Assume the Scenic Rivers Commission (a federal agency) began the fiscal year with the following account balances: SCENIC RIVERS COMMISSION Fund Balance with Treasury Trial Balance October 1, 2023 Debits Credits $164,000 107,000 1,363,000 $483,000 Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations $1,634,000 129,000 84,000 938,000 $1,634,000 1. Congress passed a spending bill providing $15,600,000 to fund the agency's operations for the year. 2. During the first quarter, the commission processed (accounts payable) the following items for payment. Supplies Equipment Contracted services 258,000 510,000 1,710,000 Total $2,478,000 3. The commission processed wages and benefits through wages payable in the amount of $707,000. 4. Unexpended appropriations were reclassified to expended appropriations for the items above. 5. Accounts payable of $2,530,000 and wages payable of $717,000 were paid by Treasury. 6. Unused supplies on hand totaled $200,000 at December 31. 7. Depreciation for the quarter is $80,800. 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. c. Prepare a Balance Sheet as of December 31.

Assume the Scenic Rivers Commission (a federal agency) began the fiscal year with the following account balances: SCENIC RIVERS COMMISSION Fund Balance with Treasury Trial Balance October 1, 2023 Debits Credits $164,000 107,000 1,363,000 $483,000 Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations $1,634,000 129,000 84,000 938,000 $1,634,000 1. Congress passed a spending bill providing $15,600,000 to fund the agency's operations for the year. 2. During the first quarter, the commission processed (accounts payable) the following items for payment. Supplies Equipment Contracted services 258,000 510,000 1,710,000 Total $2,478,000 3. The commission processed wages and benefits through wages payable in the amount of $707,000. 4. Unexpended appropriations were reclassified to expended appropriations for the items above. 5. Accounts payable of $2,530,000 and wages payable of $717,000 were paid by Treasury. 6. Unused supplies on hand totaled $200,000 at December 31. 7. Depreciation for the quarter is $80,800. 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. c. Prepare a Balance Sheet as of December 31.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.1MBA

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