Ind 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.1. At the beginning of 2020, the program had unrestricted cash of $28,000.Cash receipts:Registration feesBorrowing from bank.Total depositsCash disbursements:WagesPayroll taxesInsurance (paid monthly)Purchase of busInterest on bank noteTotal checksExcess of receipts over disbursementsCash Basis12 months$132,00058,000190,00072,4009,7006,70067,0001,740157,540$32,4602. 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, 2020.3. 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).4. All invoices and salaries related to 2020 had been paid by close of business on December 31, except for the employer's portion ofDecember payroll taxes, totaling $1,700.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.

Name: Ind The City of Evansville operated a summer camp program for at-risk
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Ind 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 Disburse