following information from general fund accounts in themand) Cech in bank Dr. $100.000 5.800.000
Q: Sparky Corporation uses the weighted-average method of process costing. The following information is…
A: Conversion cost is the cost of direct labor and overheads. It includes the overheads incurred on the…
Q: A company purchases a 19,320-square-foot building for $345,000. The building has two separate rental…
A: Joint cost is the cost incurred as a whole on two or more products. The allocation of this joint…
Q: Cutter Enterprises purchased equipment for $81,000 on January 1, 2024. The equipment is expected to…
A: The Depreciation expense is charged on fixed assets as reduction in the value of the fixed assets…
Q: Bridgeport Computer Concepts has three operational units and two support units. Information on the…
A: Lets understand the basics.Cost allocation is the process of allocating cost of support departments…
Q: Add the adjusting entries into the general journal
A: According to the question given, we need to prepare the general journal.General journal:A general…
Q: Fourth Question: The following information from PETRA-2 factory in 2020: 3200 1800 2400 1400 400 450…
A: The throughput costing system records direct materials costs related to the cost of goods sold as…
Q: Clothing Retail Store's accountant prepared the following income statement for the teenagers'…
A: Incremental Analysis: Incremental analysis refers to the analysis of differential revenue that could…
Q: A company constructs a building for its own use. Construction began on January 1 and ended on…
A: Borrowing costs that are directly attributable to the acquisition, construction, and production of…
Q: Izzy Ice Cream has the following price and cost information: $5.00 Price per 2-scoop sundae Variable…
A: Variable costs are costs that vary with the change in the level of output whereas fixed costs are…
Q: Mack Precision Tool and Die has two production departments, Fabricating and Finishing, and two…
A: The step-down method is used for allocating the service department's costs to operating or…
Q: Required (a) Should Brackley Co. accept the order or not? (b) If Brackley Co. had no spare capacity…
A: (a) To determine whether Brackley Co. should accept the order or not, we will perform a contribution…
Q: On January 1, 2009, Davis Inc. reports 400,000 shares outstanding. On March 1, the company…
A: Owner's Equity includes the value of Shareholder Common Stock, Preferred Stock and the value of…
Q: on the last day of its fiscal year ending December 31, 2024, the Safe & Reliable (S&R) Glass Company…
A: As part of the larger accounting changes brought about by these standards, lease liabilities are…
Q: Required information [The following information applies to the questions displayed below.] Vanishing…
A: Unadjusted Trial Balance is the trial balance before making adjustments. When a company enters all…
Q: Exercise 14-45 (Algo) Compare Historical Cost, Net Book Value to Gross Book Value (LO 14-2, 5) The…
A: ROI stands for "Return on Investment." It is a financial metric used to evaluate the efficiency or…
Q: 15. Prior to mailing your résumé: A. Résumés should never be mailed, only hand-delivered B. Have…
A: The objective of the first question is to understand the best practices to follow before sending out…
Q: Eclipse Company has the following payroll information for the week: $240,000 of Salaries and Wages…
A: Payroll taxes are the taxes collected from the employers by the government. It is the tax that is…
Q: 9. Which is not an aspect of a report to make it effective? a. Detailed b. Accuracy c. Relevance d.…
A: The aspect of a report that is not considered essential for its effectiveness is:a. DetailedWhile…
Q: The Pharma company is a single product company. The company presents the following information…
A: FIFOCost of Goods soldEnding…
Q: Mohr Company purchases a machine at the beginning of the year at a cost of $31,000. The machine is…
A: Depreciation Expenses incurred on the fixed assets of the company. They are incurred due to use, the…
Q: During the month of January, an employee eamed $5,100 of salary. Withholdings from the employee's…
A: Journal entry means:- A journal entry serves as a record of a company transaction in the accounting…
Q: Tamarisk Service Corporation has 960,000 authorized shares of $20 par value common stock. As of June…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Beck Construction Company began work on a new building project on January 2023. The project is to be…
A: The principle of conservatism guides the recognition of revenue in accounting. Anticipated gains are…
Q: Persaud Corp. convinced Bracebridge Inc. that the two companies should establish Renfrew Ltd. to…
A: Consolidated balance sheet is a financial Statement that shows the financial position of the parent…
Q: Required information [The following information applies to the questions displayed below.] O'Brien…
A: LIFO is an accounting technique which is used to value the inventory at last in first out basis. It…
Q: On May 3, Zirbal Corporation purchased 6,000 shares of its own stock for $66,000 cash. On November…
A: Treasury stock refers to shares of a company's own stock that it has repurchased from the open…
Q: Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume…
A: In a perpetual inventory system, a company maintains real-time and up-to-date records of its…
Q: In the Sunland Company, indirect labor is budgeted for $133200 and factory supervision is budgeted…
A: Variable cost is the cost that changes with change in the activity of cost driver used. The variable…
Q: Current Attempt in Progress Flint Enterprises Ltd. reported cost of goods sold for 2023 of $2.3…
A: The cost of goods sold includes the cost of goods that are sold during the period. The retained…
Q: Fact Pattern: Scroll, Inc., a wholly owned subsidiary of Pirn, Inc., began operations on January 1,…
A: The key concept here involves understanding consolidated financial statements, particularly focusing…
Q: Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials:…
A: Analyzing material and labor variances helps businesses understand the reasons behind cost…
Q: Prepare adjusting entries in a general journal.
A: The adjusting entries are recorded for prepaid expenses, unearned revenue, and depreciation expense.…
Q: Ushindi Ltd manufactures ornaments for export trade. Jobs are allocated to two operators. Mbotela…
A: Employer provide their employees with overtime and bonuses in order to get faster production. Bonus…
Q: Myriad Solutions, Incorporated issued 12% bonds, dated January 1, with a face amount of $480 million…
A: Note: As per our guidelines only the first question shall be answered.Bond: It is one of the types…
Q: Your answer is partially correct. Cullumber Company purchased a patent on January 1, 2025 for…
A: As per IAS/IFRS 38 Intangible assets,Patent amortization expense is to be done on basis of its…
Q: Torres Company budgets merchandise purchases of $15,800 in January, $17,600 in February, and $22,200…
A: Cash payment is the amount of the payment expected to be made by the entity for the purchases of the…
Q: Golf Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common.…
A: Preparation of Journal entries :DateAccount Titles and ExplanationDebitCreditJanuary 2Cash (120,000…
Q: pls pls in the given table without date for a ,d SophCO Inc. is a distributor of linseed oil which…
A: There are two inventory systems i.e., a periodic inventory system and a perpetual inventory system.…
Q: Championship Corporation’s three divisions had the following operating data during 20X1. Jordan…
A: Residual income is the difference between net operating income and minimum required return. The…
Q: ABC Corporation uses customers served as its measure of activity. During February, the company…
A: The variance is the difference between the standard and actual cost data. The revenue and spending…
Q: CANADIAN TAX: On July 1, 2023, the ANDI Company's warehouse was completely destroyed in a fire. The…
A: The term abnormal loss describes a company's loss that exceeds the standard loss threshold. In other…
Q: ZZZ INC bought a computer (5-year property) on July 31 with a basis of $5,500 and some machinery…
A: Depreciation is an accounting method which is used to spread the cost of an asset over its useful…
Q: Here are selected data for Wilson Company Estimated manufacturing overhead Estimated labor hours…
A: Predetermined overhead rate is the rate which is determined at the beginning of the period using the…
Q: Units-of-activity Depreciation A truck acquired at a cost of $150,000 has an estimated residual…
A: Deprecation is the account system used to allocate the cost of a palpable asset over its useful…
Q: How did you calculate the proposed $2.50 dividend?
A: The amount of earnings distributed by the company to its shareholders is called dividend. It is…
Q: Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses as…
A: Income statement is the one which is prepared by the entity for the purpose of determining the…
Q: George is a farmer, and they grow their own grains to feed to livestock. They have their own factory…
A: Cost of goods sold is the direct costs of making the product. Sales revenue is the revenue generated…
Q: Pronghorn Industries changed from the double-declining-balance to the straight-line method in 2021…
A: Depreciation: It is often defined as a gradual reduction in the cost of fixed assets that are used…
Q: Monty Company is a leading manufacturer of sunglasses. One of Monty's products protects the eyes…
A: Operating income is the amount of income earned by an entity from the business operations. It is…
Q: Required: 1. Suppose that Sandy Bank raises its selling price to $600 per canoe. Calculate its new…
A: Contribution Margin: It is the difference between the sales and the variable cost.Contribution…
Step by step
Solved in 3 steps
- Which of the following serve as the basis for recording appropriate expenses each time the fund is replenished? a. Receipts b. Request letter from cash custodian C Cheques issued to cash custodian d. None of the given optionsCalculate operating margin Assume the following information was derived from the fund financial statements prepared by the city of Tallahassee, Florida for the fiscal year ended September 30, 2019: Assets: City of Tallahassee General Fund Balance Sheet (in thousands) Cash and cash equivalents Due from other governments All other assets Total assets Liabilities: Total current liabilities Fund balance: Nonspendable Committed Assigned $2,480 0 11,848 $14,328 $11,287 1,500 0 0Review problem affecting reporting on General Fund As the recently appointed chief accountant of the City of York, you asked the bookkeeper for a trialbalance of the General Fund as of December 31, 2022. York uses only a General Fund to recordall its transactions. This is what you received: City of York General Fund Trial Balance December 31, 2022 Debits Credits Cash $20,800 Short-term investments 180,000 Accounts receivable 11,500 Taxes receivable—current 30,000 Tax anticipation notes payable $58,000 Appropriations 927,000 Expenditures 795,200 Estimated revenues 927,000 Revenues 750,000 General city property 98,500 General obligation bonds payable 52,000 Unassigned fund balance 380,000 $2,115,000 $2,115,000 After reviewing the trial balance, you realize that the inexperienced bookkeeper made errors onsome transactions and merely guessed at the correct accounting treatment of other transactions.This is what you found…
- Journal entries and financial statements for an Internal Service Fund The city of Pleasantville’s Data Processing Fund, an Internal Service Fund, provides services for a fee toall departments of Pleasantville’s government.The Fund had the following transactions and events during calendar year 2021. (There was no fund balanceat the beginning of the year.)1. The General Fund made a $2,000,000 transfer of cash to establish the Data Processing Fund.2. The Data Processing Fund pays cash for a $1,900,000 computer.3. Supplies costing $4,500 were purchased on credit.4. Bills totaling $650,000 were sent to the various city departments.5. Repairs to the computer were made at a cost of $2,400, on credit.6. Collections from city departments for services (see #4) were $629,000.7. Salaries of $200,000 were paid to the employees.8. Accounts payable totaling $5,900 was paid.9. As of the end of the year, $300 of supplies (see #3) had not been used.10. Depreciation expense on the computer for the year…Governmental accounting Explain how each of the following would affect the classification of the fund balance in the General Fund. All related resources are reported as General Fund assets. 1. Inventory of materials and supplies is $50,000 but $20,000 has not yet been paid to vendors for the recent purchases of the materials and supplies on hand. 2. The finance director has committed to using $40,000 of the carryover fund balance for employee attendance at training conferences. 3. Prepaid insurance in the General Fund is $10,000. 4. The city council adopted an ordinance setting aside $100,000 for planned improvements to police training programs. 5. Unspent receipts of a tax imposed with the stipulation that the monies raised must be used for economic development total $750,000. 6. Unrestricted tax receivables total $1,000,000, however, there are related deferred inflows of resources for unavailable taxes of $740,000. 7. A long-term receivable from which collection proceeds are assigned…Preparation of governmental funds balance sheet Ted's Village has five governmental funds: a General Fund, a Debt Service Fund, and three Special Revenue Funds. It has no proprietary funds. The following information is available at December 31, 2022 for each of the funds. Debt Special Revenue Fund A General Service Fund B Fund C Cash $20,000 $10,000 $1,200 $600 $1,400 Taxes receivable 10,000 4,000 Accounts payable 12,000 400 200 800 Assigned fund balance 2,000 800 400 600 Restricted fund balance 14,000 Unassigned fund balance 16,000 Total revenues 104,000 12,000 4,800 2,400 6,800 Total expenditures 96,000 10,000 4,600 2,200 6,400 a) Identify which of the funds are major funds as defined in GASB Statement No. 34, amended by GASB Statement No. 37. General Fund Debt Service Fund Special Revenue Fund A Special Revenue Fund B Special Revenue Fund C
- Eureka City should issue a statement of cash flows for which of the following funds? Eureka City HallCapital Projects Fund Eureka WaterEnterprise Fund a. b. c. d. No No Yes Yes Yes No No YesIndicate whether the item in each column is reported in the financial statements of the fund types listed below by clicking the corresponding boxes. If an item does not apply, leave the corresponding box blank. You may check more than one box for each item. Statement Capital assets Long - term liabilities Encumbrances 1. General fund 2. Special revenue funds 3. Capital projects funds 4. Debt service funds 5. Permanent funds 6. Enterprise funds 7. Internal service funds 8. Pension (and other employee benefit) trust funds 9. Investment trust funds 10. Private-purpose trust funds 11. Custodial fundsPrepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1....An internal service fund had a loss of $50 2.....An internal service fund had interest expense of $30
- a. Describe the entries that have been posted to the following accounts after the Change Fund was established. b. How will the balance of Cash Short and Over be reported on the income statement?The Balance Sheet of the Street and Highway Fund of the City of Monroe as of December 31, 2019, follow. CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2019 Assets Cash $ 19,000 Investments 63,000 Due from state government 107,000 Total assets $ 189,000 Liabilities and Fund Equity Liabilities: Accounts payable $ 10,000 Fund equity: Fund balance—assigned for streets and highways 179,000 Total liabilities and fund equity $ 189,000 3-C. This portion of the continuous problem continues the special revenue fund example by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget information for the City includes: (1) Also as of January 1, 2020, the City Council approved and the mayor signed a budget for the…Identify the letter that best describes the accounting and reporting by the following funds and account groups:1. Enterprise fund fixed assets.2. Capital projects fund.3. General fixed assets.4. Infrastructure fixed assets.5. Enterprise fund cash.6. General fund.7. Agency fund cash.8. General long-term debt.9. Special revenue fund.10. Debt service fund.a. Accounted for in a fiduciary fund.b. Accounted for in a proprietary fund.c. Accounted for in a quasi-endowment fund.d. Accounted for in a self-balancing account group and included in financial statements.e. Accounted for in a special assessment fund.f. Accounts for major construction activities.g. Accounts for property tax revenues.h. Accounts for payment of interest and principal on tax-supported debt.i. Accounts for revenues from earmarked sources to finance designated activities.j. Reporting is optional.
