{"id":433455,"date":"2018-10-05T16:02:47","date_gmt":"2018-10-05T16:02:47","guid":{"rendered":"https:\/\/essaypaper.org\/what-are-gaap-requirements-for-preparing-financial-statements\/"},"modified":"2018-10-24T08:48:23","modified_gmt":"2018-10-24T08:48:23","slug":"what-are-gaap-requirements-for-preparing-financial-statements-2","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/what-are-gaap-requirements-for-preparing-financial-statements-2\/","title":{"rendered":"What are GAAP requirements for preparing financial statements?"},"content":{"rendered":"<p><strong>What are GAAP requirements for preparing financial statements? (100 points)<\/strong><br \/>\n<strong><strong>Scenario 3:<\/strong><\/strong><br \/>\nUse the following adjusted trial balance for Decatur Health Clinic to Create a statement of financial position, statement of functional expenses, statement of activities, and statement of cash flows in Microsoft Excel. Use formulas to link data when necessary.<br \/>\nDownload the Decatur Health Clinic Adjusted Trial Balance at the bottom of the page.<br \/>\nPrepare all financial statements as of June 30, 20X7 including the following transactions.<\/p>\n<ul>\n<li>There were five functional expense categories, which salaries and fringe benefits totaling $288,410 were allocated to with the following percentages: counseling services, 30%; professional training, 25%; community service, 15%; management and general, 20%; and fund-raising, 10%.<\/li>\n<li>Occupancy and utility, supplies, printing and publishing, and telephone and postage expense were allocated to the programs using the same allocation procedures.<\/li>\n<li>The five expense categories received equal amounts of depreciation expense.<\/li>\n<li>Decatur Health Clinic had $162,150 of cash on hand at the beginning of the year and received cash from contributors of $305,200, which was unrestricted. $38,100 was restricted for the purchase of a machine for the clinic.<\/li>\n<li>Income earned and received on long- term investments was $9,200.<\/li>\n<li>The purchase of the machine for the clinic was $22,000 and $82,500 for operating expenses.<\/li>\n<li>Net pledges receivable increased $6,000, inventory decreased $1,000, accounts payable decreased $102,500, and there were no salaries payable at the beginning of the year.<\/li>\n<\/ul>\n<p><strong>Paper Requirements:<\/strong><\/p>\n<ul>\n<li>Submit your responses to the questions in a 10-12-page Microsoft Word document. Include applicable heading for each set of questions and label each question clearly. Include computations in a table and show work.<\/li>\n<li>For written answers, ensure your responses are well-written.<\/li>\n<li>Be sure to follow the formatting guidelines outlined in the <em>CSU-Global Guide to W<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>What are GAAP requirements for preparing financial statements? (100 points) Scenario 3: Use the following adjusted trial balance for Decatur Health Clinic to Create a statement of financial position, statement of functional expenses, statement of activities, and statement of cash <a href=\"https:\/\/www.benedictsol.com\/blogs\/what-are-gaap-requirements-for-preparing-financial-statements-2\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-433455","post","type-post","status-publish","format-standard","hentry","category-essay-paper-writing"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/433455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=433455"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/433455\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=433455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=433455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=433455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}