ntry. Because the city us umable supplies was tak increase of $1,420 durin faccounting for its inve-
Q: llowing data have been assembled to assist in preparing the master budget for the first quarter:…
A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…
Q: 3) Given the info below, calculate the loaded hourly labor rate 6 3 0 1 2 3 4 45 Project Mgr…
A: According to the given question, we are required to compute the loaded labor rate. Labor rate: The…
Q: On December 31, 2019, the end of X Company's accounting period, the company has outstanding Accounts…
A: Note: Under Direct write off method, bad debts expense are recorded when company is sure that amount…
Q: BSF Co., which produces and sells skiing equipment, is financed as follows: Bonds payable, 10%…
A: Earning per share is the amount of earning which is earned by per share of common stock. It is…
Q: On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT…
A: According to the given question, we are required to compute the input tax on the cash discount.…
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: 2B. Christopher Crosphit (birthdate April 28, 1979) owns and operates a health club called "Catawba…
A: Introduction Federal tax returns are those individuals file annually with the IRS using Form 1040,…
Q: The cost of goods sold and total operating expenses of a merchandising company are both understated…
A: The income statement shows the net income or net loss that is calculated by deducting the expenses…
Q: Integrity Company’s Job 1088 manufactured 13,750 units that were completed in February at unit costs…
A: According to the given question, we need to compute the selling price per unit for job 1088.…
Q: Partners Francia, Glenda and Harold share profits and losses at 5:3:2, respectively, and their…
A: Profit and Loss Sharing Ratio of Francia : Glenda : Harold = 5 ; 3 : 2 Capital Balances Francia =…
Q: On December 31, 2021, the cash account of Coco Corp, showed a balance of P391,480. The bank…
A:
Q: Maroon Company’s inventory at December 31, 2021 amounts to P555,000 based on physical count of goods…
A: Goods may be shipped FOB shipping point or FOB destination . When the goods are shipped FOB shipping…
Q: 2) Based on company historical data, your masonry crew can achieve a productivity rate of 1 hours…
A: Labor Cost: The cost of labor is calculated by adding up all of the salary and benefits provided to…
Q: 11. [Para. 4-a-11] Interest and penalties receivable on delinquent taxes was increased by $8,454;…
A: Recording of above transaction into general fund and governmental activities journal are as follows
Q: What happens when a business purchases insurance with cash? O assets both increase and decrease O…
A: Purchase of insurance is essential for businesses to avoid the unforeseeable huge loss due to…
Q: On January 1, 2021, Red Company leased equipment by signing a four-year lease. Annual rentals of…
A: Right-of-use equipment shall be measured at cost upon its initial recognition. And its Cost includes…
Q: In which of the following circumstances would a cartel be most likely to operate? A. The coffee…
A: Product Pricing - Pricing for the product is determined by both internal and external factors. Cost,…
Q: The following information relates to the pension plan of Brown company. Defined benefit obligation,…
A: Retirement benefits are those benefits or expenses which are incurred for making payment to…
Q: XYZ Corporation reported the following shareholders' equity on December 31, 2021 8% cumulative…
A: Ordinary shares are those which are considered as the owners' of the entity. These shares have…
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: Brown Company constructed a building for its own use. Construction started on January 3, 2021 and…
A: Specific Borrowing is 800000 int rate of 10% Specific Borrowing: Capitalization rate Amount of…
Q: It is a type of business combination wherein an investor, having an existing involvement in the…
A: In general sense business combination is an obtaining of control on the other enterprise The most…
Q: The June 30, 2022 statement of financial position of Red Corporation shows a cash balance of…
A: According to the given question, we are required to compute the cash and cash equivalents of Red…
Q: The accounting firm Seaver & Co. prepares its own financial statements at the end of each year.…
A: Adjusting entries are those journal entries which are passed at the end of the period for the…
Q: Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for…
A: Overhead cost is applied on an estimated basis, based on the direct labor cost.
Q: For each unit of computer sold, Blue Company sells a service contract. The contract provides that…
A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the…
Q: when must the entity choose the cash settlement?
A: A company or any business requires the goods or anything else for which the payment have to made to…
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: How much is the cost of goods sold?
A: Direct material + Direct labour + Direct expense Prime cost + Manufacturing overhead Cost of…
Q: Integrity Company had a beginning inventory of 3,000 units 35% complete, and an ending inventory of…
A: Introduction A technique known as a weighted average compensates for the different degrees of…
Q: Use the following information on a company's investments in debt securities to answer the following…
A: According to the given question, we are required to compute the other comprehensive income from the…
Q: Accounting On January 1, 2022, Pronto Company acquired all of Speedy Inc.'s voting stock for…
A: C $2400000 Please fallow the answer below Sales revenue. 840,00,000 Less:COGS…
Q: A statement of realization and liquidation has been prepared for the RESTLESS Corporation. The…
A: Stockholder's equity is calculated using the formula of ending cash balance. The ending cash balance…
Q: 13. [4-a-13] Adjusting Entry. Because the city uses a periodic inventory system a physical count of…
A: Introduction: In order to record an income or cost in the time that it is incurred, an adjusting…
Q: What was the correct balance of accounts payable at December 31, 2021? Choices: P950,000…
A:
Q: Cone Corporation is in the process of preparing its December 31, 2024, balance sheet. There are some…
A: The key points of the above case are: 1. Prepaid rent related to next one year is classified as…
Q: Washington Corp. purchased a 24-month insurance policy on March 1, 20X6 for $480. At the time of the…
A: WORKING NOTE 1- If Washington Corp. follows Calendar year accounting system which is 1 jan. 20XX -…
Q: Required information [The following information applies to the questions displayed below.] Victory…
A: >Process costing includes calculation of Equivalent units and cost per equivalent units.…
Q: On December 31, 2021, the cash account of Brown Company showed a balance of P391,480. The bank…
A: A bank reconciliation statement is a statement that reconciles the cash account balance with the…
Q: Integrity CORP uses job order costing. At Jan 31, only Job 101 was the only job in process with…
A: Computation of the adjusted cost of goods sold is as follows:
Q: On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT…
A: The company makes cash sales and sales on account. The accounts receivable represents the amount due…
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: On October 1, 2020, Geri, Elma and Philip who share earnings 5:3:2, respectively, decided to…
A: Liquidation of partnership refers to the process of discontinuing the business that is under the…
Q: BCA Company issued 1,000 shares with P 5 par to Atty Bryant as compensation for 1,000 hours of legal…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: At the beginning of the year, X Limited’s Asset amounted to P14,625,000. At the end of the year…
A: Basic accounting equation is Total assets = Total liabilities + Owners equity
Q: III. Stackum and Buildum Construction Co. received a contract for $6,500,000 to build an addition to…
A: Lets understand the basics. In percentage of completion method, revenue and profit needs to…
Q: Anson Corp. manufactures a product that yields the by-product, "Yum". The only costs associated with…
A: Anson manufactures product that yields by product Yum Yum's sales = sales - selling cost
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: Marin Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to…
A: Net Present Value :— It is the sum of all present value of cashflow over the life of the project.…
Q: Following are the current asset and current liability sections of the balance sheets for Freedom…
A: A) Working Capital Calculation: Working Capital = Current Assets- Current Liability Particular…
![13. [4-a-13] Adjusting Entry. Because the city uses a periodic inventory system a
physical count of consumable supplies was taken at year-end showing an ending
balance of $60,420, an increase of $1,420 during the year. The city uses the
consumption method of accounting for its inventory in the General Fund and at](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd046fed3-afa8-4b62-b61b-e027e2dbdbcb%2F007f24e0-d701-41a8-aaaf-af6118469e67%2Fuup36t8_processed.jpeg&w=3840&q=75)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The Village of Dove ruses the purchases method of accounting for its inventories of supplies in the General Fund. GASB standards, however, require that the consumption method be used for the government-wide financial statements. Because its computer system is very limited, the Village uses a periodic inventory system, adjusting inventory balances based on a physical inventory of supplies at year-end. When supplies are received during the year, the Village records expenditures and expenses in the general journals of the General Fund and governmental activities, respectively. The Village’s inventory records showed the following information for the fiscal year ending December 31, 2014: Balance of inventory, December 31, 2013 $132,000 Purchases of inventory during 2014 772,000 Balance of inventory, December 31, 2014 150,000 Required a. Provide the required adjusting entries at the end of 2014, assuming that the…Inventory transactions can be derived from a limited amount of data.The following schedule shows the amounts related to supplies that a city debited and credited to the indicated accounts during a year (not necessarily the year-end balances), excluding closing entries. The organization records its budget, encumbers all its expenditures, and initially vouchers all payments. Itaccounts for supplies on a consumption basis. (in thousands) (In thousands ) Debits Credits Cash $0 $70 Inventory - 0 Vouchers payable - - (appropriations) 0 115 Encumbrances - - Expenditures 57 0 Reserve for encumbrances 57 93 Unassigned fund balance - 0 Nonspendable fund balance (supplies inventory) 0 - Some information is missing. By reconstructing the entries that the organization made during the year, you are to determine the missing data. The city began the year with $5,000 of supplies in inventory and endedthe year with $6,000.General City's general fund reported a supplies inventory costing $200,000 at the beginning of the fiscal year. During the year, General City purchased materials and supplies on account for $15,000,000; $900,000 remains unpaid at year-end. Materials and supplies costing $125,000 are on hand at the end of the fiscal year. Prepare the journal entries made this year using the consumption method and purchases method.
- The City of Upper Falls accounts for its inventory using the purchases method. During the year the City bought $400,000 of supplies, for which it owed $100,000 at year-end. The City will pay for the supplies from available expendable financial resources. The entry that should be recorded in the City s General Fund is a. Debit Expenditures $400,000; Credit Cash $300,000 and Accounts Payable $100,000. b. Debit Expenditures $300,000; Credit Cash $300,000. c. Debit Supplies Inventory $400,000; Credit Cash $300,000 and Accounts Payable $100,000. d. Debit Supplies Inventory $300,000; Credit Cash $300,000.E4-39. (Closing entries) LO 5 The ledger of the General Fund of the City of New Lanier shows the following balances at the end of its fiscal year. Prepare closing journal entries for these budgetary and financial accounts. Estimated revenues $300,000 Appropriations ...... Budgetary fund balance Revenues.. 305,000 5,000 300,000 Expenditures. 285,000A government unit has opening balance of office supplies amounting to RO200. The purchases made during the year is RO 170. The closing balance of inventory is RO 75. Under consumption method, the inventory expenditure amounts to:
- 3. The pre-closing trial balance of the General Fund for the City of Taif shows the following balances at the end of its fiscal year. Budgetary fund balance SAR 20,000 Fund balance, beginning (actual) 150.000 Estimated revenues 830.000 Appropriations 810.000 Revenues (actual) 725.000 Expenditures 675.000 Based on information presented above Prepare closing entries for the budgetary and financial accounts.Excerpts from the annual report of Lands’ End follow ($ in thousands): Note 1: If the first-in, first-out (FIFO) method of accounting for inventory had been used, inventory would have been approximately $26.9 million and $25.1 million higher than reported at Year 9 and Year 8, respectively. Please see attached and solve What would. Ending. Inventory have been at Year9 and Year8 had FIFO been used? What would net income for the year ended Year 9 have been had FIFO been used? Discuss the usefulness of LIFO to FIFO. Restatements for. Analysis purposes.4. City of Atwater wants to prepare closing entries at the end of a fiscal year for budgetary and operating statement control accounts in the general ledger of the General Fund. Following balance are belong to the City. Appropriations, $7,824,000%3; Financing Uses, $2,766,000; Estimated Revenues, $7,798,000; Encumbrances,$0; Expenditures, $5,900,0003; Uses, $2,770,000; Revenues, $8,980,000. Required Show in general journal form the entry needed to close all of the preceding accounts that should be closed as of the end of the fiscal year. Estimated Other Other Financing
- Changes in mix of revenues and expenditures must be interpreted with care. The data that follow were drawn from the city of Boulder, Colorado’s CAFR. Dates have been changed. They are from two statistical-section schedules showing the mix of revenue and expenditures for a 10-year period. They include amounts only from the general fund, special revenue funds, and debt service funds. 2020 2021 (amounts in thousands) Revenues Sales and use taxes $ 97,397 $104,136 General property taxes 29,474 29,434 Other taxes 20,278 21,184 Charges for services 27,030 22,670 Intergovernmental 16,420 13,348 Proceeds from bonds and notes 54,830 Other 20,660 21,473 Total revenues $266,089 $212,245 Expenditures General government and administration $ 27,717 $ 30,185 Public safety 47,825 48,202 Public works 22,178 27,896 Housing and human services 13,384 20,226 Culture and recreation 25,677 28,089 Capital outlay 29,111 19,218 Debt service 13,574 16,375…4. The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…Revenue accruals and other adjustmentsMonroe County is preparing financial statements for the year ended December 31, 2022. Based on the following facts, prepare journal entries to record the appropriate year-end revenue accruals and other adjustments in the county’s General Fund.1. At year-end, Monroe’s delinquent property tax receivables were $66,000. The county estimated that $38,500 of those delinquencies would be collected by March 1, 2023, and the balance would trickle in during the rest of 2023. 2. Sales taxes are collected by the state on behalf of the county. On January 20, 2023, the state advised the county that (a) it would send the county a check for $165,000 before February 29, 2023, for taxes collected by merchants for the fourth quarter of 2022; and (b) based on past experience, it anticipated sending an additional check for approximately $49,500 during March or April for taxes received from late filers. Monroe's policy regarding sales taxes is to consider as "available"…