ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Chapter 15, Problem 23EP
a.
To determine
Prepare a statement of revenues, expenses, and changes in net position for the year ended June 30, 2020.
b.
To determine
Prepare a statement of net position for June 30, 2020.
c.
To determine
Prepare a statement of
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General Purpose Financial Statements
The following Trial Balance relates to Banco Community College, a public tertiary educational institution in
Guyana, as at December 31, 2019.
DR
CR
$00
$00
Fees Income
4,575,622
Permanent Post
5,312,430
Allowance
856,670
Independent consultancy fees
655,600
Legal Cost
25,059
CARICOM Grant
1,540,000
Consultancy Cost
565,500
Non-Permanent Post
1,253,600
Seminars cost
500,000
Sponsorship (granted/received)
8,100
9,066,828
Receivables
468,050
Payables
182,840
20% loan
8,600
Books and Research Allowance
150,765
Plant and Machinery
3,000,000
250,000
Motor Vehicle
2,505,000
352,000
Building
12,300,000
756,000
Software
995,500
150,000
Other Incomes
211,430
Project Work Supervisory Allowance
48,500
Cash and Bank
294,233
Training and Workshop cost
Bad debt provision (student fees)
Work in Progress
104,000
4,940
8,251,735
Other Expenses
71,000
Withholding Tax
90,500
Accumulated Fund
11,205,270
Utilities Bills
560,053
Proceeds from Sale of Admission Forms…
Make a Horizontal Analysis and briefly explain the findings.
Below are three independent scenarios concerning the GST account balance and the effect on
the Statement of Financial Position in the previous year (2023) and the current year (2024).
SFP as at 31/3/2023
Scenario 1
GST liability of $267
Scenario 2
GST asset of $267
Scenario 3
GST asset of $267
SFP as at 31/3/2024
GST asset of $769
GST asset of $769
GST liability of $769
Required:
Correctly insert the opening and closing balances into the three independent GST general
ledger accounts provided in the answer booklet. Balance each of the three GST general ledger
accounts and insert the opening balance for 1 April 2024.
Chapter 15 Solutions
ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
Ch. 15 - Prob. 1QCh. 15 - Prob. 2QCh. 15 - Prob. 3QCh. 15 - Prob. 4QCh. 15 - Prob. 5QCh. 15 - Prob. 6QCh. 15 - Prob. 7QCh. 15 - What is UPMIFA, and why is it important to...Ch. 15 - How can the performance of colleges and...Ch. 15 - Prob. 10Q
Ch. 15 - Prob. 12CCh. 15 - Prob. 14CCh. 15 - Prob. 15.1EPCh. 15 - Prob. 15.2EPCh. 15 - Prob. 15.3EPCh. 15 - Prob. 15.4EPCh. 15 - Prob. 15.5EPCh. 15 - Prob. 15.6EPCh. 15 - Prob. 15.7EPCh. 15 - Prob. 15.8EPCh. 15 - Prob. 15.9EPCh. 15 - Prob. 15.10EPCh. 15 - Prob. 16EPCh. 15 - Prob. 17EPCh. 15 - Prob. 18EPCh. 15 - Prob. 19EPCh. 15 - Prob. 20EPCh. 15 - Prob. 21EPCh. 15 - Prob. 22EPCh. 15 - Prob. 23EP
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