An Adjusted Trial Balance Is Provided Below for the Dade

question 34

Essay

An adjusted trial balance is provided below for the Dade County copy services department at June 30, 2011.
Required:
1.Prepare a statement of revenues, expenses and changes in net assets for the copy services department for the year ended June 30, 2011.
2.Prepare a statement of net assets for the copy services department at June 30, 2011.Assume all assets are not externally or internally restricted.

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Definitions:

Straight-Line Depreciation

A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year over its useful life.

Tax Rate

The percentage at which an individual or corporation is taxed by the government on their income or profits.