The comparative *pre-closing adjusted trial balances of Entity A on December 31,20x2 are shown below:

* Hint: Recall that the "Cash-Treasury/Agency Deposit, Regular" account is closed directly to the "Accumulated Surplus (Deficit) account. In the Statement of Changes in Net Assets/Equity, this is presented under the "Adjustment of net revenue recognized directly in net assets/equity" line item.

Additional information:

a. Entity A received NCA of P1,050,000 in 20x2. Unused NCA reverted at year-end amounted to P43,000.

b. The unbilled tax revenues were collected in cash.

c. All collections of revenues, billed and unbilled, were remitted to the National Treasury.

d. Taxes withheld in 20x2 on payments of: - Personnel Services, P90,000 - Maintainance and Other Operating Expenses, P20,000 - Purchase of inventories, P10,000 - Purchase of office equipment, P20,000

e. Salary deductions for contributions to GSIS, PhilHealth and Pag-IBIG in 20x2 amounted to P60,000.

f. Taxes withheld and other salary deductions are aggregated and presented under the "Inter-agency Payables" line item.

g. Only the purchases of office supplies inventory affected the accounts payable in 20x2.

h. For simplicity, assume there are no basis, timing, or entity differences between "budgeted amounts" and "actual amounts on a comparable basis". The following are relevant to the preparation of the Statement of Comparison of Budget and Actual Amounts:

Budgeted and Actual Receipts

i. Original Budgeted Receipts The total original budgeted receipts amounts to P300,000. This is sourced from the 20x2 Budget of Expenditures and Sources of Financing. It constitutes the projected revenue/receipts for the following:

Tax Revenue 40,000

Service and Business Income 260,000

ii. Final Budgeted Receipts (There are no adjustments to the original budget).

iii. Actual Receipts on Comparable Basis

The total actual receipts on comparable basis amount to P250,000. This is based on the Consolidated Actual Revenue Collections , Statement of Financial Performance, and Statement of Cash Flows. It constitutes the actual collections/receipts from Tax Revenue and Services and Business Income that will accrue to the General Fund and Special Account in the General Fund.

Budgeted and Actual Payments

iv. Original Budget

The original budget for payments of PS, MOOE, and CO amounts to P1,200,000. This is based on the Current Year's Appropriations, sourced from the Statement of Appropriations, Allotments, Obligations, Disbursements and Balances.

It consists of the folowing:

Personnel Services 420,000

Maintenance and Other Operating Expenses 480,000

Capital Outlay 300,000

v. Final Budget The final budget amounts to P1,200,000. This includes a P20,000 realignment from PS to CO.

vi. Actual Payments The actual payments for PS, MOOE, and CO, based on the Disbursements for payment of Current Year's Obligations (from Current Year and Continuing Appropriations) consist of the following:

Personnel Services 400,000

Maintenance and Other Operating Expenses 450,000

Capital Outlay 320,000

Requirements:

a. Prepare a comparative Statement of Financial Position showing cross-references to the notes for the following line items:

1. Receivables

2. Property, Plant and Equipment

3. Inter-agency Payables

b. Prepare a comparative Statement of Financial Performance showing cross-references to the notes for the following line items:

4. Personnel Services

5. Maintenance and Other Operating Expenses

6. Non-cash Expenses

c. Prepare a comparative Statement of Changes in Net Assets/Equity.

d. Prepare the 20x2 Statement of Cash Flows.

e. Prepare the 20x2 Statement of Comparison of Budget and Actual Amounts.

f. Prepare a comparative partial notes showing the breakdowns of the cross-referenced line items.

20X1 Dr (Cr) 30,000.00 290,000.00 80,000.00 20X2 Dr (Cr) 30,000.00 250,000.00 120,000.00 5,000.00 20,000.00 800,000.00 680,000.00 660,000.00 200,000.00 90,000.00 ACCOUNTS Cash-Collecting Officers Cash-Treasury/Agency Deposit, Reg Accounts Receivable Allowance for Impairment-AIR Office Supplies Inventory Buildings Accumulated Depreciation-Buildings - Office Equipment Accumulated Depreciation Equipme- Accounts Payable Due to BIR Due to GSIS Due to Pag-IBIG Due to Philhealth Accumulated Surplus(Deficit) Tax on Delivery Vans and Trucks Waterworks System Fees Subsidy from National Government Salaries and Wages, Regular PERA Office Supplies Expense Water Expenses Electricity Expenses Telephone Expenses Janitorial Expenses Security Expenses Depreciation-Buildings + Other Stru Depreciation- Machinery Equipme Impairment Loss-Loans - Receivable Totals 800,000.00 650,000.00 340,000.00 180,000.00 60,000.00 20,000.00 4,000.00 2,000.00 1,000.00 160,000.00 40,000.00 192,000.00 934,000.00 303,000.00 16,000.00 104,000.00 16,000.00 48,000.00 32,000.00 64,000.00 80,000.00 24,000.00 16,000.00 333,000.00 50,000.00 240,000.00 1,167,000.00 380,000.00 20,000.00 130,000.00 20,000.00 60,000.00 40,000.00 80,000.00 100,000.00 30,000.00 20,000.00 5,000.00 20X1 Dr (Cr) 30,000.00 290,000.00 80,000.00 20X2 Dr (Cr) 30,000.00 250,000.00 120,000.00 5,000.00 20,000.00 800,000.00 680,000.00 660,000.00 200,000.00 90,000.00 ACCOUNTS Cash-Collecting Officers Cash-Treasury/Agency Deposit, Reg Accounts Receivable Allowance for Impairment-AIR Office Supplies Inventory Buildings Accumulated Depreciation-Buildings - Office Equipment Accumulated Depreciation Equipme- Accounts Payable Due to BIR Due to GSIS Due to Pag-IBIG Due to Philhealth Accumulated Surplus(Deficit) Tax on Delivery Vans and Trucks Waterworks System Fees Subsidy from National Government Salaries and Wages, Regular PERA Office Supplies Expense Water Expenses Electricity Expenses Telephone Expenses Janitorial Expenses Security Expenses Depreciation-Buildings + Other Stru Depreciation- Machinery Equipme Impairment Loss-Loans - Receivable Totals 800,000.00 650,000.00 340,000.00 180,000.00 60,000.00 20,000.00 4,000.00 2,000.00 1,000.00 160,000.00 40,000.00 192,000.00 934,000.00 303,000.00 16,000.00 104,000.00 16,000.00 48,000.00 32,000.00 64,000.00 80,000.00 24,000.00 16,000.00 333,000.00 50,000.00 240,000.00 1,167,000.00 380,000.00 20,000.00 130,000.00 20,000.00 60,000.00 40,000.00 80,000.00 100,000.00 30,000.00 20,000.00 5,000.00