Using the information from Problem 19 4 prepare the three

financial
Using the information from Problem 19-4, prepare the three financial statements illustrated in
the chapter for federal agencies:In Problem 19-4, Following is the September 30, 20X8, trial
balance for ABC Agency:ABC AgencyPostclosing Trial BalanceSeptember 30 of Fiscal Year
20X8(Amounts in thousands of dollars)The agency applies the following accounting policies:•
Commitment accounting is used only for fixed assets, inventories for agency operations, and
services.• Salaries and benefits do not have undelivered orders placed in advance of expending
theappropriation for them.• All disbursements except for salaries, benefits, and advances to
others must have accounts payable established first.Following are transactions during fiscal
year 20X9. All are in thousands of dollars.1. The agency received an appropriation warrant from
the Treasury in the amount of $30,000, notifying it that its appropriation had been enacted in
that amount. The enabling legislation specified that $9,000 was for salaries and benefits, $6,000
was for travel, and $15,000 was for fixed assets, materials, and services.2. The OMB
apportioned the entire appropriation during the year.3. The agency head allotted $8,700 for
salaries and benefits, $6,000 for travel, and $14,450 for fixed assets, inventory, and supplies.4.
The Treasury notified the agency that the checks ordered but not issued in fiscal year 20X8
were issued.5. a. Travel orders in the amount of $5,400 were issued.b. Checks for travel
advances totaling $3,000 were requested from the Treasury.c. The Treasury notified the agency
that the checks ordered for the travel advances were issued.d. Travel vouchers in the amount of
$2,700 were received, including $375 for which travel orders had not been issued. Advances of
$970 were to be applied.e. Checks to pay the travel claims not previously advanced were
ordered from the Treasury.f. The advances related to fiscal year 20X8 were repaid by
employees.g. The Treasury notified the agency that the checks ordered in (e) were issued.6. a.
The agency head allotted the remaining payroll budget.b. Payroll paid during the year, including
the agency’s share of expenses, amounted to $9,015. Ignore withholding deductions and omit
going through the disbursements in transit account. Remember that $75 was included in year
20X8 Expended Appropriations and is accrued.7. a. Commitments were placed for $14,450 of
fixed assets, inventory, and services.b. The agency head allotted an additional $300 for fixed
assets, inventory, and services.c. Orders were placed for $14,700 of fixed assets, inventory,
and services. Of those, $14,250 had previously been committed in the amount of $14,400.
Because of failure to follow procedures, the remaining $450 had not been previously
committed.d. Orders in (c) were received and approved, as follows:e. Checks for accounts
payable of $14,100 were requested from the Treasury during the year, including those related to
fiscal year 20X8. The Treasury notified the agency that checks amounting to $13,980 were
issued during fiscal year 20X9, including those relating to fiscal year 20X8 accounts payable.8.
The following year-end information was compiled:a. Depreciation on equipment amounted to
$45.b. Salaries and benefits other than annual leave to be accrued amounted to $60.c.
According to a report from the payroll department, the annual leave liability at fiscal year-end
was $219.d. A physical count of inventory indicated that $164 of inventory had been used.(a)
Balance sheet(b) Statement of net cost(c) Statement of changes in netposition View Solution:
Using the information from Problem 19 4 prepare the three financial
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