The City of Wilmington, Delaware, has an Other Postemployment Benefit Trust Fund and a Tax Collection Agency
Question:
The City of Wilmington, Delaware, has an Other Postemployment Benefit Trust Fund and a Tax Collection Agency Fund. The Preclosing Trial Balance for each of these funds as of June 30, 20X6, is as follows:
Required
Prepare a Statement of Fiduciary Net Position for the City of Wilmington as of June 30, 20X6, and a Statement of Changes in Fiduciary Net Position for the year ended June 30,20X6.
City of Wilmington, Delaware Other Postemployment Benefit Trust Fund Preclosing Trial Balance June 30, 20X6 Cr Cash and cash equivalents . . . . . ..._ . Interest receivable . . . . -.. Investments.. .. . . . . . . . .. S 405,476 50,807 2,767043 505,189 167721 37,787 33,179 Increase in fair market value of investments. . . . . . . . . . . .. . . 18.957 Administrative expenses Net position-restricted for benefits.. . . . . .. . . .. . . . . . . . . . . . 2.860,732 $3,604,608 $3,604,608 Totals. . .. City of Wilmington Delaware Tax Collection Agency Fund Preclosing Trial Balance June 30, 20x6 r. Cr. S 294,967 -.199.276
Step by Step Answer:
City of Wilmington Delaware Statement of Fiduciary Net Position Fiduciary Funds June 30 20X6 Other P...View the full answer
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Accounting questions
-
What is the normal balance for each of these accounts? (a) Accounts Receivable. (b) Cash. (c) Dividends. (d) Accounts Payable. (e) Service Revenue. (f ) Salaries and Wages Expense. (g) Common Stock.
-
The preclosing trial balance of a Special Revenue Fund of Mesa County at the end of its 20X7 fiscal year is: The Advance to Enterprise Fund plus another $15,000 of the funds net assets are related to...
-
In the following scenarios, state what (if any) the conserved quantities of the system are (e.g. momentum of the center of mass, or a component of angular momentum). Justify your answer in a way that...
-
Assume a retailer has fixed costs of $10,000, a unitvariable cost of $25, and a 50% retail margin. How many units must be sold for her tobreak-even? If she has a target profit of $200,000, how many...
-
Why would you expect the speed of light to be slightly less in the atmosphere than in a vacuum?
-
For fully developed laminar flow through a parallel-plate channel, the x-momentum equation has the form (d 2 u/dy 2 ) = dp/dx = constant. The purpose of this problem is to develop expressions for the...
-
You try to push a heavy box along the floor while you are dressed in socks, but your feet keep slipping. When you put on some shoes, your feet no longer slip, and you are able to do work on the box...
-
Carl and Elaine Blankenship together earn approximately $82,000 a year after taxes. Through an inheritance and some wise investing, they also have an investment portfolio with a value of almost...
-
Handshake owns and manages a small manufacturing business in Narok town. The following balances have been extracted from his books of account at 31 December 2018: Dr Cr Sh. Sh. Capital 1,711,200...
-
What events resulted in banks shift from the traditional banking model of originate and hold to a model of originate and distribute?
-
Presented here is the Preclosing Trial Balance for the Pension Trust Fund for the City of Rockville, Maryland, as of June 30, 20X6. Assume that the fair market value of investments has increased by...
-
What are the required basic financial statements under Statement No. 34?
-
FIGURE Q16.8 is a snapshot graph of a sinusoidal wave at t = 1.0 s. What is the phase constant of this wave? 1 m/s x (m) Snapshot graph at t = 1.0 s FIGURE Q16.8 4. 3. 2.
-
What role does verisimilitude play in the efficacy of Realist artworks, and how do artists negotiate the balance between meticulous detail and artistic interpretation to convey deeper socio-cultural...
-
a. Construct a stem-and-leaf plot for the above dataset. b. Construct a frequency table with the following columns: i. Class Interval (all classes have width 2) ii. Frequency iii. Relative Frequency...
-
During 2023 Pedro paid $5,000 in daycare expenses for his son, so that he can go to work. What is the amount of Pedro's child and dependent care credit if his AGI for the year was $40,000?
-
26 27 1. On 5.11.2022, Ever Green SRL purchased a car lifting equipment at cost of 145,800 lei, VAT 19%. The equipment is depreciated over a period of 60 months. Payment will be made later. 145,800...
-
Maurice, Jennifer, Natasha, and Sinbad just graduated from their business program at Mohawk College and decided to go into business together. Each individual invested funds in the ration of 4:7:3:6,...
-
The volume of seawater on Earth is about 330,000,000 mi 3 . If seawater is 3.5% sodium chloride by mass and has a density of 1.03 g/mL, what is the approximate mass of sodium chloride, in tons,...
-
Annual dividends of ATTA Corp grew from $0.96 in 2005 to $1.76 in 2017. What was the annual growth rate?
-
The Rocky Flats Plant of Rockwell International is committed to hiring hard-core unemployed people for entry-level positions with the intention of migrating them upward. However, many new employees...
-
What is XBRL, and why is there an interest in its use by state and local governments?
-
The MD&A for the 2019 City and County of Denver CAFR is included as Appendix B in this chapter. Following are two tables that have been adapted from the statistical section of the CAFR. Use the MD&A...
-
What is IPSASB, and what is its purpose?
-
1. Develop a definition for the Triple C model of project management. 2. List some of the factors that can impede the flow of information for project planning purposes. How can these factors be...
-
The Meat Mart has $900,000 in net income. The firm has 200,000 shares of stock outstanding. The market price per share is $76. What is the PE (price to earnings) ratio?
-
Cost of Goods Manufactured for a Manufacturing Company The following information is available for Fuller Manufacturing Company for the month ending January 31: Cost of direct materials used in...
Study smarter with the SolutionInn App