! /transcript Skip to question Required information Alamo Power historically allocates IDC for its safety program to generation facilities in Cities A and B based on the number of employees. Last year, $300,000 was distributed and the employee count was 790 in city A and 450 in city B. Implementation of the ABC method took place this year to allocate IDC on the basis of number of accidents. City A reported 320 events and city B had 142 accidents reported. Determine the allocation based on the number of accidents. The allocation based on the number of accidents is as follows: City A = $191129.03 City B = $ 108870.91
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- Carlson City’s fiscal year ends December 31. On August 1, the city issued a purchase order for 18 new vehicles. Twelve vehicles were delivered as scheduled and payments of $264,000 were made upon delivery. Encumbered costs equaled actual costs for these 12 vehicles. The purchase order for the other 6 vehicles, encumbered at $132,000, remains outstanding as of December 31st. Encumbrances outstanding at year-end are considered part of "assigned" fund balance. Additionally, actual revenue for the year was $600,000. If these were the only transactions made by the city and the beginning fund balance was $0, what is the balance in Unassigned Fund Balance on the general fund’s balance sheet as of December 31?Family Services, a small social service nonprofit agency, began operations on January 1, 20X1, with $40,000 cash and $150,000 worth of equipment, on which $60,000 was owed on a note to City Bank. The equipment was expected to have a remaining useful life of 15 years with no salvage value. During its first year of operations, ending December 31, 20X1, Family Services paid or accrued the following: A. Salaries and other personnel costs, $100,000 B. Rent and utilities, $24,000. C. Debt service: interest, $5,500, and payment on long-term note principal, $10,000 D. Capital outlay: additional equipment purchased January 3, $30,000, expected to last 6 years and have a $6,000 salvage value. E. Other current operating items paid with cash, $4,500. There were no prepayals or unrecorded accruals at December 31, 20X1, and no additional debt was incurred during the year. Required Compute for the Family Services agency, for the year ended December 31,…On October 1, 2022, the Integrity Main Office established a sales agency in Ortigas.· The main office sent samples of its merchandise amounting to P8,400 and working fund amounting to P72,000 to be maintained on the imprest basis. The samples sent were intended to last until June 1, 2023.· During the first two months of operations, the agency transmitted to the home office sale of goods costing P291,600, but the home office was not able to fill-up 25% of the said transmitted sales order.· Collections from customers amounted to P73,941, net of 2% sales discount.· Payments made by the agency during October and November were as follows: annual rent of P57,600, advertising expense worth P5,600 and utilities amounting to P7,200.· It purchased an equipment worth P9,000 which will be depreciated at 20% per annum.· The gross profit on sales agency order is 20% of sales Net income of the agency for the two months ended November 30, 2022 is: a. P26,866 b.…
- A city municipality arranges for the removal of its garbage by meane of motor vehicle transport. Following vehicles are maintained. No. of vehicles Specifications (in tonnes lorries) On an average each lorry makes six trips a day and in each trip covers an average distance of five kms. Each lorry carries garbage weighting only 60% of its capacity. Taking an annual average, 20% of the lorries are laid up for repairs every day. The conservancy work is carried on daily. Following are monthly charges incurred on the conservancy transport : 20 30 4 50 40 3 Items of Cost Monthly Charges $ 2,000 500 each Salary of the Superintendent, Motor Vehicles Department Salaries of 3 Transport Foremen Wages of Drivers Wages of Mazdoors (Labourers) Consumable Stores Petrol 150 each for 140 Drivers 75 each for 280 Mazdoors 16,000 60,000 15,000 5,000 Lubricants Replacement of Tyres, Tubes and Other Parts and Accessories Garage Rent and Rates (adjusted in the books of the Municipality) Gas and Electric…Western Wholesale Foods incurs the following expenditures during the current fiscal year. How should Western account for each of these expenditures? 1. Salaries for the repair technicians, $156,000 2 Remodeling of the executive offices, $80,300 3 Annual maintenance costs related to its machinery, $77,300 4 Improvement of the production line resulting in an increase in productivity, $31,100 S. Addition of a sprinkler system to the manufacturing facility to reduce the risk of fire damage, $44.400John Doe founded Premier Construction. Operations started on October 1, 2021. John's son, a teenager, kept the books for the first two months. John decides that it is time to hire a bookkeeper with formal training. He asks you to record the activity for December and to complete the accounting cycle for the quarter ended December 31, 2021. The trial balance as of 11/30/2021 and the detail for the Accounts Receivable account balance is on page 2. The December 2021 events are on page 3. Additional Information: Ellie Smith is the only employee. She is paid on the 1st of month for the pay period ending on the last day of the prior month and on the 16th of the month for the pay period covering the first fifteen days of the current month. Required 1. Enter the balances as of 11/30/2021 in the general ledger. 2. Prepare journal entries to record each of the December transactions for Premier Construction. If an event is not a transaction, write the date and "no entry needed" on the journal…
- On August 1, 20x1, ABC Co. received 1,800,000 grant from the government to aid in ABC Co.’s clean-up drive in a nearby creek. The clean up took ABC Co. 6 months to complete from September 1, 20x1 to March 1, 20x2. The clean up costs totaled 2,700,000 and were incurred evenly. If ABC Co. uses the gross presentation, how much is the income from the government grant in 20x1? How much is the balance of the deferred income from government grant on December 31, 20x1? If ABC Co. uses the net presentation, how much is the cost of the clean up recognized as expense in 20x1? On July 1, 20x1, a flood damaged one of ABC’s buildings. The building has a carrying amount of 2,400,000 before the flood. Because of the damages, the building is now assessed to have a recoverable amount of only 9,000,000 and a reduced remaining useful life of 4 years. To aid in the loss, the government granted ABC Co. 200,000 cash. How much is the income from government grant in 20x1?In a factory, there are 200 full-time employees who all are exposed to the same risk. Arisk analysis for the factory has been performed and the following information has beenarrived at:• The only type of accidents that can cause fatalities at the factory is fires.• The frequency of fire is 0.0028 per year• The average consequence if a fire occurs is 1.2 fatalities.(a) Calculate AIR for the employees in the factory.(b) Assume that the operation at the factory is changed and that a toxic chemical is introduced, leading to another type of accidents that may occur. If this is released, employees may be killed. The annual frequency of release is 4.2 × 10−4 , and the average consequence if a release occurs is 12 fatalities. Recalculate AIR for the employees in the factory taking into account the changes.(c) Calculate FAR for both cases above.>> it is a risk management questionA for-profit hospital opened a new ER Clinic and the clinic completed the following transactions during May: The hospital invested $75,000 cash to start the clinic in exchange for all the clinic's common stock. Paid $24,000 for reception room furniture & clinical equipment. Purchased $23,400 of supplies on account. Later returned $2,400 of the supplies which were defective. The vendor canceled the amount the clinic owed for the returned supplies. Paid $8,200 for selling & advertising expenses. Paid $15,800 to vendors to settle purchases made on account. Saw several patients and collected $125,000 cash. Billed corporate clients for an additional $24,000 of patient services during May. Purchased a new MRI machine for $130,000 of which $80,000 was paid in cash and the clinic issued a note payable of $50,000 for the balance. How much will the ER Clinic report on its balance sheet as ‘Cash’ at May 31?
- Western Wholesale Foods incurs the following expenditures during the current fiscal year. Required: How should Western account for each of these expenditures? 1. Salaries for the repair technicians, $147,000 2. Remodeling of the executive offices, $81,600 3. Annual maintenance costs related to its machinery, $73,400 4. Improvement of the production line resulting in an increase in productivity, $31,000 5. Addition of a sprinkler system to the manufacturing facility to reduce the risk of fire damage, $44,700At the beginning of the year, Cinnabar Company initiated an environmental cost reduction program. To help assess the impact of the environmental cost reduction improvement program, the following data were collected for the year: Operating costs $2,500,000 Designing products 2,500 Auditing environmental activities 6,000 Recycling products 22,000 Disposing of toxic waste 37,000 Testing for contamination 15,000 Cleaning up oil spills 41,500 Which of the following expresses the environmental costs incurred on prevention activity as a percentage of operating costs (rounded to two decimal places)? a. 0.98% b. 0.15% c. 2.46% d. 4.96%On August 1, 20x1, ABC Co. received a P1,800,000 grant from the government to aid in ABC Co.’s clean-up drive in a nearby creek. The cleanup took ABC Co. 6 months to complete from September 1, 20x1 to March 1, 20x2. The clean-up costs totaled P2,700,000 and were incurred evenly. If ABC Co. uses the gross presentation, how much is the income from the government grant in 20x1? How much is the balance of the deferred income from the government grant on December 31, 20x1? If ABC Co. uses the net presentation, how much is the cost of the cleanup recognized as an expense in 20x1? On July 1, 20x1, a flood-damaged one of ABC’s buildings. The building has a carrying amount of P24,000,000 before the flood. Because of the damages, the building is now assessed to have a recoverable amount of only P9,000,000 and a reduced remaining useful life of 4 years. To aid in the loss, the government granted ABC Co. P200,000 cash. How much is the income from government grants in 20x1?