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  3. the city of evansville operated a summer camp prog

The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit...

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Accounting

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The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program's bank account for the year 1. At the beginning of 2017, the program had unrestricted cash of $18,000 Cash Basis 12 months Cash receipts: Registration fees Borrowing from bank $125,000 59,00e 175,000 Total deposits Cash disbursements: Wages Payroll taxes Insurance (paid monthly) Purchase of bus Interest on bank note 66,575 9,000 6,000 60,000 1,500 143,075 $ 31,925 Total checks Excess of receipts over disbursements 2. The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1 and April 1 3. The bus was purchased on April 1 with the proceeds provided by the bank loan and has an estimated useful life of five years 4. All invoices and salaries related to 2017 had been paid by close of business on December 31, except for the employer's portion of of each year, beginning October 1, 2017 (straight-line basis-use monthly depreciation). December payroll taxes, totaling $800

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