Provide complete answers to the following two problems:
- Describe the differences in cash flow statements required by GASB standards when compared with cash flow statements required by FASB standards.
- The Village of Watkins Glenn operated an educational program for at-risk middle school children. Businesses and nonprofit organizations sponsor the children and pay the registration fee.
- The following cash receipts were collected:
- Registration 310,000
- Cash loan from bank 65,000
- The following cash disbursements were made:
- Payroll taxes 30,600
- Labor 102,800
- Insurance 12,400
- Interest 3.050
- Purchase school bus 62,000.
- The following cash receipts were collected:
Required:
- Prepare the journal entries to record revenues and disbursements if the city treats the program as an enterprise fund
- Prepare the journal entries to record revenues and disbursements if the city treats the program as a special revenue fund.
In your analysis, include the following:
- An introduction
- Requirements 1 – 2
- Conclusion.
Paper Requirements:
- Submit your responses to the questions in a one- to two-page document in MSWord. Label each question clearly. For computations, please include them in a table.
- For written answers, please make sure your responses are well written.
- Follow the CSU-Global Guide to Writing & APA Requirements.
- The required number of pages for the assignment does not include the title page and references page.
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