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Please give me the correct answer for Fund balance and equipment Assume the Federal Interstate Commission began the fiscal year with the following account balances:
Please give me the correct answer for Fund balance and equipment
Assume the Federal Interstate Commission began the fiscal year with the following account balances: FEDERAL INTERSTATE COMMISSION Trial Balance October 1, 2020 Debits Credits Fund Balance with Treasury $ 730,000 Supplies 105,000 Equipment 1,350,000 Accumulated Depreciation $ 480,eee Accounts Payable 126,eee Wages Payable 79, eee Cumulative Results of Operations 1,580, eee $2,185,000 $2,185,880 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 $ 126,00 79, eee 495, eee 580,000 1,080, eee 980, eee 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 a Balance Sheet as of December 31. FEDERAL INTERSTATE COMMISSION Balance Sheet As of December 31, 2020 Assets: Intragovernmental: Fund Balance with Treasury $10.000.000 X Governmental: Supplies Equipment (Net of Accumulated Depreciation) 214,000 1,360.000 $ 17,574,000 Total Assets Liabilities: Accounts Payable Wages Payable S 82.000 35.000 Net Position: Unexpended Appropriations Cumulative Results of Operations > 12.091.000 2,448.000 Total Liabilities and Net Position $ 14,654.000Step by Step Solution
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