The Following Water and Sewer Information Is Available for the Preparation

question 55

Essay

The following water and sewer information is available for the preparation of the financial statements for the County of Augusta for the year ended June 30,2014:
Required:
From the information given above,prepare,in good form,a Water and Sewer Fund column for the proprietary fund Statement of Revenues,Expenses,and Changes in Fund Net Assets for the County of Augusta for the Year Ended June 30,2014.

Evaluate the fair valuation of subsidiary's assets and liabilities at acquisition and its subsequent impact on investment accounts.

Understand the implications of changes in ownership percentages of subsidiaries on the parent's consolidated financial statements.

Calculate the balances of significant accounts on the consolidated statement of financial position using the parent-company extension method.

Distinguish between the equity and cost methods of accounting for investments.