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Financial Reporting for Governmental and Non profit entities.
(a) Prepare, using good form, a skeleton Statement of Revenues, Expenditures, and Changes in Fund Balances.
(b) Next, insert the number representing each of the following items in the appropriate location in the statement. If any item is not reported in the statement, explain why not.
1. Property taxes levied for and collected in the current year
2. Estimated cost of goods ordered but not received by year end
3. Transfer to another fund
4. Salary costs incurred during the year
5. Payment to retire long-term note principal
6. Payment of interest on long-term note
7. Accrued interest on long-term note
8. Receipt of proceeds of short-term note
9. Payment of interest on short-term note
10. Accrued interest on short-term note
11. Payment to retire principal of short-term note
12. Payment to establish an Enterprise Fund activity; no repayment expected 13. Long-term loan from the General Fund to an Internal Service Fund
14. Short-term loan from the General Fund to a Capital Projects Fund
15. Purchase of equipment
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