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Additions For the Year Ended December 31, 2022 Contributions from participating governments ✦ Investment earnings: Investment income Increase in fair value of investments Investment expenses Net investment earnings Total additions Deductions Distributions to fund participants Net increase in fiduciary net position Net position-beginning of the year Net position-end of the year Watson County Investment Trust Fund Statement of Fiduciary Net Position December 31, 2022 $ 100,000 $ 8,000✔ 3,000✔ -1,500 9,500 109,500 Assets Cash Investments Total assets $ 100,000 x 75,000 $ 99,500 Net Position Restricted for pool participants. $ 99,500 10,000 99,500 0 $ 99,500 Financial statements for an Investment Trust Fund The Investment Trust Fund for Watson County had the following transactions and events during the calendar year 2022: 1. The cities of Turtle Creek and Pineview contributed $60,000 and $40,000 respectively, to an Investment Trust Fund operated by Watson County. 2. Investments totaling $75,000 were purchased. 3. Interest income from the investments during the year totaled $8,000. 4. The fund paid $1,500 to the county for investment management fees. 5. The investments increased in value by $3,000 6. Total income of $10,000 was paid to the two cities. Using the above information, prepare a statement of changes in fiduciary fund net position and a statement of fiduciary fund net position for Watson County for its fiscal year ending December 31, 2022. (Assume that Watson County's net position at the beginning of the year was zero.) Enter investment earnings in order of magnitude (largest to smallest dollar amounts).

Additions For the Year Ended December 31, 2022 Contributions from participating governments ✦ Investment earnings: Investment income Increase in fair value of investments Investment expenses Net investment earnings Total additions Deductions Distributions to fund participants Net increase in fiduciary net position Net position-beginning of the year Net position-end of the year Watson County Investment Trust Fund Statement of Fiduciary Net Position December 31, 2022 $ 100,000 $ 8,000✔ 3,000✔ -1,500 9,500 109,500 Assets Cash Investments Total assets $ 100,000 x 75,000 $ 99,500 Net Position Restricted for pool participants. $ 99,500 10,000 99,500 0 $ 99,500 Financial statements for an Investment Trust Fund The Investment Trust Fund for Watson County had the following transactions and events during the calendar year 2022: 1. The cities of Turtle Creek and Pineview contributed $60,000 and $40,000 respectively, to an Investment Trust Fund operated by Watson County. 2. Investments totaling $75,000 were purchased. 3. Interest income from the investments during the year totaled $8,000. 4. The fund paid $1,500 to the county for investment management fees. 5. The investments increased in value by $3,000 6. Total income of $10,000 was paid to the two cities. Using the above information, prepare a statement of changes in fiduciary fund net position and a statement of fiduciary fund net position for Watson County for its fiscal year ending December 31, 2022. (Assume that Watson County's net position at the beginning of the year was zero.) Enter investment earnings in order of magnitude (largest to smallest dollar amounts).

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Additions For the Year Ended December 31, 2022 Contributions from participating governments ✦ Investment earnings: Investment income Increase in fair value of investments Investment expenses Net investment earnings Total additions Deductions Distributions to fund participants Net increase in fiduciary net position Net position-beginning of the year Net position-end of the year Watson County Investment Trust Fund Statement of Fiduciary Net Position December 31, 2022 $ 100,000 $ 8,000✔ 3,000✔ -1,500 9,500 109,500 Assets Cash Investments Total assets $ 100,000 x 75,000 $ 99,500 Net Position Restricted for pool participants. $ 99,500 10,000 99,500 0 $ 99,500
Transcribed Image Text:Additions For the Year Ended December 31, 2022 Contributions from participating governments ✦ Investment earnings: Investment income Increase in fair value of investments Investment expenses Net investment earnings Total additions Deductions Distributions to fund participants Net increase in fiduciary net position Net position-beginning of the year Net position-end of the year Watson County Investment Trust Fund Statement of Fiduciary Net Position December 31, 2022 $ 100,000 $ 8,000✔ 3,000✔ -1,500 9,500 109,500 Assets Cash Investments Total assets $ 100,000 x 75,000 $ 99,500 Net Position Restricted for pool participants. $ 99,500 10,000 99,500 0 $ 99,500
Financial statements for an Investment Trust Fund The Investment Trust Fund for Watson County had the following transactions and events during the calendar year 2022: 1. The cities of Turtle Creek and Pineview contributed $60,000 and $40,000 respectively, to an Investment Trust Fund operated by Watson County. 2. Investments totaling $75,000 were purchased. 3. Interest income from the investments during the year totaled $8,000. 4. The fund paid $1,500 to the county for investment management fees. 5. The investments increased in value by $3,000 6. Total income of $10,000 was paid to the two cities. Using the above information, prepare a statement of changes in fiduciary fund net position and a statement of fiduciary fund net position for Watson County for its fiscal year ending December 31, 2022. (Assume that Watson County's net position at the beginning of the year was zero.) Enter investment earnings in order of magnitude (largest to smallest dollar amounts).
Transcribed Image Text:Financial statements for an Investment Trust Fund The Investment Trust Fund for Watson County had the following transactions and events during the calendar year 2022: 1. The cities of Turtle Creek and Pineview contributed $60,000 and $40,000 respectively, to an Investment Trust Fund operated by Watson County. 2. Investments totaling $75,000 were purchased. 3. Interest income from the investments during the year totaled $8,000. 4. The fund paid $1,500 to the county for investment management fees. 5. The investments increased in value by $3,000 6. Total income of $10,000 was paid to the two cities. Using the above information, prepare a statement of changes in fiduciary fund net position and a statement of fiduciary fund net position for Watson County for its fiscal year ending December 31, 2022. (Assume that Watson County's net position at the beginning of the year was zero.) Enter investment earnings in order of magnitude (largest to smallest dollar amounts).
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