The Mosquito Abatement Commission is a newly organized federal agency with three primary programs: coordinating stategovernment abatement functions, conducting research on mosquito abatement, and promoting abatement through public education.The following information is available at the end of the first quarter (December 31, 2020):Apportionments from OMBAllotments-first quarterSalaries paidAccrued salaries payableSupplies ordered and receivedSupplies usedDepreciationEquipment purchasesProgram revenue: Charges for serviceCosts by Strategic GoalCoordinate State Government Abatement ProgramsTotal Gross CostConduct Research on Mosquito AbatementTotal Gross CostMOSQUITO ABATEMENT COMMISSIONStatement of Net CostFor the Quarter Ended December 31, 2020Promote Abatement Through Public EducationTotal Gross CostGovernmentCoordination ResearchLess: Program RevenuesNet CostTotal EntityTotal Gross Program CostLess: Program RevenuesNet Cost (Income) from Operations$3,500,000 $2,659,000 $1,766,0002,100,00042,0001,063,00053,000263,000631,000186,000627,00062,000136,0001,507,000883,000Required:Prepare a Statement of Net Cost for the quarter ended December 31. (Deductions should be entered with a minus sign.)PublicEducation(211,000)(211,000)Total$7,925,0007,925,0001,272,000 4,435,000126,000(211,000)(211,000)31,000234,0001,128,000207,000 1,020,000212,00014,00065,000211,0002,455,000211,000

The total amount spent after any relevant discounts, rebates, or allowances are subtracted is…

portionments from OMB lotments-first quarter laries paid ccrued salaries payable upplies ordered and received applies used preciation quipment purchases ogram revenue: Charges for service Coordination Research Education $3,500,000 $2,659,000 $1,766,000 2,100,000 1,063,000 1,272,000 42,000 263,000 186,000 62,000 1,507,000 Total $7,925,000 7,925,000 4,435,000 31,000 126,000 234,000 1,128,000 207,000 1,020,000 14,000 212,000 65,000 2,455,000 211,000 211,000 53,000 631,000 627,000 136,000 883,000

portionments from OMB lotments-first quarter laries paid ccrued salaries payable upplies ordered and received applies used preciation quipment purchases ogram revenue: Charges for service Coordination Research Education $3,500,000 $2,659,000 $1,766,000 2,100,000 1,063,000 1,272,000 42,000 263,000 186,000 62,000 1,507,000 Total $7,925,000 7,925,000 4,435,000 31,000 126,000 234,000 1,128,000 207,000 1,020,000 14,000 212,000 65,000 2,455,000 211,000 211,000 53,000 631,000 627,000 136,000 883,000

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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Question

The Mosquito Abatement Commission is a newly organized federal agency with three primary programs: coordinating state
government abatement functions, conducting research on mosquito abatement, and promoting abatement through public education.
The following information is available at the end of the first quarter (December 31, 2020):
Apportionments from OMB
Allotments-first quarter
Salaries paid
Accrued salaries payable
Supplies ordered and received
Supplies used
Depreciation
Equipment purchases
Program revenue: Charges for service
Costs by Strategic Goal
Coordinate State Government Abatement Programs
Total Gross Cost
Conduct Research on Mosquito Abatement
Total Gross Cost
MOSQUITO ABATEMENT COMMISSION
Statement of Net Cost
For the Quarter Ended December 31, 2020
Promote Abatement Through Public Education
Total Gross Cost
Government
Coordination Research
Less: Program Revenues
Net Cost
Total Entity
Total Gross Program Cost
Less: Program Revenues
Net Cost (Income) from Operations
$3,500,000 $2,659,000 $1,766,000
2,100,000
42,000
1,063,000
53,000
263,000
631,000
186,000
627,000
62,000
136,000
1,507,000
883,000
Required:
Prepare a Statement of Net Cost for the quarter ended December 31. (Deductions should be entered with a minus sign.)
Public
Education
(211,000)
(211,000)
Total
$7,925,000
7,925,000
1,272,000 4,435,000
126,000
(211,000)
(211,000)
31,000
234,000
1,128,000
207,000 1,020,000
212,000
14,000
65,000
211,000
2,455,000
211,000

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