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AC 556 Accounting for Governmental & Nonprofit Entities Chapter 6
Solution
Preparation of Balance Sheet:
Balance Sheet:
Amount($) Amount($)
Assets:
Current Assets:
Cash 293,750
Taxes Receivable - Delinquent 45,000
- Estimated Uncollectible Dlinquent Taxes 20,000
Interest and Penalties receivable 3,600
- Estimated Uncollectible Interest and Penalties 180
Total Current Assets: 322,170
Non- Current Assets:
Investments 255,000
Appropriations 25,000
Total Non- Current Assets 280,000
Total Assets 602,170
Liabilities
Fund Balance - restricted 575,795
Estimated Revenue- Investment Income 1,375
Estimated Revenue - Accrued Interest on Bond 25,000
Total Liabilities: 602,170
AC 556 Accounting for Governmental & Nonprofit Entities Chapter 6Solut.docx

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AC 556 Accounting for Governmental & Nonprofit Entities Chapter 6Solut.docx

  • 1. AC 556 Accounting for Governmental & Nonprofit Entities Chapter 6 Solution Preparation of Balance Sheet: Balance Sheet: Amount($) Amount($) Assets: Current Assets: Cash 293,750 Taxes Receivable - Delinquent 45,000 - Estimated Uncollectible Dlinquent Taxes 20,000 Interest and Penalties receivable 3,600 - Estimated Uncollectible Interest and Penalties 180 Total Current Assets: 322,170 Non- Current Assets: Investments 255,000 Appropriations 25,000 Total Non- Current Assets 280,000 Total Assets 602,170 Liabilities Fund Balance - restricted 575,795 Estimated Revenue- Investment Income 1,375 Estimated Revenue - Accrued Interest on Bond 25,000 Total Liabilities: 602,170