The following is a trial balance of the Camping Builds Character Trust Fund of the City of Slusher’s

 
   

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadlines.  

The following is a trial balance of the Camping Builds Character Trust Fund of the City of Slusher’s Ridge as of January 1, 20X6:The endowment was in the form of an apartment building. Endowment principal is to be kept intact, and the net earnings are to be used in financing scholarships to not-for-profit organization camps designed to help instill positive character qualities in participants.The following transactions took place during the year:1. Expenses and accrued liabilities paid in cash were as follows:Heat, light, and power . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 5,200Janitor’s wages (including $150 previously accrued) . . . 3,000Painting and decorating . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,750Repairs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500Taxes (including $1,800 previously accrued). . . . . . . . . . 3,750Management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500Miscellaneous expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500  $ 23,2002. A land improvement of $2,000 was constructed by an outside contractor who was paid in full.3. Apartment rents for 20X6 (all collected) amounted to $45,000.4. Camping scholarships of $13,500 were paid to finance 20X6 summer camp fees.5. The following adjustments were made at the close of the year:Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 6,000Accrued Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,900Accrued Wages. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170Requireda. Prepare general journal entries to record these transactions in the Trust Fund.b. Prepare a Statement of Net Position as of December 31, 20X6, and a Statement of Changes in Net Position for the fiscal year ended December 31,20X6.
View Solution:
The following is a trial balance of the Camping Builds