**Financial Breakdown for Educational Purposes** Below is a detailed financial breakdown which outlines various transactions and financial positions for CORIS RA as of the indicated period. | **Details** | **Amount** | |------------------------------------------|-----------------| | Advances to Staff | 660,000 | | Local Park Fees | 720,400 | | Inventory and Consumables | 800,000 | | Special Services | 820,000 | | Property Rate | 820,900 | | Social Benefit | 840,300 | | Market Tolls | 870,000 | | Consumption of Fixed Assets | 960,000 | | Infrastructure, Plant and Equipment | 980,000 | | Permit Fees | 990,000 | | Proceeds from Sale of Equity | 990,320 | | Established Posts | 1,140,700 | | Development Bonds Issued | 1,300,000 | | Business Income | 2,300,600 | | Loans Received | 2,330,000 | | Local Fund | 2,930,000 | | Rent from Land and Building | 6,120,800 | | Central Government Salaries | 12,000,000 | | Cash and Cash Equivalent (@ 1/1/2020) | 12,300,240 | | Parish Development Facility | 15,000,600 | --- ### Notes: 1. **Accrual Accounting Basis**: - Ensure that CORIS RA adopts and maintains the accrual accounting basis when preparing its financial statements. 2. **Outstanding Salaries**: - As of December 31, 2020, the Established Post had outstanding salaries amounting to $180,000,000.00. 3. **Closing Inventory and Consumables**: - The closing Inventory and Consumables as of December 31, 2020, stood at $170,000,000.00. This table and accompanying notes provide a snapshot of the financial activities and position of CORIS RA, highlighting various income sources, expenditures, and significant financial obligations. The emphasis on accrual accounting basis is crucial for accurate financial reporting, ensuring all financial transactions are recorded when they occur, regardless of when the cash transactions happen. **CORIS RA Financial Accounting Information for 2020** --- CORIS RA is a government-owned enterprise mandated to generate its income, which it uses for capital and recurrent expenditures. The legislation also empowers the government to transfer parts or all of the income it generates to the consolidated fund as it deems fit. Besides its own generated income, the government provides CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA's budgetary demands and the legal allocations by the government. For the fiscal years 2017 and 2018, CORIS RA employed the cash basis for preparing its financial statements; however, certain accounting transactions were recorded using the accrual basis. It is noteworthy that the government has instructed all its agencies to use an accrual basis, which is guided and recommended by IPSAS (International Public Sector Accounting Standards). In 2020, you were commissioned by the government to assist CORIS RA with its accounting processes. This task included recording, generating, and preparing accounting transactions and final accounts as per IPSAS guidelines. Together with a team of qualified and seasoned accountants, the following accounting information for CORIS RA was prepared for the fiscal year ending December 2020: | **Details** | **Amount** | |---------------------------------------|------------| | Dividend Received | 93,250 | | Loan payment | 143,000 | | Amounts Recovered | 194,000 | | Interest Expense | 200,000 | | Court Administration Fees | 240,000 | | Cost of Training | 275,000 | | Bar License | 300,400 | | Store Rent | 300,750 | | Fines and Penalties | 330,000 | | General Cleaning | 350,000 | | Sanitation | 370,000 | | Accumulated Fund (1/1/2020) | 370,600 | | Basic Taxes and Rates | 370,900 | | Allowances | 390,470 | | Equity Investment Acquired | 420,000 | | Royalties | 430,000 | | Accountancy and Consultancies cost | 470,000 | | Work-In-Progress | 490,000 | | Herbalist License | 530,370 | | Posts on Lot