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Required: Prepare a Statement of Net Cost for the quarter ended December 31.

Required: Prepare a Statement of Net Cost for the quarter ended December 31.

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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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 Promote Abatement Through Public Education Total Gross Cost Government Coordination Research MOSQUITO ABATEMENT COMMISSION Statement of Net Cost For the Quarter Ended December 31, 2020 Less: Program Revenues Net Cost Total Entity Total Gross Program Cost Less: Program Revenues Net Cost (Income) from Operations $3,000,000 $2,188,000 $1,468,000 1,800,000 35,000 219,000 153,000 51,000 1,240,000 Public Education Total $6,656,000 6,656,000 875,000 1,057,000 3,732,000 44,000 524,000 521,000 113,000 734,000 Required: Prepare a Statement of Net Cost for the quarter ended December 31. (Deductions should be entered with a minus sign.) 0 26,000 196,000 173,000 12,000 56,000 182,000 105,000 939,000 847,000 176,000 2,030,000 182,000
Transcribed Image Text: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 Promote Abatement Through Public Education Total Gross Cost Government Coordination Research MOSQUITO ABATEMENT COMMISSION Statement of Net Cost For the Quarter Ended December 31, 2020 Less: Program Revenues Net Cost Total Entity Total Gross Program Cost Less: Program Revenues Net Cost (Income) from Operations $3,000,000 $2,188,000 $1,468,000 1,800,000 35,000 219,000 153,000 51,000 1,240,000 Public Education Total $6,656,000 6,656,000 875,000 1,057,000 3,732,000 44,000 524,000 521,000 113,000 734,000 Required: Prepare a Statement of Net Cost for the quarter ended December 31. (Deductions should be entered with a minus sign.) 0 26,000 196,000 173,000 12,000 56,000 182,000 105,000 939,000 847,000 176,000 2,030,000 182,000
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