Bluff County's schedule of changes in net pension liability and related ratios is shown below. (Deductions should be indicated by a minus sign. Do not round intermediate calculations. Round percentage answers to 2 decimal places and other answers to nearest whole dollar.) Required Compute the missing amounts. BLUFF COUNTY EMPLOYEE RETIREMENT SYSTEM Schedule of Changes in the County's Net Pension Liability and Related Ratios Last Three Fiscal Years
Q: On Dec. 31, 2024, bonds with a total face value of $100,000 and an annual stated coupon rate of 8%…
A: The objective of this question is to prepare the journal entries for the issuance, interest payment…
Q: Use the following information to calculate the value of inventory on hand on April 30 and issue…
A: Inventory on Hand and Issue Price using FIFO (April)Beginning Inventory: 50 units @ R15/unit (R750…
Q: i need the answer quickly
A: Straight-line depreciation evenly spreads the cost of an asset over its useful life, subtracting its…
Q: As of December 31, 2024, Warner Corporation reported the following: Cash dividends payable $…
A: To calculate shareholders' equity, we need to subtract the liabilities from the assets. The…
Q: (Give the exaplanation of formula and concept.do not provide plagarised content otherwise i dislike)…
A: The objective of the question is to calculate the dividend revenue of Isle Royale Inc. from Lake…
Q: i need the answer quickly
A: A statement of cash flows presents the flow of cash in operating, investing, and financing…
Q: Which of the following financial statements shows the revenues and expenses of a company over a
A: A fiscal statement is an sanctioned, structured record of the fiscal situation and conduct of a…
Q: Direct labor variances Alvarado Company produces a product that requires 3 standard direct labor…
A: The variance shows the comparison of the standard set by the management and the actual performance…
Q: Budgeted sales 200 units Selling price $ 260.00 per unit Variable cost Fixed costs $ 240.00 per unit…
A: Margin of safety:Margin of safety is the difference between the company's gross revenue and the…
Q: Sales revenue Falcons Corporation (an S Corporation) Income Statement December 31, Year 1 and Year 2…
A: Ordinary Income -Ordinary income is the amount received from ongoing operations prior to income…
Q: P has a 20% Interest in the assets and Income of the KP&R Partnership. His Interest in the…
A: The objective of the question is to calculate P's basis in his partnership interest at the end of…
Q: A company that was to be liquidated had the following liabilities: Income Taxes Notes Payable…
A: LiquidationIn order to raise money, a corporation will typically liquidate its inventory by selling…
Q: The Income Summary account debited and the expense accounts credited would be the resu of: A.…
A: Revenue refers to the amount earned from services rendered or goods delivered. To earn the revenue…
Q: Question I Adnan has started business as a trader on 1 January, 2020. The following transactions a…
A: Journal entriesThe process of recording the day-to-day transactions of the company in the books is…
Q: 4. On July 1, 2024, Howe Co. issued 300 of its 10%, $1000 face value bonds at 99 plus accrued…
A: A bond payable is a type of debt instrument issued by a borrower, typically a corporation,…
Q: Calculate the operating and cash cycles.
A: The operating cycle measures the time it takes for a company to convert its inventory into cash…
Q: When a company retires its own common shares, the company must a. decrease the common share…
A: The objective of the question is to understand the accounting treatment when a company retires its…
Q: The corporate charter of Alpaca Company authorized the issuance of 10 million, $1 par common shares.…
A: Alpaca Company should report $150 million as additional paid-in capital—excess of par in its…
Q: 17. A company manufactures a single product. Cost and selling price data for the product are as…
A: Margin of safety means the difference between the budget sales and breakeven sales. It means the…
Q: Ivanhoe Rental Corporation had the following balances in its shareholders' equity accounts at…
A: To prepare the journal entries for Ivanhoe Rental Corporation for the year 2024, let's break down…
Q: Heron Corporation, a calendar year, accrual basis taxpayer, provides the following information for…
A: It is prepared to reconcile the entity's books and records with its taxable income. It is required…
Q: Calculate the return on assets (ROA) for Company HH using the following information: Net Income:…
A: ROA is the ratio of net income to average total assets. This ratio measures how efficiently the firm…
Q: i need the answer quickly
A: Current assets are the assets that are expected to be converted into cash within one year or are due…
Q: Davis Company produces two hair dryers: regular and deluxe. The company has four activities:…
A: In order to assess how well a company is performing financially, ratio analysis examines the…
Q: Allocate the service department costs using the reciprocal method. (Matrix algebra is not required…
A: Reciprocal method of cost allocation:The reciprocal method, also known as the algebraic method, is a…
Q: was as follows. Asian company record their transactions concerning part X for the month of March…
A: Perpetual inventory is a continuous accounting practice that records inventory changes in real-time,…
Q: Read the following questions and answer questions that follow.Consider the following information.…
A: The objective of the question is to calculate the value of closing inventories at 15 June 2020 using…
Q: On 1 July 20X4 Near Ltd signed a contract to lease a machine from Far Ltd. On the day the lease…
A: Solution:-The query concerns how a lease agreement between Near Ltd and Far Ltd is handled in…
Q: [The following information applies to the questions displayed below.] Joe and Jessie are married and…
A: The definition of adjusted gross income (AGI) is gross income less adjustments to income. Earnings…
Q: (a) Compute the company's net income and earnings per share under both structures. (Ignore income…
A: Earning per share:The earning per share is popularly known in short as the EPS which means the…
Q: Exercise 11-30 (Algo) Cost Allocation: Reciprocal Method (LO 11-1) Mack Precision Tool and Die has…
A: Lets understand the basics.Cost of service department can be allocated to production department…
Q: Segment reporting #1 Acme Company has two segments within their organization - Segment A and Segment…
A: The objective of the question is to prepare a segmented contribution margin income statement (CM IS)…
Q: Marian Manufacturing (2M) applies manufacturing overhead to jobs based on direct labor costs. For…
A: The overhead is applied to the production on the basis of the pre-determined overhead rate. The…
Q: me (formerly known as LimeBike), located in San Mateo, California, is a startup founded in 2017. Its…
A: Capitalization vs. Expensing -The main distinction between capitalization and expensing is that the…
Q: Production Budget Healthy Measures Inc. produces a Bath and Gym version of its popular electronic…
A: The management prepares the production budget to forecast the number of units for various products…
Q: Tamar owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in…
A: Solution:- The scenario involves Tamar, the owner of a condominium near Cocoa Beach Florida, facing…
Q: If Able Ltd, registered for GST, purchased inventory from a supplier for $9 000 (excluding GST),…
A: The objective of the question is to calculate the amount of discount received by Able Ltd when it…
Q: s of each year is equal to taxable income. ome tax rate was 40% from 20X1 through 20X4. , a rate of…
A: To calculate the balances in the deferred income tax related accounts for Towers Corporation for…
Q: ok Machine-hours Variable costs: Supplies Scrap Indirect materials Fixed costs: Wages and salaries…
A: The company prepares the cost report for the comparison of results of the actual performance of…
Q: [The following information applies to the questions displayed below.] Antuan Company set the…
A: Labor Variance -An actual labor activity cost that deviates from the projected amount, whether for…
Q: Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate…
A: Company calculates predetermine overhead rate in order to allocate overhead to the job. It is…
Q: Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine…
A: Income tax is the tax levied by the government on income earned by individuals and businesses for a…
Q: Required: Determine how the $5,000,000 of commercial paper should be classified by citing the…
A: Current liabilities are the obligations of a business that must be paid back from current assets or…
Q: An entity purchases all the shares of a haulage company for $50,000 on 1 January 20X0. The operation…
A: IAS 36 Impairment of Assets seeks to ensure that an entity's assets are not carried at more than…
Q: During its first year of operations, Chocolate Passion earned net credit sales of $393,000. Industry…
A: A company may use the allowance method to record its uncollectible accounts receivable.. Under the…
Q: Ever since Newton Inc. was formed on Jan. 1, 2022, the company has had the following outstanding…
A: A dividend is a portion of a company's profits and retained earnings that it pays to its…
Q: Which of the following is not one of the nine features of an internal control system? Multiple…
A: Internal control refers to systems and procedures implemented within an organization to safeguard…
Q: If sales equal $351,050, variable expenses equal $200,000, and the degree of operating leverage is…
A: Net operating income = (Sales - Variable costs) / Degree of operating leverage
Q: Dexter Company uses the direct write-off method. March 11 Dexter determines that it cannot collect…
A: Journal entry is an art of recording, summarizing and classifying the business transactions into…
Q: The following are the transactions for the month of July. Unit Unit Units Cost Selling Price July 1…
A: The gross profit is calculated as the difference between the sales and cost of goods sold. The net…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
- 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 $49,500 during March or April for taxes received from late filers. Monroe's policy regarding sales taxes is to consider as "available"…The following Incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions) Debit (Credit) Beginning balance Service cost Interest cost Expected return on assets Gain/loss on assets Amortization of: Prior service cost Net gain/loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance What was the actuary's Interest (discount) rate? Multiple Choice O 17% PBO (300) (12) Prior Plan Service Net Pension Net Pension Assets Cost (Gain)/Loss Expense Cash (Liability)/Asset 43 (185) 83 (88) 866 (11) (5) 6 (96) 77 51 (60)The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions)Debit(Credit)PBO Plan Assets Prior Service Cost Net(Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance (740) 32 (94) Service cost 66 Interest cost 37 Expected return on assets 72 Gain/loss on assets (4) Amortization of: Prior service cost (10) Net gain/loss 5 Loss on PBO (12) Contributions to fund (49) Retiree benefits paid (69) Ending balance 745 (85) What was the net pension asset/liability reported in the balance sheet at the end of the year? Multiple Choice Net pension liability of $41 million. Net pension asset of $58 million. Net pension…
- 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…The factors affecting pension expense are not always obvious.As the accountant for Sunlight City, you determine the following with respect to the city's pensions in a particular year.Service cost $356,000Interest on total pension liability 400,000Actual earnings on pension plan investments 500,000Projected earnings on pension plan investments 450,000Employer contribution to the plan 180,000Benefits paid to retirees 211,000 Based on the information provided, what should the city report as its pension expense for the year? Suppose that the benefits paid to retirees were actually $251,000 rather than $211,000. How would that affect the pension expense? Explain. Suppose also that the city failed to contribute anything to the pension plan. How would that affect the pension expense to be reported on the government‐wide statements? Explain. How would it affect the pension expenditure to be reported on the statements of the general fund?At the end of the current year, Eastern Electric received the following information from its actuarial firm. Pension expense Postretirement benefits expense The pension plan is fully funded. Eastern Electric has funded only 40 percent of the nonpension postretirement benefits this year. a-b. Record pension expense and nonpension postretirement benefit expenses for the entire year. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet < 12 Record the payments to a fully funded pension plan. Note: Enter debits before credits. Transaction a. $3,500,000 850,000 General Journal Debit Credit
- [The following information applies to the questions displayed below.] The county collector of Suncoast County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 1.7 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Suncoast County General Fund. The following events occurred during the year: 1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore General Fund Suncoast County Consolidated School District Other towns Total $10,353,000 4,850,000 6,560,000 3,140,000 $24,903,000 2. $13,720,000 of current taxes was collected during the first half of the year. 3. Liabilities to all funds and governments as a result of the first…The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). Prior ($ in millions) Debit(Credit) Plan Service Net Pension Net Pension PBO Assets Cost (Gain)/Loss Expense Cash (Liability)/Asset Beginning balance Service cost (700) 28 (90) 62 Interest cost 49 Expected return on assets Gain/loss on assets 68 (2) Amortization of: Prior service cost Net gain/loss (7) Loss on PBO (8) Contributions to fund (45) Retiree benefits paid (65) 730 (81) Ending balance What was FRC's pension expense for the year? Multiple Choice $44 million. Next > < Prev 20 of 39 Show Question no....pages Question no....pagesi -pdf MacBook AirThe adjusted beginning and ending balances of three of Towson County's general fund accounts for 2023 are below. All accounts relate to property taxes, and deferred inflows relate to taxes receivable that are not expected to be collected within 60 days. December 31, 2023 January 1, 2023 Taxes receivable $1,700,000 $1,600,000 Allowance for uncollectible taxes (360,000) (400,000) Deferred inflows (70,000) (60,000) The county sent out 2023 property tax bills totaling $20,700,000 at the beginning of the year, of which 2 percent were considered uncollectible. During 2023, $20,000,000 was collected in cash, including $1,000,000 related to past-due taxes from 2022. Towson County writes off all remaining balances related to 2022 taxes by the end of 2023. Of the total 2023 taxes still unpaid at year-end, how much tax does the county expect to collect within 60 days of year-end? Select one and explain: a. $1,270,000 b. $1,340,000 c. $360,000 d. $430,000
- The following represents the aging of contributions receivable for McKenzie Health Foundation for the historical years ended June 30, 2020, 2019, 2018, 2017, 2016, and 2015. Contributions receivable vary significantly by year; however, contribution revenue has been fairly stable over the five-year period. Fiscal Year-End 6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 Total contributions receivable $1,003,900 $1,225,650 $913,550 $1,907,700 $625,800 $483,750 Allowance for uncollectible contributions 31,689 40,100 29,327 68,870 21,903 19,530 Total contribution revenue 20,066,850 20,960,895 19,094,525 21,011,340 20,879,860 20,571,300 Aging of contributions receivable 0–30 days $546,000 $394,800 $457,800 $1,547,700 $625,800 $456,750 31–60 days 23,400 383,400 261,000 360,000 0 27,000 61–90 days 389,500 447,450 194,750 0 0 0 >90 days 45,000 0 0 0 0 0 $1,003,900 $1,225,650 $913,550 $1,907,700 $625,800 $483,750 a) Prepare a report…The following refers to the pension spreadsheet (columns have missing amounts) for the current year for Ng Enterprises. ($ in millions) Debit(Credit) PBO Plan Assets Prior Service Cost Net (Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance 450 60 55 50 Service cost (85) Interest cost (25) Expected return on assets 55 Gain/loss on assets 3 Amortization of: Prior service cost Net gain/loss (1) Loss on PBO (65) Contributions to fund 40 Retiree benefits paid Ending balance (530) 54 122 What were the retiree benefits paid?Effect of different measurement focuses and bases of accounting Following are some of Vista Village’s events during calendar year 2021. For each event, state (a) the amount the Village would report as expenditures if the event occurred in a governmental-type fund and (b) the amount it would report as expenses if the eventoccurred in an Enterprise Fund.1. The amount owed to employees for vacation and sick leave increased from $720,000to $765,000 during the year. Employees are permitted to receive payment for unusedvacation and sick leave days when they retire; at year-end, however, none of the employees had retired.2. At December 31, 2021 interest accrued on outstanding long-term debt amounted to $63,000. The interest was due to be paid on May 1, 2022.