The following are the balances of accounts in the Statement of Operations of the Quezon Cooperative for the Year Ended December 31, 2020.*How much is to be the allocated for General Reserved fund Surcharges20,000.00170,000.0012,000.0038,000.006,000.0012,000.001,600.00Interest from LoansFilling FeeService FeeUtilities ExpenseRepresentation and Travel AllowanceTaxes and LicensesSocial Services ExpensesGeneral Assembly ExpensesInterest Earned from Bank Deposits1,000.0019,000.0058,000.0018,000.0010,000.00Membership Benefit's ExpenseOffice Supplies ExpenseFidelity Bond PremiumRepairs and MaintenanceDepreciation ExpensesMiscellaneous Expenses900.0010,000.0039,000.004,000.00

A reserve fund is maintained by the company in order to have sufficient funds to meet the costs and…

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Accounting

How much is to be the allocated for General Reserved fund

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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