Assume the Federal Interstate Commission began the fiscal year with the following account balances: FEDERAL INTERSTATE...

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Assume the Federal Interstate Commission began the fiscal year with the following account balances: FEDERAL INTERSTATE COMMISSION Trial Balance October 1, 2020 Fund Balance with Treasury Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations Debits Credits $ 810,000 107,000 1,370,000 $ 484,000 130,000 85,000 1,588,000 $2,287,000 $2,287,000 1. Congress passed a spending bill providing $17,200,000 to fund the agency's operations for the year. 2. During the first quarter the commission processed the following items for payment (all items were paid by Treasury in the first quarter). Accounts payable Wages payable Salaries and benefits Supplies Contracted services Grants Equipment $ 130,000 85,000 507,000 524,000 2,200,000 1,020,000 620,000 Total $5,086,000 3. Unpaid wages at the end of the quarter totaled $37,000. 4. In addition to the items paid in item 2, the commission received supplies of $24,000 and contracted services of $82,000 that are to be processed for payment in January. 5. Unused supplies on hand totaled $238,000 at December 31. 6. Depreciation for the quarter is $84,000. Required: a. Prepare journal entries in the proprietary accounts for the events described above. b. Prepare a Statement of Changes in Net Position for the quarter ended December 31. (Assume the amount of appropriations used is $3,969,000.) c. Prepare a Balance Sheet as of December 31. No Transaction 1 1 General Journal Debit Credit 17,200,000 17,200,000 Fund Balance with Treasury Unexpended Appropriations 2 2 Accounts Payable 130,000 Wages Payable 85,000 Supplies 524,000 Equipment 620,000 Program Expenses 3,727,000 Fund Balance with Treasury 5,086,000 3 3 Program Expenses Wages Payable 37,000 37,000 4 4 Supplies 24,000 Program Expenses 82,000 Accounts Payable 106,000 5 5 Program Expenses 417,000 Supplies 417,000 6 6 Program Expenses 84,000 Accumulated Depreciation 84,000 FEDERAL INTERSTATE COMMISSION Statement of Changes in Net Position For the Quarter Ended December 31, 2020 Cumulative Results of Unexpended Appropriations Operations Beginning Balance $ 1,588,000 $ 0 Appropriations Received 0 17,200,000 Appropriations Used 3,969,000 (3,969,000) Other Financing Sources 0 0 Total Financing Sources 5,557,000 13,231,000 Net Cost of Operations 4,347,000 0 Ending Balance $ 1,210,000 $ 13,231,000 FEDERAL INTERSTATE COMMISSION Balance Sheet As of December 31, 2020 Assets: Intragovernmental: Fund Balance with Treasury Governmental: Supplies Equipment (Net of Accumulated Depreciation) Total Assets Liabilities: Accounts Payable Wages Payable Net Position: Unexpended Appropriations Cumulative Results of Operations 238,000 $ 238,000 Total Liabilities and Net Position $ EA 0 Assume the Federal Interstate Commission began the fiscal year with the following account balances: FEDERAL INTERSTATE COMMISSION Trial Balance October 1, 2020 Fund Balance with Treasury Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations Debits Credits $ 810,000 107,000 1,370,000 $ 484,000 130,000 85,000 1,588,000 $2,287,000 $2,287,000 1. Congress passed a spending bill providing $17,200,000 to fund the agency's operations for the year. 2. During the first quarter the commission processed the following items for payment (all items were paid by Treasury in the first quarter). Accounts payable Wages payable Salaries and benefits Supplies Contracted services Grants Equipment $ 130,000 85,000 507,000 524,000 2,200,000 1,020,000 620,000 Total $5,086,000 3. Unpaid wages at the end of the quarter totaled $37,000. 4. In addition to the items paid in item 2, the commission received supplies of $24,000 and contracted services of $82,000 that are to be processed for payment in January. 5. Unused supplies on hand totaled $238,000 at December 31. 6. Depreciation for the quarter is $84,000. Required: a. Prepare journal entries in the proprietary accounts for the events described above. b. Prepare a Statement of Changes in Net Position for the quarter ended December 31. (Assume the amount of appropriations used is $3,969,000.) c. Prepare a Balance Sheet as of December 31. No Transaction 1 1 General Journal Debit Credit 17,200,000 17,200,000 Fund Balance with Treasury Unexpended Appropriations 2 2 Accounts Payable 130,000 Wages Payable 85,000 Supplies 524,000 Equipment 620,000 Program Expenses 3,727,000 Fund Balance with Treasury 5,086,000 3 3 Program Expenses Wages Payable 37,000 37,000 4 4 Supplies 24,000 Program Expenses 82,000 Accounts Payable 106,000 5 5 Program Expenses 417,000 Supplies 417,000 6 6 Program Expenses 84,000 Accumulated Depreciation 84,000 FEDERAL INTERSTATE COMMISSION Statement of Changes in Net Position For the Quarter Ended December 31, 2020 Cumulative Results of Unexpended Appropriations Operations Beginning Balance $ 1,588,000 $ 0 Appropriations Received 0 17,200,000 Appropriations Used 3,969,000 (3,969,000) Other Financing Sources 0 0 Total Financing Sources 5,557,000 13,231,000 Net Cost of Operations 4,347,000 0 Ending Balance $ 1,210,000 $ 13,231,000 FEDERAL INTERSTATE COMMISSION Balance Sheet As of December 31, 2020 Assets: Intragovernmental: Fund Balance with Treasury Governmental: Supplies Equipment (Net of Accumulated Depreciation) Total Assets Liabilities: Accounts Payable Wages Payable Net Position: Unexpended Appropriations Cumulative Results of Operations 238,000 $ 238,000 Total Liabilities and Net Position $ EA 0