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Provide complete answers to the following two problems: Describe the differences in cash flow statements required by GASB standards when compared with cash flow statements
Provide complete answers to the following two problems:
- Describe the differences in cash flow statements required by GASB standards when compared with cash flow statements required by FASB standards.
- The Village of Watkins Glenn operated an educational program for at-risk middle school children. Businesses and nonprofit organizations sponsor the children and pay the registration fee.
- The following cash receipts were collected:
- Registration 310,000
- Cash loan from bank 65,000
- The following cash disbursements were made:
- Payroll taxes 30,600
- Labor 102,800
- Insurance 12,400
- Interest 3.050
- Purchase school bus 62,000.
- The following cash receipts were collected:
Required:
- Prepare the journal entries to record revenues and disbursements if the city treats the program as an enterprise fund
- Prepare the journal entries to record revenues and disbursements if the city treats the program as a special revenue fund.
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