg B Fund Balance Prepare the journal entries including closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required: a. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses, and Changes in Fund Net Position assuming the City intends to treat the summer camp program as an enterprise fund. b. Prepare the journal entries, closing entries, and a Statement of Revenues. Expenditures, and Changes in Fund Balance assuming the City intends to treat the summer camp program as a special revenue fund. Complete this question by entering your answers in the tabs below. Reg A Entries Req A Net Reg B Entries Req B Fund Position Balance Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position assuming the city intends to treat the summer camp program as an enterprise fund. (Deductions should be entered as a negative amount.) CITY OF EVANSVILLE SUMMER CAMP ENTERPRISE FUND Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended December 31, 2020 Revenues: Charges for Services Total Revenues Operating Expenses: Wages Expense Payroll Taxes Expense Insurance Expense Depreciation Expense 0 0 Total Operating Expenses Operating Income Nonoperating Income (Expenses): Interest Expense Change in Net Position Total Nonoperating Income (Expenses) 0 0 Net Position - Beginning of Year Net Position - End of Year $ Complete this question by entering your answers in the tabs below. Reg B Entries Req B Fund Reg A Entries Req A Net Position Balance Prepare the journal entries including closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 1a Cash 2 1b Cash Required: a. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses, and Changes in Fund Net Position a the City intends to treat the summer camp program as an enterprise fund. b. Prepare the journal entries, closing entries, and a Statement of Revenues. Expenditures, and Changes in Fund Balance a the City intends to treat the summer camp program as a special revenue fund. Complete this question by entering your answers in the tabs below. Req A Entries Reg A Net Position Reg B Entries Req B Fund Balance Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance assuming the City intends to treat the summer camp program as a special revenue fund. (Deductions should be entered as a negative amount.) CITY OF EVANSVILLE SUMMER CAMP SPECIAL REVENUE FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 Revenues: 0 Total Revenues Expenditures: Current: 0 Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources: 0 0 Fund Balance, January 1 Fund Balance, December 31 0