The following items were included in Simple City's General Fund expenditures for the year ended June 30: Computer for the city treasurer's office $ 6,000 Furniture for the mayor’s office $ 20,000 How much should be classified as capital assets in Simple City's government-wide statement of net position at June 30?
Q: Prepare a General Journal entry for the following transaction: On December 17, On Your Mark paid…
A: A journal entry can be used to document any transaction, economic or not. An accountancy journal…
Q: Skip to question [The following information applies to the questions displayed below.] On…
A: Cash Flow Statement shows the actual inflow and outflow of cash during the particular month or…
Q: How do I find the amount for the cash account?
A: Trail balance is a sheet of all accounts with debit and credit balance. The total of debit and…
Q: 4. With respect to cost classifications for predicting cost behavior a. What is the total variable…
A: The variable costs are incurred for the incremental units produced but no additional fixed costs are…
Q: Crane and Loon corporations, two unrelated C corporations, have the following transactions for the…
A: INTRODUCTION: A dividend is the distribution of business earnings to qualifying shareholders. A…
Q: Which of the following post-acquisition expenditures for Dr. D. Company's delivery truck would be…
A: Capital expenditures seem to be those expenditures that create or maintain assets' value over a…
Q: Oliver Co. sells themed beauty product gift boxes for $30 per box. The box and items in it cost…
A: Margin of safety is the revenue earned by a company by paying it's all fixed expenses and variable…
Q: Assume that you are the owner/operator of College Park Veterinary Clinic. At the end of the second…
A: The income statement, the retained earnings statement, and the balance sheet are the parts of the…
Q: Question 1: A partnership allows owners to pool their talents and resources. A. True B. False
A: Hi student Since there are multiple questions, we will answer only first question. If you want…
Q: Given the following information, what is the cash flow from operating activities? $4,300 $4,800 750…
A: Cash flow from operating activities can be calculated using direct method or indirect method. Under…
Q: following independent situations, determine Winston's filing status for 2022. Winston is not marrie…
A: Taxation - Taxation is the practice of governments imposing forced taxes on people or organizations.…
Q: Kurt Lopez began work this week for the Jaworski Company. Based on a 5-day workweek, his annual…
A: The workers are paid on the basis of weekly payment and hourly rate and they are paid based on the…
Q: Wheeler's Bike Company manufactures custom racing bicycles. The company uses a job order cost system…
A: The overhead is applied to the production on the basis of predetermined overhead rate. The direct…
Q: Teeswater Corp. shows the following information on its 2020 statement of comprehensive income: sales…
A: Operating Cash Flow :— It is the cash generated from operation of business. Earning Before…
Q: A local financial consulting firm employs 20 full-time staff. The estimated compensation per…
A: Direct Cost :— It is the cost that are directly incurred in the manufacturing of particular product…
Q: Wilmington Company has two manufacturing departments-Assembly and Fabrication. It considers all of…
A: PREDETERMINED OVERHEAD RATE Predetermined rate means an indirect cost rate. predetermined overhead…
Q: Why is 4,000 used for the variable Manufacturing Overhead?
A: The company produced 3000units last month.
Q: Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets…
A: Statement of Cash Flow - Statement of cash flow is a financial statement that includes inflow and…
Q: Here are the comparative income statements of Blossom Corporation. BLOSSOM CORPORATION Comparative…
A: Vertical Analysis of Income Statement :— It is one of the type of income statement analysis in which…
Q: Hawthorn Industries is calculating its Cost of Goods Manufactured at year-end. The company's…
A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…
Q: Name of Department: Budget 2021 Budget Allocated to Department: Assumptions Wages Travel Meals Meals…
A: Budget is defined as a estimate of the upcoming revenues and expenses of a business entity. A budget…
Q: QUESTION 6 Remote Company manufactures remote control devices for electronic equipment. The…
A: Market-size variance is described as the entire scope of a single market which helps a company in…
Q: Evaluating data reliability is a critical part of the audit process. Explain the differences among…
A: Answer:- Audit:- Audit is the systematic examination of the financial statements of the company.…
Q: Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following…
A: Working : Assets = Liabilities + Stockholder's Equity
Q: K&C Ltd. is working on a budget for the current year. The following information is linked to budget…
A: Lets understand the basics. Management prepare various budgets in order to set a standard and…
Q: ABC Company's accounting records reported the following account balances as of December 31, 2026:…
A: Income statement : Income statement shows net income (or net loss) earned by a firm at the end of an…
Q: A comparative balance sheet for Marin Corporation is presented as follows. Assets Cash Accounts…
A: Question a:- Preparation of statement of cash flow. Question b:-Calculation of Marin…
Q: Primare Corporation has provided the following data concerning last month's manufacturing…
A: Cost of goods manufactured Cost of goods manufactured is abbreviated as COGM which means the cost of…
Q: 1. Find the discount interest if F = Php 50,000, d = 0.085 and t = 10 months.
A: Discount interest is the total amount accrued on certain principal value at some interest rate at…
Q: Juarez Company acquired $1,200 from the issue of common stock. Which of the following shows how this…
A: Accounting equation is fundamental equation under double entry accounting system. Where liabilities…
Q: Determine the amount of the child tax credit in each of the following cases: a. A single parent with…
A: All of the 2021 additions have been eliminated, and the regulations are now back to what they were…
Q: What is the cost assigned to the units completed during the year? $35,000 $110,500 $107,500 $112,000…
A: SOLUTION Calculate the total cost assigned to unit completed Opening Inventory of Material…
Q: The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of…
A: The revenues and expenses are reported in the income statement of the company. The difference…
Q: On 30 June 20X0, Cook's cash book showed that he had an overdraft of $300 on his current account at…
A: Bank reconciliation is the statement which is prepared by the entity for the purpose of determining…
Q: December 31, 2020, Alberta Inc. purchased $500,000, 10% bonds issued by Banff Ltd. The bonds have a…
A: Bold should be valued at at current market price. If market price is changes after bond issued then…
Q: Which of the following is not a test of an ethical business decision as suggested by the Institute…
A: 3 simple ethical tests to use when making a business decision have been identified by the Institute…
Q: EX 20-24 Equivalent units of production: average cost method The Converting Department of Tender…
A: The equivalent units are calculated as the number of units that are finished during the period. The…
Q: Evaluating data reliability is a critical part of the audit process. Explain the differences among…
A: Reliability of data in an audit environment refers to the extent to which the data are usable for…
Q: Determine the difference between the capitalized cost of the timber and steel penstock for a…
A: Capitalised cost is a cost which is added to cost of an fixed assets. Capitalised cost recognise…
Q: Halverstein Company's outstanding stock consists of 11,900 shares of cumulative 5% preferred stock…
A: INTRODUCTION: A dividend is a portion of a company's profits and retained earnings that it…
Q: g.Total liabilities: RM_____________. h. Total stockholders’ equity is RM_____________. i.Current…
A: Financial statements represents actual results and position of a business. There are three financial…
Q: Persimmon Designs provides consulting services related to home decoration. Persimmon Designs…
A: Answer to Question 1:- PERSIMMON DESIGNS…
Q: Compute It uses activity-based costing. Two of Compute It's production activities are kitting…
A: Allocated cost = Predetermined OH rate x Activity quantity
Q: Make assumptions about amounts for beginning inventory, net purchases, and ending inventory. Then…
A: Lets understand the basics. Cost of goods sold calculated by the entity to understand the gross…
Q: Electricity paid during the year is $14,000.There was an opening accrual b/F of $500. A bill for the…
A: The electricity expense is considered as an expense and reported as an expense in the income…
Q: 3. What is the Net Purchase for the year? Beginning Inventory: $10,000 Purchase for the year:…
A: INTRODUCTION: Net purchases are total purchases less any discounts received from vendors, any items…
Q: On July 1, 2021, Nall Co. issued 2,500 shares of its $10 par common stock and 5,000 shares of its…
A: The shares are issued at premium or discount depending on the market rates of shares. The shares…
Q: Current Attempt in Progress Oriole Company had the following transactions during 2025: 1. Issued…
A: Cash flow statement is the one that is prepared by the company to have a track of cash movement from…
Q: In addition to manufacturing and selling its own products, the Final Company buys and sells some…
A: “Since you have posted a question with multiple sub-parts, we will provide the solution only to the…
Q: Part 1: Okanagan Refrigeration manufactures and markets commercial refrigeration systems for food…
A: Dear student as per the details available on the above question I have provided my answer. If your…
The following items were included in Simple City's General Fund expenditures for the year ended June 30:
Computer for the city treasurer's office | $ 6,000 |
---|---|
Furniture for the mayor’s office | $ 20,000 |
How much should be classified as capital assets in Simple City's government-wide statement of net position at June 30?
$26,000
$0
$20,000
$6,000
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The City of Fox is evaluating which of its funds it will present as a major fund in its fund financial statements on December 31, Year 1. The city presents the following partial listing of asset data at December 31, Year 1: Total Governmental Fund Type Assets $ 3,000,000 Total Enterprise Fund Assets 2,000,000 General Fund Assets 280,000 Community Development Special Revenue Fund 290,000 Faberville River Bridge Capital Project Fund 100,000 Faberville Water & Sewer Utility Fund 1,800,000 Faberville Landfill 200,000 Based purely on assets, how many funds should be displayed as major funds? A.) Four B.) Five C.) TWO D.) Threecounty general fund had the following disbursements during the year Payment of amount to debt service fund $300,000 Payments to vendors $400,000 Purchase of computers $200,000 What amount should Lake County report as expenditures in its governmental funds statement of revenues, expenditures, and change in fund balances: Select one :- a. $900,000 b. $200,000 c. $700,000 d. $400,000The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Restricted” Fund balance? Select one: a. $275,000 b. $210,000 c. $150,000 d. $60,000
- The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Non-spendable” fund balance? Select one: a. $2,500 b. $57,500 c. $75,000 d. $105,000The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Assigned” fund balance? Select one: a. $105,000 b. $455,000 c. $67,500 d. $80,000A capital projects fund for a new state legislative chamber building received $600,000 from a state grant and $900,000 from a transfer from the general fund. What amount should be reported, by the capital projects fund, as revenue? Multiple Choice $900,000 $0 $600,000 $1,500,000
- The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Committed” fund balance? Select one: a. $375,000 b. $290,000 c. $525,000 d. $455,000The 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…ces Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous 2. Appropriations: General government Culture and recreation Health and welfare. 3. Revenues received (cash) Property taxes Sales taxes Licenses and permits General government Culture and recreation Health and welfare. 5. Goods and services received (paid in cash) General government culture and recreation Health and welfare Miscellaneous 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 4,630,000 995,000 6. Budget revisions Estimated Revenues Appropriations Increase appropriations: General government $ 140,000 110,000 Culture and recreation. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date. a. Record the transactions using appropriate journal entries, b. Prepare…
- Calculate 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 0Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance. The Main City presents its income by sources and its expenses by function. The transactions and activities are: Property-tax revenues $3,000 Utilities 50 Wages and salaries 900 Transfer to debt service fund 100 Estimated revenues 3,500 State grant 800 Annual insurance premium 200 Proceeds of long-term debt 1,000 General administration 1,200 Charges for current services 600 Public safety…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…