Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. c12-2(fiduciary fund financial statement preparati

C12-2(Fiduciary Fund Financial Statement PreparationCity of Wilmington, Delaware) The City of Wilmington,...

90.2K

Verified Solution

Question

Accounting

C12-2(Fiduciary Fund Financial Statement PreparationCity of Wilmington, Delaware) The City of Wilmington, Delaware, has an Other Postemployment Benefit Trust Fund and a Tax Collection Agency Fund. The Preclosing Trial Balance for each of these funds as of June 30,20X6, is as follows:
City of Wilmington, DelawareOther Postemployment Benefit Trust FundPreclosing Trial BalanceJune 30,20X6Dr.Cr.Cash and cash equivalents$ 405,476Interest receivable50,807Investments2,767,043Employer contributions$ 505,189Employee contributions167,721Interest income37,787Increase in fair market value of investments33,179Benefits paid362,325Administrative expenses18,957Net positionrestricted for benefits2,860,732Totals$3,604,608$3,604,608
City of Wilmington, DelawareTax Collection Agency FundPreclosing Trial BalanceJune 30,20X6Dr.Cr.Cash and cash equivalents$ 282,630Due from other governments211,613Due to other governments$ 294,967Due to other funds199,276Totals$ 494,243$ 494,243
Required
Prepare a Statement of Fiduciary Net Position for the city of Wilmington as of June 30,20X6, and a Statement of Changes in Fiduciary Net Position for the year ended June 30,20X6.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Your firm has taken out a $549,000 loan with 8.1% apr (compounded monthly) for some commercial...

Biology
1.2K views

explain how CD8, CD4 and B cells work together either in the lymphoid tissue OR at...

Biology
1.2K views

\" In a synapse between two neurons, a postsynaptic potential is a graded potential that is...

Basic Math
1.2K views

A person invests money in a savings account that pays 2.5% simple interest. After one...

Algebra
1.2K views

Find the value of the property given the following Annual Rent 612Vacancy and collection los...

Accounting
1.2K views

If someone's full retirement benefit (PIA) is $1,000 per month but they decide to collect...

Accounting
1.2K views

Royall Company purchased a delivery truck at $25,000 plus 8% sales taxes. Royall paid $3,000...

Accounting
1.2K views

please answer all the questions 98) For a journal entry with only two...

Finance
1.2K views

If localities offer incentives such as tax breaks or tax-exempt financing to firms that provide...

Accounting
1.2K views

Flexible Overhead Budget Leno Manufacturing Company prepared the following factory overhead cost budpet for the...

Accounting
1.2K views

question have some missing values mention as X, for each you have to assume your...

Finance
1.2K views

Case Study A trade company of China exported a batch of cans with the quantity...