Examine the following financial statements, which are condensed versions of those of a federal agency responsible for collecting taxes and duties and transferring them to the Treasury.

1. How much did the agency actually collect in taxes? How much did it submit to the Treasury? How much did it owe the Treasury at year-end for both taxes collected and taxes receivable? How much did it owe at the beginning of the year?
2. How much did it cost the agency to carry out its activities during the year?
3. Of its operating costs, how much was financed by federally appropriated funds?
4. What was the total amount that the agency was appropriated during the year? What was the balance that was not used? Is this amount available for immediate use by the agency? If not, why not? Did the agency have a balance in unexpended appropriations at the start of the year? How can you tell?
5. What was the total amount of goods and services ordered by the agency during the year? How much of goods or services was received (including amounts ordered in the previous year but received in the current year)? How much was paid for?
6. Per the statement of financing, the agency ordered $775 of goods and services (obligations incurred), but the net cost of operations per both the statement of financing and the statement of net cost is $800. How can the net cost of operations exceed the amount of goods and services ordered? Explain and account for thedifferences.

  • CreatedAugust 13, 2014
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