at the end of the 2023 fiscal year the general fund had $500 in encumbrances that remained opened into fiscal year 2024. In 2024 the encumbered goods were received at an invoiced cost of $520. How much would be recorded as the 2024 expenditure?
Q: HomeLi ce Company two service departments (actuarial and premium rating) and two production…
A: The costs from the service department is allocated to production departments using different…
Q: uclid acquires a 7 year class asset on May 9,2021 for $80,000(only asset acquired during the year).…
A: Depreciation is a non-cash expense.Depreciation is charged on fixed asset over a estimated useful…
Q: You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door…
A: Variances are the differences between the actual values and budgeted values. If the budgeted values…
Q: Cheyenne Delights manufactures a wide variety of holiday and seasonal decorative items. Cheyenne's…
A: Activity Rate :— It is the rate used to allocate manufacturing overhead costs to cost object under…
Q: Sylvestor Systems borrows $167,000 cash on May 15 by signing a 30-day, 6%, $167,000 note 1. On what…
A: Lets understand the basics.Notes Payable -Notes Payable is an instrument issued by the borrower to…
Q: The direct labor budget of Yuvwell Corporation for the upcoming fiscal year contains the following…
A: Lets understand the basics.Management prepares budget in order to estimate future profit and loss…
Q: ou have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door…
A: The spending variance is the difference between the actual and flexible budget data. The activity…
Q: Montana Company was authorized to issue 200,000 shares of common stock. The company had issued…
A: Shares which are bought back by the company from the open market but not retired from the company…
Q: Bonita, Inc. is a calendar-year corporation. Its financial statements for the years 2021 and 2020…
A: Working capital: Managing the day to day operations of an organization is called working capital…
Q: The following financial statements and information are available for Blythe Industries,…
A: A Cash flow statement is a financial statement that provides the summarised information regarding…
Q: Required: Prepare an income statement for the company under variable costing. TREZ Company Income…
A: Variable costing system is one of costing system being used in business. Under this system, all…
Q: Crane Company has accounts receivable of $98,600 at March 31, 2022. Credit terms are 2/10, n/30. At…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Cash is collected from customers in the following manner: - Month of sale 30% - Month following the…
A: Cash payment to supplier is the amount of cash paid to supplier for the purchase made during the…
Q: The Cardstock Manufacturing Division of the Pulp Paper Company reported the following results from…
A: Capital turnover, also known as asset turnover or capital asset turnover, is a financial ratio that…
Q: LuLu Islands Incorporated has $60 million in common stock and $25 million in retained earnings at…
A: Statement of retained earnings is one of the financial statements that shows change in amount of…
Q: The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as…
A: The dividend is payable to shareholders only for the shares which are outstanding. Treasury stock…
Q: VOT Companies is the world's leading express-distribution company. In addition to its 643 aircraft,…
A: As per balance sheet equation, total assets are always equal to total liabilities plus total equity.…
Q: RTI Company's master budget calls for production and sale of 18,900 units for $98,280, variable…
A: The variance analysis is referred to as the analysis of the difference between the actual…
Q: Exercise 20-8 (Algo) Manufacturing: Direct materials budget LO P1 Zira Company reports the following…
A: Direct material budget :— This budget is prepared to estimate the number of units and cost of…
Q: Assuming a 360-day year, when a $18,690, 90-day, 10% interest-bearing note payable matures, total…
A: The note payable represents the amount due for payment. It is reported as liabilities in the balance…
Q: Roberto and Reagan are both 25 - percent owner or managers for Bright Light Incorporated. Roberto…
A: Profit to be distributed on pro-rata basis = Combined Profit from the Remaining Stores + 30% of…
Q: Heritage Company uses a job-order costing system to assign costs to jobs. It had no work in process…
A: The cost of goods sold includes the costs of jobs that are sold during the period. The work in…
Q: E15-3. Jones, Silva, and Thompson form a partnership and agree to allocate income equally after…
A: Distribution of profit in partnership firm :—1] Profit/Loss of the firm is distributed between the…
Q: Required information [The following information applies to the questions displayed below.] Renee…
A: Sales commissions are a type of pay that salespeople receive in exchange for hitting predetermined…
Q: The production manager of Rordan Corporation has submitted the following quarterly production…
A: Lets understand the basics.Management prepares budget in order to estimate future profit and loss of…
Q: Current Attempt in Progress In fiscal 2023, Sarasota Realty Corporation purchased unimproved land…
A: Sales revenue means amount earned on account of sales of goods and services. Cost of goods sold is…
Q: Brandeis, Inc has a 45-day accounts payable period. The firm has expected quarterly sales of $2,400,…
A: Accounts payable period= 45 daysExpected quarterly sales = $2400, $2800, $3600 & $4200Beginning…
Q: One of the disadvantages of the departmental and the plantwide overhead rate methods is that OA…
A: An overhead rate method is a cost accounting technique used by businesses to allocate and apply…
Q: Gomez Company has two service departments (Personnel and Office) and two operating departments…
A: Cost allocation means allocating indirect cost to all departments in an organization on the basis of…
Q: On January 1, 2024, the Mason Manufacturing Company began construction of a building to be used as…
A: Interest costs are capitalized when borrowing costs are incurred for either the construction or…
Q: On August 1 of year O, Dirksen purchased a machine for $38,250 to use in its business. On December 4…
A: Depreciation seems to be one of the accounting approaches used to spread the worth of tangible fixed…
Q: Recording Entries for an Installment Note Payable On January 1 of Year 1, a borrower signed a…
A: Written agreements called "notes payable" state that one party will give the other party a specific…
Q: Under its executive stock option plan, National Corporation granted 15 million options on January 1,…
A: Stock option refers to an employee benefit program under which the employees are offered to buy the…
Q: QUESTION 9 Ajax Computer Company is an cash-method calendar-year taxpayer. Ajax has never advertised…
A: In the accrual method of accounting, deductions for advertising expenses are generally allowed in…
Q: A fixed asset with a cost of $29,079 and accumulated depreciation of $26,171 is traded for a similar…
A: Cost of asset is the amount paid for an asset and for expenses incurred in putting the asset in use.…
Q: urther segmented by type of customer. and then further segmented by sales territory.
A: Segementation is dividing or seperating market place into smaller groups with same characteristics .…
Q: Perfect Parties, Incorporated has several divisions. One division provides birthday parties at…
A: Variance arises when the actual costs differ from the standard costs. The results are favorable…
Q: Duffield Lubricants produces oll-based machine lubricants. On December 1, It had no work-in-process…
A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units are calculated by adding equivalent…
Q: how did you find the cost of goods sold and the net income
A: Income statement is a financial statement that records all the income and expenses of the business…
Q: Assume the following information (the quantity of materials purchased the quantity used): Actual…
A: Standard costing is one of important form of costing being used in business. Under this, standards…
Q: Anya, Bil, and Carrie are dividing the contents of an abandoned storage locker with three items via…
A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…
Q: During 2021, a company sells 373 units of inventory for $92 each. The company has the following…
A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…
Q: Southampton Electronics manufactures a range of portable heaters. Most of the outpu is exported.…
A: Variable cost is expense that changes in proportion of production or sale. The variable cost per…
Q: June 14 A debit memo was issued for $6,880.00 to Kawaski USA, for the return of one AU150 ULTRA 150…
A: Journal entries are those which are recorded for every transaction which takes place during the…
Q: Dake Corporation's relevant range of activity is 5,200 units to 6,000 units. When it produces and…
A: DIRECT MANUFACTURING COST Direct Manufacturing Cost Includes Cost of Direct Material & Cost of…
Q: ide is a Canadian company that owns and operates a large automatic car wash facility near Montreal.…
A: A flexible budget is a useful tool that helps businesses evaluate their performance in various…
Q: ost of Units Transferred Out and Ending Work in Process he costs per equivalent unit of direct…
A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…
Q: Redfern Audio produces audio equipment including headphones. At the Campus Facility, it produc…
A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead cost to cost…
Q: During the current tax year, Doug incurs the following deductible expenses: State Income Tax $2,300…
A: The amount of Doug's taxable income is calculated below:Note: Medical expenses over 7.5% of adjusted…
Q: Nardin Outfitters has a capacity to produce 22,000 of their special arctic tents per year. The…
A: When a customer or consumer desires something that is not regularly stocked or offered as a service,…
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- During January 2023, General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 were received at an actual cost of $2,200. The entry to record this transaction will require a debit to: Multiple Choice Expenditures-2023 in the amount of $200. Expenditures-2023 in the amount of $2,200. Expenditures-2022 in the amount of $200. Expenditures-2022 in the amount of $2,200.What is the depreciation for the year 2022? What is the revaluation surplus on December 31, 2022? What amount of income from grant is recognized for the year 2021?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. Debits Credits Accounts payable $ 103,000 Accounts receivable $ 25,800 Accrued interest payable 28,900 Accumulated depreciation 46,500 Administrative and selling expenses 48,500 Allowance for uncollectible accounts 12,400 Capital assets 707,000 Cash 90,200 Charges for sales and services 553,000 Cost of sales and services 495,000 Depreciation expense 46,500 Due from General Fund 17,100 Interest expense 40,200 Interest revenue 4,300 Transfer in from General Fund 115,200 Bank note payable 625,300 Supplies inventory 18,300 Totals $ 1,488,600 $ 1,488,600…
- The following is a pre-closing trial balance for Montpelier's General Fund as of June 30, 2023: Debits Credits Cash $ 116,500 Taxes Receivable—Current 29,000 Allowance for Uncollectible Current Taxes $ 3,000 Accounts Payable 7,800 Due to Other Funds 5,500 Tax Anticipation Notes Payable 50,000 Fund Balance—Unassigned 70,200 Budgetary Fund Balance 1,000 Estimated Revenues 100,000 Revenues 102,000 Appropriations 99,000 Expenditures 93,000 Totals $ 338,500 $ 338,500 What is the fund balance as of June 30, 2023, after all closing entries have been made?At end of 2020 encumbrances were closed with S30.000, and following balance sheet dated 31/12/2020: Cash Liabilities Fund balance $70,000 20,000 Assigned Unassigned .. The government uses the reappropriation method for outstanding commitments 30,000 During 2021 the following transactions occurred: 1. Signing a contract of $80,000 in which 520,000 of services to be recelved in 2021 and S60,000 in 2022 2. A bill received (and paid) for services ordered in 2021 with amount of $18,000 3. A bill received (and paid) for services ordered in 2020 with amount of $31,000 4. Revenues collected for cash $90,000 Fill in the table (show calculations) Entry on 1/1/2021 to restore encumbrances Entry/ies for transaction number 2 Change in reserve for encumbrances during 2021 Change in fund balance Ending fund balance -unassignedIn 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2026. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Answer is complete and correct. 2024 $ 2,400,000 5,600,000 2,000,000 1,800,000 2024 $ 3,000,000 $ $ 600,000 $ 2025 2026 4,500,000 $ 2,500,000 900,000 $ 300,000 2025 $ 3,600,000 2,000,000 4,000,000 3,600,000 2026 $ 2,200,000 0 4,000,000 4,600,000
- During 2019, the Zeppelin City Debt Service Fund paid $18100 towards general long-term debt principal and $4400 towards interest on general long-term debt. What amount will be reported as Expenditures for Debt Service for 2019? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. Your Answer: Answer4. 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…Dixon Development began operations in December 2021. When lots for industrial development are sold, Dixon recognizes income for financial reporting purposes in the year of the sale. For some lots, Dixon recognizes income for tax purposes when collected. Income recognized for financial reporting purposes in 2021 for lots sold this way was $20 million, which will be collected over the next three years. Scheduled collections for 2022–2024 are as follows: 2022 $ 8 million 2023 10 million 2024 2 million $ 20 million Pretax accounting income for 2021 was $29 million. The enacted tax rate is 40%. Required:1. Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record income taxes in 2021.2. Suppose a new tax law, revising the tax rate from 40% to 35%, beginning in 2023, is enacted in 2022, when pretax accounting income was $24 million. No 2022 lot sales qualified for the special…
- Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, 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 Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…On December 23, 2022, a legislation approves the allocation of P10B funds to support the operations of a National Government Agency (NGA) for the whole CY 2023. At the start of 1st quarter of CY 2023, NGA receives authorization to incur obligations for a maximum amount of P2.4B for the said quarter and Notice of Cash Allocation amounting to P2.2B. At the end of the 1st quarter, total obligations incurred amounted to P2B while total disbursements amounted to P1.7B.Compute for the amount of unliquidated obligations for the 1st Quarter of CY 2023. Options: a. P400,000,000 b. P200,000,000 c. P300,000,000 d. P500,000,000 ------A general fund uses the consumption method to record inventories. Beginning inventories are $10,000, purchases are $600,000, and ending inventories are $12,000. The general fund records an end-of-year adjusting entry that: Select one: A. Debits nonspendable fund balance by $2,000 B. Credits nonspendable fund balance by $12,000 C. Debits unassigned fund balance by $2,000 D. Debits nonspendable fund balance by $12,000 At the beginning of the year, a special revenue fund purchases equipment for $400,000 in cash. The equipment has a 5-year life, straight-line. The fund still holds the equipment at year-end. How is this equipment reported in the special revenue fund's operating statement for the year? Select one: A. Expense, $80,000. B. Expenditure, $400,000. C. Other financing use, $400,000. D. Not reported on the operating statement.