An Adjusted Trial Balance Is Provided Below for the Dade

question 2

Essay

An adjusted trial balance is provided below for the Dade County copy services department at June 30,2014.
Required:
1.Prepare a statement of revenues,expenses and changes in net position for the copy services department for the year ended June 30,2014.
2.Prepare a statement of net position for the copy services department at June 30,2014.Assume all assets are not externally or internally restricted.

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Definitions:

Accrual-Based Sales Revenue

Revenue recognized when earned, regardless of when the payment is received, following the accrual basis of accounting.

Ending Inventory

The worth of merchandise ready for sale when an accounting period concludes, determined by adding beginning inventory and purchases, then subtracting the cost of goods sold.

Retained Earnings

The cumulative amount of profits kept in a company after dividends are paid, used for reinvestment in the business or to pay down debt.

Comprehensive Income

The total change in equity for a reporting period other than from transactions with owners, including all revenues, gains, expenses, and losses.