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Three of the most challenging topics in the chapter are fiduciary funds, the expendability of investment gains, and the reporting of permanent funds...
Three of the most challenging topics in the chapter are fiduciary funds, the expendability of investment gains, and the reporting of permanent funds in government-wide reporting.Your assignment this week is to complete the following using a word processing program or a spreadsheet program:In Government and Not-For-Profit Accounting, exercise 10-4, page 444-445, statements 1- 6, a and b:The McCracken County Humane Society (MCHS), which is part of a county's reporting entity, established a permanent fund to provide support for its pet neutering program. As of the start of the year, the fund had a balance of $600.000, composed of both cash and marketable securities.The program itself, which is accounted for in a special revenue fund, is funded by both direct contributions and the income from the permanent fund. At the start of the year, the special revenue fund had assets (all invested) of $26,000.The following transactions and events happened in a recent year:1.
