Question: The credit balance in ABC Agency s Unexpended Appropriations at the
The credit balance in ABC Agency’s Unexpended Appropriations at the beginning of its current fiscal year was $42,000, and the credit balance in ABC Agency’s Cumulative Results of Operations at the beginning of its current fiscal year was $8,000. In its year-end closing entries, ABC Agency debited Appropriations Used for $387,000 and credited Appropriations Realized for $406,000. In addition, the net costs of operations for ABC Agency for its current fiscal year were $367,000. What is the total net position for ABC Agency at the end of its current fiscal year?
Answer to relevant QuestionsPrepare the general journal entries required to record each of the following transactions.1. The Interstate Fur Trading Commission received a warrant from the Treasury for a $2,000,000 appropriation from Congress for the ...Compare the responsibilities of a local government’s officers and its independent auditor for the financial report.What advantages accrue to the auditee and auditor if the auditee subject to Single Audit qualifies as a low-risk auditee? What criteria must be met?Distinguish the compliance audit requirements for MFAPs from those for non-MFAPs. What requirements apply if there are no MFAPs?Sharendale County expended $7,000,000 of federal financial assistance during 20X9 in the following programs:Required1. Assume that Sharendale County is not a low-risk auditee and programs A–E had been audited as major ...
Post your question