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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 $483,000 129,000 84,000 938,000 Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations $1,634,000 $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 258,000 510,000 Contracted services Total 1,710,000 $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 Required B Required C Prepare a Balance Sheet as of December 31. SCENIC RIVERS COMMISSION Assets: Intragovernmental: Governmental: Balance Sheet As of December 31, 2024 Total Assets $ 0 Liabilities: Net Position: Total Liabilities and Net Position $ 0

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 $483,000 129,000 84,000 938,000 Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations $1,634,000 $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 258,000 510,000 Contracted services Total 1,710,000 $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 Required B Required C Prepare a Balance Sheet as of December 31. SCENIC RIVERS COMMISSION Assets: Intragovernmental: Governmental: Balance Sheet As of December 31, 2024 Total Assets $ 0 Liabilities: Net Position: Total Liabilities and Net Position $ 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $483,000 129,000 84,000 938,000 Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations $1,634,000 $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 258,000 510,000 Contracted services Total 1,710,000 $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.
Transcribed Image Text: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 $483,000 129,000 84,000 938,000 Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations $1,634,000 $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 258,000 510,000 Contracted services Total 1,710,000 $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 Required B Required C Prepare a Balance Sheet as of December 31. SCENIC RIVERS COMMISSION Assets: Intragovernmental: Governmental: Balance Sheet As of December 31, 2024 Total Assets $ 0 Liabilities: Net Position: Total Liabilities and Net Position $ 0
Transcribed Image Text:Required A Required B Required C Prepare a Balance Sheet as of December 31. SCENIC RIVERS COMMISSION Assets: Intragovernmental: Governmental: Balance Sheet As of December 31, 2024 Total Assets $ 0 Liabilities: Net Position: Total Liabilities and Net Position $ 0
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