The following Statement of Cash Receipts and Disbursements was prepared by the bookkeeper of the …

The following Statement of Cash Receipts and Disbursements was prepared by the bookkeeper of the …

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The following Statement of Cash Receipts and Disbursements wasprepared by the bookkeeper of the City of Glass City Museum ofScience. The museum is a component unit of the City of Glass Cityand must be included in the city’s financial statements. It beganoperations on January 1, 2012 with no liabilities or commitmentsand only two assets. (1) $6,000 in cash and (2) Land that wasacquired for $11,000. Cash Basis 12 months Cash Receipts $295,000 $50,000 $345,000 Admission Fees Loan from the Bank Total deposits Cash Disbursements Supplies Wages Utilities Purchase of Equipment Purchase of Fixtures Interest on the Bank Loan $62,000 104,000 48,000 70,000 45,000 Total checks $330,250 Excess of Receipts Over Disbursements $14,750 Additional Information ·The loan from the bank is dated April 1 and is for a five-year period. Interest (5% annual rate) is paid on Oct. 1 and April 1 of each year, beginning Oct. 1, 2012 The equipment was purchased on April 1, 2012 with the proceeds provided by the bank loan and has an estimated useful life of 10 years (please use the straight-line method of depreciation) for computing depreciation on the equipment. The fixtures were purchased on July 1, 2012 and has an estimated useful life of five years (please use the straight-line method of depreciation) for computing depreciation on the fixtures Supplies on-hand amounted to S5,900 at December 31, 2012 .All other bills and salaries related to 2012 had been paid by the close of business on December 31 Required Please prepare a Statement of Revenues, Expenses, and Changes in Net Assets for the year ended December 31 2012 assuming the city plans to account for its activities on the accrual basis

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