12. [Para. 4-a-12] Services received by the General Government function of the General Fund from the Solid Waste Disposal Fund amounted to $28,500 during Of this amount, $25,400 was paid in cash and $3,100 remained unpaid at e the year. year-end. liability SANOIL Required: Record the receipt of these services, amounts paid during the year, and remaining liability in the General Fund and governmental activities journals. At the government-wide level the liability should be credited to Internal Payables in Business-type Activities. Do not record these items in the Solid Waste Disposal Fund until instructed to do so in Chapter 7 of this case.
Q: Cullumber Company uses a job order cost system and applies overhead to production on the basis of…
A: Overhead costs include office rent, utilities, insurance, and employee salaries. While some overhead…
Q: A plant has a capacity of 4,100 hydraulic pumps per month. The fixed cost is $504,000 per month. The…
A: Breakeven point calculation is one of the important concept of cost volume profit relationship. This…
Q: Elliott Company produces large quantities of a standardized product. The following information is…
A: The production cost report summarizes the production and cost activity within a department for a…
Q: Bridget Cheungis getting ready to open a small restaurant. She is on a tight budget and must choose…
A: A budget refers to the statement that the organizations, individuals, and the government prepare…
Q: On July 1, 2021, X, Y and Z formed a partnership with X as an industrial partner, Y and Z…
A: A partnership is an agreement between two or more partners where partners are agreed to work…
Q: 1st. Auto Inc. 1st. Auto inc. provides401(k)plan for its employees. Employees can elect a salary…
A: Retirement contributions refers to the sum value of money collected by an employee from his/her…
Q: Equipment acquired on January 8 at a cost of $168,000 has an estimated useful life of 18 years, has…
A: Depreciation :— It is the reduction in the value of asset due to continuos use of the assets.…
Q: Integrity Pizza charges initial franchise fee of P500,000 for the right to operate as a franchisee…
A: The contract liabilities would represent the amount of money paid in exchange for something being…
Q: As shown below, a shop purchases and sells a certain type of product. Purchasing price : $10 per…
A: Break even point (BEP): Breakeven is the point where total expenses are equal to total revenue. at…
Q: Net Cash Flow From Operating Activities The following are accounting items taken from Tyrone…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Accounting A plant engineer wishes to know which of two types of lightbulbs should be used to light…
A:
Q: [The following information applies to the questions displayed below.) Martinez Company's relevant…
A: Variable costs are those type of costs in the business which changes in total along with change in…
Q: You would like to purchase a car with a negotiated price of $39,000, and the dealer offers financing…
A: Given: - Price: - $39,000 Period: - 4 years Rate: - 6% Payment: - monthly
Q: White Corporation provided you with the following summary of total assets and liabilities at January…
A: Issue of shares at premium will increase share premium balance by amount received in addition to par…
Q: The Converting Department of Tender Soft Tissue Company uses the average cost method and had 2,100…
A: EQUIVALENT UNITS OF PRODUCTION Equivalent Units Production is the Cost Accounting Technique on…
Q: All raw materials purchases are made on credit. Prepare journal entries to record the: 1. Purchase…
A: Company needs to make a proper journal entry for materials purchased and used especially as the…
Q: n the United States, each state government can impose its own excise tax on the sale of cigarettes.…
A: Supply Curve The link between product pricing and the amount of product a seller is willing and…
Q: The shareholders' equity of XYZ Corporation is presented as follows: 10% Preference Share, 2,000…
A: Preference Shares - Preference shares are those shares which carries preferential right over the…
Q: In recording the initial investment in the new partnership of X, she contributed her personal…
A: Solution: Cost of computed = P800,000 Total useful life of computer = 10 years Annual depreciation…
Q: Kingbird Inc. manufactures cycling equipment. Recently, the company's vice-president of operations…
A: Organizations offer bonds to investors in order to acquire capital, and in exchange, the…
Q: Identify the segregation of duties problems in the system.
A: i) The segregation of the duties involves the distribution of the main functions and have them to…
Q: X and Y are partners sharing profits 6:4, respectively. Capital accounts as of October are 1, 2021…
A: The assets are fairly valued, therefore there will be no bonus involve by admitting Z.
Q: The plant manager of Integrity Products Co. gathered production statistics for October as follows:…
A: EUP is equivalent units of production which means number of units completed or manufactured in the…
Q: Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the…
A: "Since you have asked multiple questions, we will solve only one question for you. If you want any…
Q: Rex Corporation (lessor) and Lee Company (lessee) agreed to a lease with the following information.…
A: A lease in which lessor is assumed to be selling a product to the lessee is called a Sales type…
Q: Assume that the beer arrived on August 15, and the company made payment on October 15. On August 15,…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: On November 1, 2022, SAN JOSE receives an order from a customer for a computer as well as 12 months…
A: Unearned sales Revenue: Unearned sales Revenue means money received from the customer in advance for…
Q: Shane Tamarisk began a business, on January 1 2024 with an investment of $115,000. The company had…
A: Accounting equation is the basic equation used for the preparation of the accounting statements.…
Q: Integrity CORP uses job order costing. At Jan 31, only Job 101 was the only job in process with…
A: As per question We have to calculate the adjusted Cost of good sold where over - under applied…
Q: 2. You are given the following information for Shinoda Corp.: Decrease in inventory $…
A: Introduction:- A balance sheet is a statement of assets, liability, and equity. It is prepared…
Q: XYZ Corporation reported the following in its statement of shareholders' equity on January 1 2021…
A: When the company declares the share split, then the no. of shares increases in the split ratio, and…
Q: em is normally reported as a current asset, NCA if non- current. If not an asset, write NA. 9.…
A: Non current assets refers to the those assets which the company made for long term time frame and…
Q: 250 days usi
A: Lets understand the basics. There are two type of interest is there which are, (1) Simple interest…
Q: e system was estimated to require a complete upgrade in five years to avoid obsolescenc ncurred for…
A: Allocation cost refers to the complete process of determining the expenses involve din identifying,…
Q: Determine the amount that will be received by the bank in settlement of the note and interest.
A: Creditors are the person to whom the company owes some amount of money . The creditors can be…
Q: If total assets increased by P175,000 during a specific period and liabilities decreased by P10,000…
A: Owners' equity is the amount of capital invested by the business owners in their entity. It is the…
Q: Assume an option contract is for I underlying share. A call option on TESLA stock has a strike price…
A: The call option gives the holder the right to purchase a certain number of shares at the strike…
Q: Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. Laiho…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: On November 1, 2022, SAN JOSE receives an order from a customer for a computer as well as 12 months…
A: Unearned sales Revenue: Unearned sales Revenue means money received from the customer in advance for…
Q: For each of the following independent cases (1 to 4), compute the missing values. (Enter all amounts…
A: 1. Direct material used = Beginning raw material + raw material purchases + indirect material…
Q: Cash Mortgage Payable Advertising Expense Capital Stock Equipment Notes Payable Wages Expense Notes…
A: A trial balance is a statement that contains ledger balances. The sum of debit and credit of the…
Q: Capital balances in the WXY partnership are W. Capital P 60,000; X Capital P 50,000 and Y. Capital…
A: A partnership is an agreement between two or more partners where partners are agreed to work…
Q: 2 Wonder Company purchased 35,000 of the 100,000 outstanding shares of Elton Company common stock on…
A: Elton Company is an associate of Wonder Company since Wonder Company holds 35% equity interest in…
Q: The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the…
A: For the purpose of computation of contribution margin per unit, the variable cost per unit are…
Q: A payment is received for an audit in progress. State tax liability is $20,187.50 and county tax…
A: It is given that the payment has been received for an audit in progress which is not yet completed…
Q: please answer in detail with all work thanks The company X acquired a bond on 1/1/2022 AND with a…
A: Bond is that debt instrument which is used by the organisation to finance its long term fund…
Q: On 1 July 2019, Christina Ltd acquired all the issued shares of Adeline Ltd, paying $120 000 cash…
A: acquisition analysis at 1 July 2019 A-Consideration transferred Shares $120,000…
Q: A traditional income statement focuses on distinguishing product costs and period costs, while a…
A: The income statement is prepared to record the revenues and expenses of the current period and…
Q: Green Corporation began operations in 2021. An analysis of Green’s equity investments portfolio…
A: The non trading securities are reported as separate component of shareholder's equity. The…
Q: At the beginning of the year, X Limited's Asset amounted to P14,625,000. At the end of the year…
A: The accounting equation is a mathematical representation of financial transactions. The accounting…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- N1. [Para. 4-a-12] Services received by the General Government function of the General Fund from the Solid Waste Disposal Fund amounted to $28,500 during the year. Of this amount, $25,400 was paid in cash and $3,100 remained unpaid at year-end. Required: Record the receipt of these services, amounts paid during the year, and remaining liability in the General Fund and governmental activities journals. At the government-wide level the liability should be credited to Internal Payables in Business-type Activities. Do not record these items in the Solid Waste Disposal Fund until instructed to do so in Chapter 7 of this case.4. The City of Grinders Creek maintains its books in a manner that facilitates the preparation of fund accounting statements and uses worksheet adjustments to prepare government-wide statements. General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land $ 8,500,000 Buildings 27,600,000 Improvements Other Than Buildings 24,500,000 Equipment 11,690,000 Accumulated Depreciation, Capital Assets 25,800,000 During the year, expenditures for capital outlays amounted to $9,000,000. Of that amount, $4,800,000 was for buildings; the remainder was for improvements other than buildings. The capital outlay expenditures outlined in (2) were completed at the end of the year (and will begin to be depreciated next year). For purposes of financial statement presentation, all capital assets are depreciated using the straight-line method, with no estimated salvage value. Estimated lives are as follows: buildings, 40 years; improvements…4. The City of Grinders Creek maintains its books in a manner that facilitates the preparation of fund accounting statements and uses worksheet adjustments to prepare government-wide statements. General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land $ 8,500,000 Buildings 27,600,000 Improvements Other Than Buildings 24,500,000 Equipment 11,690,000 Accumulated Depreciation, Capital Assets 25,800,000 During the year, expenditures for capital outlays amounted to $9,000,000. Of that amount, $4,800,000 was for buildings; the remainder was for improvements other than buildings. The capital outlay expenditures outlined in (2) were completed at the end of the year (and will begin to be depreciated next year). For purposes of financial statement presentation, all capital assets are depreciated using the straight-line method, with no estimated salvage value. Estimated lives are as follows: buildings, 40 years; improvements…
- 1.Which of the following transactions or events will not be reported in a governmental fund's operating statement, assuming that all relate to general government activities? A. Depreciation of capital assets B. Incurrence of construction costs on a construction project C. Incurrence of salary costs D. Issuance of bonds payable due in 10 year 2.General long-term debt proceeds are reported in governmental fund financial statements as: A. Direct additions to fund balance B. other financing sources C. Revenues D transfers 3.What user groups does the GASB not view as primary user groups for government external financial reporting? A. Citizenry B. Investors and creditors C. Labor unions representing government employees D. Legislative and oversight bodies7. Equipment in general governmental service that had been constructed 10 years before with resources of a Capital Projects Fund was sold. The receipts were accounted for as unrestricted revenue. Entries are necessary in the (a) General Fund and Capital Projects Fund. (b) General Fund. (c) General Fund, Capital Projects Fund, and Enterprise Fund. (d) General Fund, Capital Projects Fund, and Debt Service Fund.Prepare 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
- The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: 1. Deferred inflows of resources-property taxes of $69,400 at the end of the previous fiscal year were recognized as property tax revenue in the current yearAc€?cs Statement of Revenues, Expenditures, and Changes in Fund Balance. 2. The City levied property taxes for the current fiscal year in the amount of $10,000,000. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $600,000 of the taxes had not been collected. It was estimated that $320,000 of that amount would be collected during the 60-day period after the end of the fiscal year and that $80,000 would be collected after that time. The City had recognized the maximum of property taxes allowable under…The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: 1. Deferred inflows of resources-property taxes of $69,400 at the end of the previous fiscal year were recognized as property tax revenue in the current yearAc€?cs Statement of Revenues, Expenditures, and Changes in Fund Balance. 2. The City levied property taxes for the current fiscal year in the amount of $10,000,000. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $600,000 of the taxes had not been collected. It was estimated that $320,000 of that amount would be collected during the 60-day period after the end of the fiscal year and that $80,000 would be collected after that time. The City had recognized the maximum of property taxes allowable under…The City of Grinders Switch maintains its books in a manner that facilitates the preparation of fund accounting statements and uses worksheet adjustments to prepare government-wide statements. 1. General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land Buildings Improvements Other Than Buildings Equipment Accumulated Depreciation, Capital Assets $ 7,700,000 33,398,400 14,839,400 11,569,000 25,333,000 2. During the year, expenditures for capital outlays amounted to $7,510,000. Of that amount, $4,806,400 was for buildings; the remainder was for improvements other than buildings. 3. The capital outlay expenditures outlined in (2) were completed at the end of the year (and will begin to be depreciated next year). For purposes of financial statement presentation, all capital assets are depreciated using the straight-line method, with no estimated salvage value. Estimated lives are as follows: buildings, 40 years; improvements other than…
- The City of Grinders Switch Maintains its books in a manner that facilitates the preparation of fund accounting statements and uses worksheet adjustments to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations. General fixed assets as of the beginning of the year, which had not recorded, were as follows: Land $ 7,554,000 Buildings $33,355,000 Improvements Other Than Buildings $14,820,000 Equipment $11,690,000 Accumulated Depreciation, Capital Assets $25,800,000 2. During the year, expenditures for Capital outlays amounted to $7,500,000. Of that amount $4,800,000 was for buildings; the remainder was for improvements other than buildings. 3. The Capital…C. 26. A. B. D. The capital projects fund of Hysham completed construction of a new building. The building should be reported in the: I. government-wide statement of net assets. II. capital projects fund. A) I only B) II only C) Either I or II D) Neither I nor II 27. Which presentation method combines the component unit's results into the primary government's financial results? $ 600,000 Proceeds from general obligation bond issue $ 2,000,000 Transfer from Cherry's general fund $ 150,000 In its 20X1 capital projects fund operating statement, Cherry should report these amounts as: Other financing sources A) Blended presentation B) Discrete presentation C) Combined presentation D) Consolidated presentation 28. Financing for the renovation of Cherry City's municipal park, begun and completed during 20X1, came from the following sources: Grant from state government S 0 600,000 $2,750,000 $2,600,000 Revenues $ A) Option A B) Option B C) Option C D) Option D $ $ $ $ 2,750,000 2,150,000 0…E7-7 (Statement of Revenues, Expenditures, and Changes in Fund Balance) Prepare a statement of revenues, expenditures, and changes in fund balance for the Ahmed Village Park Improvement Capital Projects Fund for 20X7, given the following information: Fund balance, January 1, 20X7 .......................... $2,000,000 Intergovernmental grant revenue ........................ 850,000 Interest revenue ...................................... 30,000 Increase in fair value of investments ..................... 3,000 Construction costs incurred under contract with Builtwell Co. ................................... 2,400,000 Architect fees ........................................ 32,000 Engineering fees ...................................... 17,000 Bond proceeds (face amount was $1,000,000) ............. 1,008,000 Bond issuance costs ................................... 5,000 Purchase of land ...................................... 92,000 Repayment of bond anticipation notes treated as long-term…