The primary statements of a federal agency can be constructed from the proprietary and budget…

The primary statements of a federal agency can be
constructed from the proprietary and budget accounts. The following balances,
in trial balance form, were drawn from the year_end ledgers of the
Federal Lending Agency (a fictitious entity) following the agency’s first year
of operations. Some of the accounts are aggregations of those that would
typically be maintained by a federal entity. Budgetary (as opposed to
proprietary) accounts are marked with an asterisk.

»

The primary statements of a federal agency can be
constructed from the proprietary and budget accounts. The following balances,
in trial balance form, were drawn from the year_end ledgers of the
Federal Lending Agency (a fictitious entity) following the agency’s first year
of operations. Some of the accounts are aggregations of those that would
typically be maintained by a federal entity. Budgetary (as opposed to
proprietary) accounts are marked with an asterisk.

1. Following the formats illustrated in the text, prepare
the following statements: a. A statement of net cost b. A statement of changes
in net position c. A balance sheet d. A statement of budgetary resources
(omitting the section on outlays) 2. Review the amounts on the financial
statements. a. Do the cumulative results of operations per the balance sheet
agree with the cumulative results of operations per the statement of changes in
net position? b. Are the unexpended appropriations per the balance sheet equal
to the appropriations received per the statement of budgetary resources less
the appropriations used per the statement of changes in net position?

»

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