Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please please help me with parts b and c. i already completed the journal entries. I just need help with the statements please. Woshington City

Please please help me with parts b and c. i already completed the journal entries. I just need help with the statements please.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Woshington City created an information Technology department four years ago to centralize information technology (IT) functions for the city. The goal of the department was to reduce costs, avoid duplication of efforts, and provide up-to-date technology to all of the city's operations. The fund was designed to be self-supporting; that is, all costs are to be recovered through user foes, but any excess of fees over expenses should be less than 4 percent. The preclosing trial balance for the If department as of last year, is shown below. During the current fiscal year ended December 31 , the following trantactions (rummanted in thousands of do sact) occurred: 1 Gross employee wages were $56,400, including the empioyer's shore of social secur y taxps amolnting to $4,020. Federai income and social security taxes whheld from that amount totaled $18.370. 2 Office expenses in the amount of $3.650 were paid in cash. 3. Materials and supplies purchased on account during the year were $8.280 4. A bill totaling $14,320 was received for utilities provided by Washington City's utility fund: 5. Cash paid to the federal government for payroll taxes was $22,700 6. Cash paid to the Utility Fund was $13,900. 7. Accounts poyoble ot year-end totaled $2,910 8. Materials and supplies used duning the year were $8,150. 9. Charges to departments during the fiscal year were as follows: Answer is complete and correct. b. Prepare a statement of net position for the Information Technology Fund as of December 31. (Enter your answers in thousands of dollars.) a-3. Prepare a statement of revenues, expenses, and changes in fund net position for the Information Technology Fund for the current year ended December 31. (Enter your answers in thousands of dollars.) b. Prepare a statement of net position for the Information Technology Fund as of December 31 (Enter your answers in thousands of Prepare a statement of cash flows for the Information Technology Fund for the current year ended December 31 . (Cash outflows should be indicated by a minus sign. Enter your answers in thousands of dollars.) Woshington City created an information Technology department four years ago to centralize information technology (IT) functions for the city. The goal of the department was to reduce costs, avoid duplication of efforts, and provide up-to-date technology to all of the city's operations. The fund was designed to be self-supporting; that is, all costs are to be recovered through user foes, but any excess of fees over expenses should be less than 4 percent. The preclosing trial balance for the If department as of last year, is shown below. During the current fiscal year ended December 31 , the following trantactions (rummanted in thousands of do sact) occurred: 1 Gross employee wages were $56,400, including the empioyer's shore of social secur y taxps amolnting to $4,020. Federai income and social security taxes whheld from that amount totaled $18.370. 2 Office expenses in the amount of $3.650 were paid in cash. 3. Materials and supplies purchased on account during the year were $8.280 4. A bill totaling $14,320 was received for utilities provided by Washington City's utility fund: 5. Cash paid to the federal government for payroll taxes was $22,700 6. Cash paid to the Utility Fund was $13,900. 7. Accounts poyoble ot year-end totaled $2,910 8. Materials and supplies used duning the year were $8,150. 9. Charges to departments during the fiscal year were as follows: Answer is complete and correct. b. Prepare a statement of net position for the Information Technology Fund as of December 31. (Enter your answers in thousands of dollars.) a-3. Prepare a statement of revenues, expenses, and changes in fund net position for the Information Technology Fund for the current year ended December 31. (Enter your answers in thousands of dollars.) b. Prepare a statement of net position for the Information Technology Fund as of December 31 (Enter your answers in thousands of Prepare a statement of cash flows for the Information Technology Fund for the current year ended December 31 . (Cash outflows should be indicated by a minus sign. Enter your answers in thousands of dollars.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services

Authors: William Messier, Steven Glover, Douglas Prawitt

6th International Edition

0071284664, 978-0071284660

More Books

Students also viewed these Accounting questions

Question

=+ Is the information source respected?

Answered: 1 week ago

Question

=+ Is the source or sponsor of the information indicated?

Answered: 1 week ago