The credit balance in ABC Agency's Unexpended Appropriations at the beginning of its current fiscal year was $42,000, and the credit balance in ABC Agency's Cumulative Results of Operations at the beginning of its current fiscal year was $8,000. In its year end closing entries, ABC Agency debited Appropriations Used for $387,000 and credited Appropriations Realized for $406,000. In addition, the net costs of operations for ABC Agency for its current fiscal year were $367,000. What is the total net position for ABC Agency at the end of its current fiscal year?
The credit balance in ABC Agency's Unexpended Appropriations at the beginning of its current fiscal year was $42,000, and the credit balance in ABC Agency's Cumulative Results of Operations at the beginning of its current fiscal year was $8,000. In its year end closing entries, ABC Agency debited Appropriations Used for $387,000 and credited Appropriations Realized for $406,000. In addition, the net costs of operations for ABC Agency for its current fiscal year were $367,000. What is the total net position for ABC Agency at the end of its current fiscal year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The credit balance in ABC Agency's Unexpended Appropriations at the beginning of its current fiscal year was $42,000, and the credit balance in ABC Agency's Cumulative Results of Operations at the beginning of its current fiscal year was $8,000. In its year end closing entries, ABC Agency debited Appropriations Used for $387,000 and credited Appropriations Realized for $406,000. In addition, the net costs of operations for ABC Agency for its current fiscal year were $367,000. What is the total net position for ABC Agency at the end of its current fiscal year?
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