2 Exercise 6-11 (Algo)The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one ormore youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursementssummarizes the activity in the program's bank account for the year.A. At the beginning of 2024, the program had unrestricted cash of $29,000.Cash Basis 12monthsCash receipts:Registration feesBorrowing from bankTotal depositsCash disbursements:WagesPayroll taxes and employee benefitsInsurance (paid monthly)Purchase of busInterest on bank noteTotal checksExcess of receipts over disbursements$ 133,00059,000192,00073,2009,8006,80060,0001,770151,570$ 40,430B. The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1 and April 1of each year, beginning October 1, 2024.C. The bus was purchased on April 1 with the proceeds provided by the bank loan and has an estimated useful life of five years(straight-line basis-use monthly depreciation).D. All invoices and salaries related to 2024 had been paid by close of business on December 31, except for the employer's portion ofDecember payroll taxes, totaling $1,800.Required:a. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses, and Changes in Fund Net Position assumingthe City intends to treat the summer camp program as an enterprise fund.b. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenditures, and Changes in Fund Balance assumingthe City intends to treat the summer camp program as a special revenue fund.

No.TransactionGeneral JournalDebitCredit11aCash133000Operating revenue - Charges for…

Required: a. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses, and Changes in Fund Net Position assuming the City intends to treat the summer camp program as an enterprise fund. b. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenditures, and Changes in Fund Balance assuming the City intends to treat the summer camp program as a special revenue fund.

Required: a. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses, and Changes in Fund Net Position assuming the City intends to treat the summer camp program as an enterprise fund. b. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenditures, and Changes in Fund Balance assuming the City intends to treat the summer camp program as a special revenue fund.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter16: Tax Research

Section: Chapter Questions

Problem 78AM

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