CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government.
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A. Prepare CORIS RA Statement of
B. Prepare CORIS RA Statement of Financial Performance for the year ended December 31, 2020
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- CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…
- CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…
- CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final accounts as…1.Which of the following transactions or events will not be reported in a governmental fund's operating statement, assuming that all relate to general government activities? A. Depreciation of capital assets B. Incurrence of construction costs on a construction project C. Incurrence of salary costs D. Issuance of bonds payable due in 10 year 2.General long-term debt proceeds are reported in governmental fund financial statements as: A. Direct additions to fund balance B. other financing sources C. Revenues D transfers 3.What user groups does the GASB not view as primary user groups for government external financial reporting? A. Citizenry B. Investors and creditors C. Labor unions representing government employees D. Legislative and oversight bodiesCBC is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CBC to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government.For the 2017 and 2018, CBC used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs.You were asked by to government to assist CBC with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final accounts as…
- The City of Algonquin maintains its books to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: Deferred inflows of resources—property taxes of $73,500 at the end of the previous fiscal year were recognized as property tax revenue in the current year's Statement of Revenues, Expenditures, and Changes in Fund Balance. The City levied property taxes for the current fiscal year in the amount of $13,789,400. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $309,200 is thought to be uncollectible, $365,000 would likely be collected during the 60-day period after the end of the fiscal year, and $52,800 would be collected after that time. The City had recognized the maximum of property taxes allowable under modified accrual accounting. In addition to the expenditures…The schedule of capital assets has a significant impact on the reconciliations between fund and government‐wide statements. The schedule that follows pertaining to governmental capital assets was excerpted from the annual report of Urbana, Illinois (with changed dates): A related schedule indicates the following: Capital outlays $ 3,358,611 Depreciation (2,268,579) $ 1,090,032 As required by GASB Statement No. 34, the annual report includes reconciliations between: (1) total fund balance, governmental funds (per the funds statements), and net position of governmental activities (per the government‐wide statements); and (2) net change in fund balance, governmental funds (per the funds statements), and change in net position of governmental activities (per the government‐wide statements). In what way would the data provided in the accompanying schedules be incorporated into the two reconciliations? Be specific. The amount deleted from the equipment account ($452,194) exactly…Polk County's solid waste landfill operation is accounted for in a governmental fund. Polk used available cash to purchase equipment that is included in the estimated current cost of closure and post-closure care of this operation. How would this purchase affect the asset amount in Polk's governmental capital assets and the liability amount in Polk's government-wide financial statements? Asset Amount Liability Amount A.) Increase Decrease B.) Increase No effect C.) No effect Decrease D.) No effect No effect