Prepare a balance sheet Prepare a statement of net costs Prepare a statement of changes in net position Prepare a statement of budgetary resources
a unit of the Department of State, was established October 1, 2022. It is financed by an appropriation from Congress. Following are the transactions of the agency during October 2022:
October 1 The agency received a certified copy of an appropriation warrant from the Department of the Treasury for $900,000.
October 1 The entire appropriation of $900,000 was apportioned by the OMB.
October 1 Of the amount apportioned, $450,000 was allotted to the agency by the Department of State to finance its October operations.
October 4 The agency ordered equipment at an estimated cost of $275,000.
October 14 The equipment arrived, together with an invoice for $300,000. The equipment was accepted at the price charged, because the contract permitted a 10 percent cost overrun.
October 24 The agency sent a disbursement schedule to Treasury requesting payment of the following items.
Equipment $300,000
Salaries 75,000
Utilities 20,000
October 27 Treasury notified the agency that all items on the disbursement schedule had been paid.
October 31 The agency recorded
October 31 The agency accrued $50,000 unpaid salaries for October.
Use the preceding information to
- Prepare a balance sheet
- Prepare a statement of net costs
- Prepare a statement of changes in net position
- Prepare a statement of budgetary resources
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