. (TCO F) The following Statement of Cash Receipts and Disbursements was prepared by the bookkeeper of the City of Brookdale City Museum of Science. The museum is a component unit of the City of Glass City and must be included in the city’s financial stat

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5. (TCO F) The following Statement of Cash Receipts and Disbursements was prepared by the bookkeeper of the City of Brookdale City Museum of Science. The museum is a component unit of the City of Glass City and must be included in the city’s financial statements. It began operations on January 1, 2012 with no liabilities or commitments and only two assets.
 
(1) $8,000 in cash and (2) Land that was acquired for $10,000.
 
                                                                    Cash Basis
                                                                     12 months
Cash Receipts:
  Admission Fees                                                  $330,000
  Loan from the Bank                                                 60,000
  Cash dividends received from stock investment            3,500
    Total deposits                                                    
$393,500
 
Cash Disbursements:
   Supplies                                                              $74,000
   Wages                                                                134,000
   Utilities                                                                 51,000
   Purchase of Equipment                                          80,000
   Purchase of Fixtures                                              40,000                                    
   Interest on the Bank Loan                                         1,200
     Total checks                                                     $380,200
 
Excess of Receipts Over Disbursements                   $13,300
 
Additional Information:
 
• The loan from the bank is dated April 1 and is for a five-year period. Interest (4% annual rate) is paid on Oct. 1 and April 1 of each year, beginning Oct. 1, 2012.
• The equipment was purchased on April 1, 2012 with the proceeds provided by the bank loan and has an estimated useful life of 10 years (please use the straight-line method of depreciation) for computing depreciation on the equipment. The fixtures were purchased on July 1, 2012 and has an estimated useful life of five years (please use the straight-line method of depreciation) for computing depreciation on the fixtures.
• Supplies on-hand amounted to $6,200 at December 31, 2012.
• All other bills and salaries related to 2012 had been paid by the close of business on December 31.
 
Required:
Please prepare a Statement of Revenues, Expenses, and Changes in Net Assets for the year ended December 31, 2012 assuming the city plans to account for its activities on the accrual basis.
 (Points : 40)

 

 

My answer but need help where ? is placed:

 

  City of Brookdale City Museum of Science

                        Statement of Revenues, Expenses, and Changes in Net Assets

                                    For the Year Ended December 31, 2012

 

 

Operating Revenues:

Charges for Services             $330,600

 

Operating Expenses:

Wages                                $(134,000)

Supplies  ($74,000-$6,200)  $ (67,800)

Utilities                                 $51,000

Depreciation (80,000/10*9/12)$6,000

Total Operating Expenses       $ ?

 

Non-Operating Expenses:

Interest $1,200 + ($60,000*4%*3/12) $($1800)

 

Change in Net Assets            $ ?

 

Net Assets, Jan. 1, 2012       $ ?

 

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    • 17. TCO F) The following Statement of Cash Receipts and Disbursements was prepared by the bookkeeper of the City of Brookdale City Museum of Science. The museum is a component unit of the City …