Question
The Federal Interstate Commission began the fiscal year with the following account balances: Federal Interstate Commission Trial Balance October 1, 2015 Debits Credits Fund Balance
The Federal Interstate Commission began the fiscal year with the following account balances:
Federal Interstate Commission
Trial Balance
October 1, 2015
Debits Credits
Fund Balance with Treasuring $ 735,000
Supplies 100,000
Equipment 1,350,000
Accumulated Depreciation $480,000
Accounts Payable 126,000
Wages Payable 79,000
Cumulative Results of Operations 1,500,000
____________ ___________
$2,185,000 $2,185,000
1.Congress passed a spending bill providing $12,000,000 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).
Beginning balances
Accounts payable $ 126,000
Wages payable 79,000
Salaries and benefits 495,000
Supplies 500,000
Contracted services 1,000,000
Grants 1,100,000
Equipment 500,000
___________
$3,800,000
3.Unpaid wages at the end of the quarter totaled $25,000
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 $209,000 at December 31.
6.Depreciation for the quarter is $60,000.
Please show me how to:
a. Prepare journal entries in the proprietary accounts for the events described above.
b. show how to create the Statement of Changes in Net Position for the quarter ended December 31. (Assume the amount of appropriations used is $3,607,000 and use the format appearing in Illustration 14-11.)
c. Show me how to create a Balance Sheet as of December 31.
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