The following information regarding the fiscal year ended September 30, 2014, was drawn from the accounts and records of the Mayberry County general fund:
Required:
Prepare a statement of revenues, expenditures, and changes in fund balance for the Mayberry County general fund for the year ended September 30, 2014.
Definitions:
External Failure Cost
Costs incurred when a defective product or service is discovered after delivery to the customer, including returns, repairs, and lost sales.
Prevention Costs
Costs incurred to prevent defective units before they are produced. For example, reengineering products or production processes.
Appraisal Costs
Costs associated with the evaluation and inspection of products or services to ensure they meet quality standards.
Internal Failure Costs
Costs incurred when a defect is discovered before being received by a customer.
Q3: For each of the 12 accounts listed
Q4: The following are transactions for the city
Q7: Packo Company acquired all the voting stock
Q19: Palmer Corporation purchased 75% of Stone Industries'
Q23: Paice Corporation owns 80% of the voting
Q24: Bond Interest Receivable for 2013 of Pfadt's
Q27: On January 1, 2014, Planet Corporation, a
Q29: Pachelor Corporation owns 70% of the outstanding
Q29: Picasso Co. issued 5,000 shares of its
Q40: CommTex Corporation is liquidating under Chapter 7