Preparing the statement of net position?
Preparing the statement of net position?
Homework Answers
The statement of net position presents the financial position of the governmental entity and its discretely presented component units. This statement is required to present all financial and capital resources using an economic resources measurement focus and the accrual basis of accounting.
Describe the net position classification appearing on the government wide statement of net position
Describe the net position classification appearing on the government wide statement of net position
P1-1 Preparing a Statement of Earnings and a Statement of Financial Position LO1-1 Assume that you...
P1-1 Preparing a Statement of Earnings and a Statement of Financial Position LO1-1 Assume that you are the controller of Nuclear Company. At December 31, 2020, the end of the first year of operations, the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Payables to suppliers of merchandise Salary payable for 2020 (on December 31,...
In addition to a Statement of Net Position, which of the following are government-wide statements? Multiple...
In addition to a Statement of Net Position, which of the following are government-wide statements? Multiple Choice Neither of the above. Statement of Cash Flows. Both of the above. Statement of Revenues, Expenses, and Changes in Fund Net Position.
AP3-14A Journaliing, posting, preparing statement of me and statement of financial position, and preparing closing entries)...
AP3-14A Journaliing, posting, preparing statement of me and statement of financial position, and preparing closing entries) Perfect Pizza had the following account balances at December 31, 2019: Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation, Equipment $33,000 15,000 10,000 3,000 60,000 30,000 Vehicles Accumulated Depreciation, Vehicles Accounts Payable Wages Payable Common Shares Retained Earnings 80,000 36,000 7.000 2.000 110,000 16,000 During 2020, the following transactions occurred: 1. Purchases of ingredients and supplies (inventory) were $230,000, all on account 2....
AP3-1 (Juni posting preparing statement of Woumalizia, posting, preparing statemente income and statement of financial position,...
AP3-1 (Juni posting preparing statement of Woumalizia, posting, preparing statemente income and statement of financial position, and preparing closing entries) Perfect Pizza had the following count balances December 31, 2019 Cash 533,000 Vies 80,000 Accounts Receivable 15,000 Accumulated Depreciation Vehicles 36,000 Inventory 10,000 Accounts Payable 7.000 Prepad Rest 3,000 Wages Payable 2,000 Equipment 60,000 Common Shares 110,000 Accumulated Depreciation Equipement 30,000 Retained Earnings 16,000 During 2020, the following transactions occurred: 1. Purchases of ingredients and supplies inventory) were $230,000, all...
How do you get the plug for unrestricted balance in a Statement of Net Position?
How do you get the plug for unrestricted balance in a Statement of Net Position?
QE 8-7 Statement of Net Position The following information is available for the preparation of the...
QE 8-7 Statement of Net Position The following information is available for the preparation of the government.wide financial statements for the City of Southern Springs as of April 30, 2017: Cash and cash equivalents, governmental activities Cash and cash equivalents, business-type activities Receivables, governmental activities Receivables, business-type activities Inventories, business-type activities Capital assets, net, governmental activities Capital assets, net, business-type activities Accounts payable, governmental activities Accounts payable, business-type activities General obligation bonds, governmental activities Revenue bonds, business-type activities Long-term liability...
When preparing a vertical analysis for an income statement the denominator would be net sales True...
When preparing a vertical analysis for an income statement the denominator would be net sales True False 5 points QUESTION 6 When calculating the percentage (%) column on a vertical analysis you would use absolute cell referencing on the numerator denominator both numerator and denominator neither the numerator or denominator
19. When preparing a statement of cash preparing a statement of cash loan (indirect methodl, which...
19. When preparing a statement of cash preparing a statement of cash loan (indirect methodl, which of the following is Hot an adjustm adjustment to reconcile net income to be cash vided by operating activities A) A change in income taxes payable B) A change in interest payable C) A change in dividends payable D) All of these are adjustments 20. When using the indirect method to prepare the operating section of a statement of cash llows, which of the...
n its Statement of Net Position, a government reported: • Assets of $200 million, including $120...
n its Statement of Net Position, a government reported: • Assets of $200 million, including $120 million in capital assets (net), and • Liabilities of $80 million, including long-term debt of $50 million, all related to capital asset acquisition. The government also reported $10 million of net assets were restricted for payment of debt service. The government's Unrestricted Net Position would pe reported as:
P1-1 Preparing a Statement of Earnings and a Statement of Financial Position LO1-1 Assume that you are the controller of Nuclear Company. At December 31, 2020, the end of the first year of operations, the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Payables to suppliers of merchandise Salary payable for 2020 (on December 31,...
AP3-14A Journaliing, posting, preparing statement of me and statement of financial position, and preparing closing entries) Perfect Pizza had the following account balances at December 31, 2019: Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation, Equipment $33,000 15,000 10,000 3,000 60,000 30,000 Vehicles Accumulated Depreciation, Vehicles Accounts Payable Wages Payable Common Shares Retained Earnings 80,000 36,000 7.000 2.000 110,000 16,000 During 2020, the following transactions occurred: 1. Purchases of ingredients and supplies (inventory) were $230,000, all on account 2....
AP3-1 (Juni posting preparing statement of Woumalizia, posting, preparing statemente income and statement of financial position, and preparing closing entries) Perfect Pizza had the following count balances December 31, 2019 Cash 533,000 Vies 80,000 Accounts Receivable 15,000 Accumulated Depreciation Vehicles 36,000 Inventory 10,000 Accounts Payable 7.000 Prepad Rest 3,000 Wages Payable 2,000 Equipment 60,000 Common Shares 110,000 Accumulated Depreciation Equipement 30,000 Retained Earnings 16,000 During 2020, the following transactions occurred: 1. Purchases of ingredients and supplies inventory) were $230,000, all...
QE 8-7 Statement of Net Position The following information is available for the preparation of the government.wide financial statements for the City of Southern Springs as of April 30, 2017: Cash and cash equivalents, governmental activities Cash and cash equivalents, business-type activities Receivables, governmental activities Receivables, business-type activities Inventories, business-type activities Capital assets, net, governmental activities Capital assets, net, business-type activities Accounts payable, governmental activities Accounts payable, business-type activities General obligation bonds, governmental activities Revenue bonds, business-type activities Long-term liability...
19. When preparing a statement of cash preparing a statement of cash loan (indirect methodl, which of the following is Hot an adjustm adjustment to reconcile net income to be cash vided by operating activities A) A change in income taxes payable B) A change in interest payable C) A change in dividends payable D) All of these are adjustments 20. When using the indirect method to prepare the operating section of a statement of cash llows, which of the...
n its Statement of Net Position, a government reported: • Assets of $200 million, including $120 million in capital assets (net), and • Liabilities of $80 million, including long-term debt of $50 million, all related to capital asset acquisition. The government also reported $10 million of net assets were restricted for payment of debt service. The government's Unrestricted Net Position would pe reported as:
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