Provide complete answers to the following two problems:Describe the differences in cash flow statements...

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Accounting

Provide complete answers to the following two problems:
Describe the differences in cash flow statements required byGASB standards when compared with cash flow statements required byFASB standards.
The Village of Watkins Glenn operated an educational programfor at-risk middle school children. Businesses and nonprofitorganizations sponsor the children and pay the registration fee.
The following cash receipts were collected:
Registration 310,000
Cash loan from bank 65,000
The following cash disbursements were made:
Payroll taxes 30,600
Labor 102,800
Insurance 12,400
Interest 3.050
Purchase school bus 62,000.
Required:
Prepare the journal entries to record revenues anddisbursements if the city treats the program as an enterprisefund
Prepare the journal entries to record revenues anddisbursements if the city treats the program as a special revenuefund.

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Solution Differences in cash flow statements required by GASB standards and required by FASB standards are as follows FASB has three cash flow reporting categories viz Operating Investing and FinancingBut GASB has four cash flow reporting categories viz See Answer

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In: AccountingProvide complete answers to the following two problems:Describe the differences in cash flow statements required...Provide complete answers to the following two problems:Describe the differences in cash flow statements required byGASB standards when compared with cash flow statements required byFASB standards.The Village of Watkins Glenn operated an educational programfor at-risk middle school children. Businesses and nonprofitorganizations sponsor the children and pay the registration fee.The following cash receipts were collected:Registration 310,000Cash loan from bank 65,000The following cash disbursements were made:Payroll taxes 30,600Labor 102,800Insurance 12,400Interest 3.050Purchase school bus 62,000.Required:Prepare the journal entries to record revenues anddisbursements if the city treats the program as an enterprisefundPrepare the journal entries to record revenues anddisbursements if the city treats the program as a special revenuefund.