Codification Research System

Required:

Prepare a report to management which contains the following 3 elements.

1. Prepare journal entries to record all of the above events, including year-end adjustments and reclassifications. For any revenue or expense indicate whether the revenue/expense increases/decreases Unrestricted net assets (U), Temporarily Restricted net assets (TR), or Permanently Restricted net assets (PR).

2. Explain all entries to City of Lakes’ management, who are non- accountants. Explain the entries in your own words (voice); do not just quote the codification.

3. Prepare City of Lakes’ Statement of Activities for 20×2. Use format B as illustrated in the codification’s not-for-profit (NFP) section.

Papers must be typed, double-spaced. Grammar and punctuation will count for up to 30 points.

All students should work independently on this assignment.