GoodafternoonPlease help with the following:a. list the detail current assetsb. list the non-current assetsc. list the liabilitiesd. list the non current liabilitiese. list the net assets/equity CORIS RA is a government owned enterprise which is legislated to generate its own income which it usesto cover capital and recurrent expenditures. The legislations also give the government the powers toorder CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit.Outside of these powers, its government also provide CORIS RA with monthly subventions to cover itsrecurrent expenditures based on CORIS RA budgetary demands and the legal allocations by thegovernment.For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although someof the accounting transactions were recorded using the accrual basis. It should be noted that thegovernment instructed all of its agencies to use an accrual basis that is guided and recommended byIPSASS.You were asked by to government to assist CORIS RA with its accounting processes, which involved therecording, generation and preparation of accounting transactions and final accounts as stipulated by theIPSASS.Working with a team of qualified and experienced accountants, you were able to prepare the followingaccounting information of CORIS RA for the year ending December 2020:DetailsAmountDividend Received93,250Loan payment143,000Amounts RecoveredInterest ExpenseCourt Administration Fees194,000200,000240,000Cost of TrainingBar LicenseStore Rent275,000300,400300,750Fines and PenaltiesGeneral Cleaning330,000350,000370,000SanitationAccumulated Fund (1/1/2020)Basic Taxes and Rates370,600370,900AllowancesEquity Investment Acquired390,470420,000RoyaltiesAccountancy and Consultancies costWork-In-Progress430,000470,000490,000Herbalist License530,370580,000600,000Posts not on EstablishmentOther ExpenditureStool Land Revenue600,000620,000Transport and Travelling costUtilities630,000630,920Hostel License DetailsAdvances to StaffAmount660,000Local Park Fees720,400800,000820,000Inventory and ConsumablesSpecial ServicesProperty RateSocial Benefit820,900840,300Market TollsConsumption of Fixed AssetsInfrastructure, Plant and Equipment870,000960,000980,000990,000990,320Permit FeesProceeds from Sale of EquityEstablished Posts1,140,700Development Bonds Issued1,300,000Business Income2,300,600Loans Received2,330,000Local Fund2,930,000Rent from Land and Building6,120,800Central Government Salaries12,000,000Cash and Cash Equivalent @ (1/1/2020)Parish Development Facility12,300,24015,000,600NOTES1. You are to ensure that CORIS RA adopts and maintain the accrual accounting basis when preparingits financial statements2. As of December 31, 2020, the Established Post had outstanding salaries of $180,000,000.003. Closing Inventory and Consumables as at December 31, 2020 stood at $170,000,000.00

Name: GoodafternoonPlease help with the following:a. list the detail current
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Description: GoodafternoonPlease help with the following:a. list the detail current assetsb. list the non-current assetsc. list the liabilitiesd. list the non current liabilitiese. list the net assets/equity CORIS RA is a government owned enterprise which is legi

Cash flow statement which are used to assess the information of total net changes in the assets…

Answered: etail current assets b. list the…

Business

Accounting

etail current assets b. list the non-current assets c. list the liabilities d. list the non current liabilitie

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…
CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…
CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…
CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…
CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final accounts as…
CORIS RA is a government owned enterprise which is legislated to generate its own income which it usesto cover capital and recurrent expenditures. The legislations also give the government the powers toorder CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit.Outside of these powers, its government also provide CORIS RA with monthly subventions to cover itsrecurrent expenditures based on CORIS RA budgetary demands and the legal allocations by thegovernment.For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs.You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…
CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…
CBC is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CBC to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government.For the 2017 and 2018, CBC used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs.You were asked by to government to assist CBC with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final accounts as…
The general principles of revenue recognition are the same for both governmental and government-wide statements. For each of the following situations, indicate the amount of revenue that the government should recognize in an appropriate governmental fund as well as in its government-wide statement of activities in its fiscal year ending December 31, 2021. Briefly justify your response, making certain that, as appropriate, you identify the key issue of concern. 1. In October 2020, a state received a federal grant of $300 million (in cash) to assist local law enforcement efforts. The federal government has established specific criteria governing how the funds should be distributed and will monitor the funds to ensure that they are used in accordance with grant provisions. The grant is intended to cover any allowable expenditure incurred in the calendar years 2021 through 2022. In 2021, the state incurred $160 million of allowable expenditures. 2. In December 2020, a city levied property…
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