The following Statement of Cash Receipts and Disbursements was
prepared by the bookkeeper of The Anchorage Arboretum Authority.
The Arboretum Authority is a component unit of the City of
Anchorage and must be included in the City's financial statements.
It began operations on January 1, 2020 with no outstanding
liabilities or commitments and only 2 assets: (1) $15,000 cash and
(2) land that it had paid $23,000 to acquire.
Cash Basis | ||||
12 months | ||||
Cash Receipts: | ||||
Admission fees | 400,000 | |||
Borrowing from bank | 80,000 | |||
Total deposits | 480,000 | |||
Cash Disbursements: | ||||
Supplies | 52,700 | |||
Labor | 232,000 | |||
Utilities | 41,600 | |||
Purchase of machinery | 90,000 | |||
Interest on bank note | 2,000 | |||
Total checks | 418,900 | |||
Excess of Receipts over Disbursements: | 61,100 | |||
Required:
Part A. Prepare a Statement of Revenues, Expenditures and Changes
in Fund Balance for the year ended December 31, 2020 for the
Arboretum assuming the City plans to account for its activities on
the modified accrual basis.
Part B. Prepare a Statement of Revenues, Expenses and Changes in Net Position for the year ended December 31, 2020 for the Arboretum assuming the City plans to account for its activities on the accrual basis.
Get Answers For Free
Most questions answered within 1 hours.