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Financial Statement Preparation/Presentation, Closing Entries

derro

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5 years ago

Financial Statement Preparation/Presentation, Closing Entries

Listed below (in alphabetical order) are the general ledger and budgetary accounts for the City of Walland. All balances are year end, unless otherwise noted. All accounts have a normal balance. At the end of the year, the City Council passed an ordinance that all outstanding orders would be honored in the following fiscal year. Also, the Finance Officer set aside $40 for equipment replacement.

Requirements:
1.   Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended June 30, 20X4.
2.   Prepare the Balance Sheet for the year ended June 30, 20X4.
3.   Prepare all necessary closing entries.

Textbook

Governmental and Nonprofit Accounting

Edition: 11^th

Authors: Freeman, Shoulders, McSwain, Scott

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Solved Standards for the preparation and presentation of financial statements are known
Solved The step in the Presentation Plan involving recognizing closing cues and initiating closing methods ...
Solved Closing entries: (Multiple Choice)
Solved Closing entries: (Multiple Choice)
Solved Reversing entries are the opposite of closing entries.
Solved On a cash flow statement, closing entries will:
Solved Matching: Financial Statement Preparation
Solved Financial Statement Preparation/Presentation

derro Author

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5 years ago

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