During the current fiscal year, the Palm Springs government recorded a $16,200 transfer from the General Fund to an internal service fund, a $26,400 transfer from the General Fund to an enterprise fund, a $6,300 transfer from an enterprise fund to an internal service fund, and a $11,800 transfer from an enterprise fund to the General Fund. In the Business-type Activities column of the government-wide financial statements, Palm Springs should report Multiple Choice Net transfers out of $11,800. Net transfers in of $32,700. Net transfers out of $5,500. Net transfers in of $8,300.
Q: How is the cost price of the finished product formed / shaped?
A: production of goods and providing of services various cost , These are variable and fixed , the vari...
Q: On May 1, 2021, Duck Corporation issued $2,000,000 of 8% nonconvertible bonds at 104, which are due ...
A: Isssue Price of Bonds ($2000000 * 104%) $20,80,000 Fair market value of bonds ($2000000 * 95...
Q: xplanati
A: Given: The benefit pension plan balance is given as, Projector benefit obligation $4,485,500 Fair v...
Q: Top executive officers of Tildon Company, a merchandising firm, are preparing the next year's budget...
A: An income statement is a financial report that indicates the revenue and expenses of a business. It ...
Q: The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estima...
A: The budgeted income statement contains all of the line items found in a typical income statement, wi...
Q: Teague Co. reports the following data: Sales $489,300 Variable costs 278,900 Contribution margi...
A: Solution Formula = Operating leverage = Contribution margin / Operating income.
Q: From these particulars prepare a Bank Reconciliation Statement of Brindha Ltd. by taking Balance as ...
A: Bank Reconciliation is used to reconcile the balance as per bank and balance as per books of account...
Q: A local picnic table manufacturer has budgeted these overhead costs: Purchasing $77,000 Handling Ma...
A: In this question , we will find out the total order cost:
Q: Construct the statement in changes of equity:
A: Hyrule Motors is a motorcycle repairs and maintenance services provider. Some transactions for the m...
Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follo...
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods fo...
Q: Answer the following questions on the basis of the following three sets of deta for the country of N...
A:
Q: What is an example of audit procedure when performing an accounts payable risk assessment for accept...
A: Auditing of Accounts Payable Accounts Payable is considered to be one of the important part in the A...
Q: A newlywed couple is planning to build a house of their own. They are considering two options: a. T...
A: Present value = Future value /(1+r)n Where r is the periodic rate of interest, n is the number of pe...
Q: . The partnership agreement of Hi and Rap provides that interest at 14% per year is to be credited ...
A: The meaning of partnership business is two or more persons bringing the capital to form the business...
Q: The following data are used for questions 7 to 11 The AAA Company build wooden bookshelf wall units....
A: Total purchased cost is an accounting concept that includes all the costs which are associated with ...
Q: Your friend is a higher rate taxpayer and has a large amount in a savings account which is earning 3...
A: For having maximum 500 limit on interest, maximum investment required= 500/interest rate
Q: (a) In 2010 Jim loaned Patti $4,500, as a personal loan. In 2014 (when the outstanding loan is still...
A: A personal loan is given for personal purposes. A business loan is given to run a business and meet ...
Q: Your firm has total sales of $10,508. Costs are $6,062, depreciation expense is $1,188, and the inte...
A: Net profit margin = Net profit / Sales where, Net profit = Total sales - costs - depreciation expens...
Q: Gospel Company Income Statement For the year ended Dec. 31, 2018 P 2,500,000 Sales Cost of Sales (1,...
A: Projected income statement: The Projected income statement indicates the income and expenses of an o...
Q: Accounting
A: In this question, we have different options we have to choose the right one according to the case.
Q: Hongtao is single and has a gross income of $92,700. His allowable deductions for adjusted gross inc...
A: Solution Taxable income refers to any individual's or business compensation that is used to determin...
Q: 12. A 90-day, 15% interest-bearing note receivable is sold to a bank with recourse after being held ...
A:
Q: In 2015, Pa, Ma and Tay are partners with average capital balances of P120,000, P60,000 and P40,000 ...
A: GIVEN In 2015, Pa, Ma and Tay are partners with average capital balances of P120,000,P60,000 and P...
Q: 13) I accepted my first job as a cashier at CVS in 1987. I made $3.35 per hour. Given that the CPI i...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: OI March 1, 2021, Remy Corporation issued $1,000,000 of 8% nonconvertible bonds at 104, which are du...
A: Paid-in capital is the money a company has received from investors in return for issuing stock. Pa...
Q: The following facts apply to the pension plan of Wildhorse Inc. for the year 2020. Plan assets, Ja...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: The preliminary assessment of control risk includes all the following procedures except Consider the...
A: Preliminary assessment of control risk is the process of evaluating the likely effectiveness of an e...
Q: On January 1, 20x1, Mojo Co. sold transportation equipment with a historical cost of ₱20,000,000 and...
A: Account receivable- Account receivable refers to ,when a business provides goods and services on cre...
Q: Rhino Company, a real estate entity, had a building with a The building was used as offices of the e...
A: Given information, Carrying amount of building =P20,000,000 Fair value of building =P35,000,000 Ca...
Q: The following information is available for Bunny Corporation: January 1, 2021 Shares outstanding 3,0...
A: Basic earnings per share = (Net income - Preferred dividend) / Weighted average no. of common shares...
Q: Dar and Ling share in the partnership’s profit in the ratio of 2:1, respectively. Dar received P245,...
A: In partnership, the profit and loss from conducting the business are shared by the partners based on...
Q: John Fleming, chief administrator for Valley View Hospital, is concerned about the costs for tests i...
A: Standard price = $2.25 Actual price (35,640/16,500) = $2.16 Standard Quantity (900 + 3,300) × 3 = 12...
Q: Pan, a partner in the Pan and Tay Partnership has a 30% share in the partnership profit and loss. He...
A: Partnership agreement- A partnership agreement is a formal agreement between business partners that ...
Q: On May 31, RDC Company had a cash balance per books of $13,022. The bank statement from City Bank on...
A: Bank reconciliation statement is represented in a tabular format, that shows the differences between...
Q: Exercise 7-18 (Algo) Notes receivable [LO7-7] On June 30, 2021, the Esquire Company sold some mercha...
A: Notes receivable is considered a negotiable instrument. it is classified under current assets if the...
Q: For 2010 and 2011, Sabil Corporation earned net income of $480,000 and S640.000 and paid dividends o...
A: Journal entries is the recording of transaction at the initial stage of incurring the transactions.
Q: Question 4: Investments Please note that this question has two independent parts. Part 1: On January...
A:
Q: Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first3. Please resubmit the question ...
Q: A company produces three products. A, B, and C. Two machines are used to produce the products. The c...
A: Contribution = Sales - Variable Cost In the given question the Product C has the highest Contributio...
Q: The payment of supplier’s account is debited to accounts receivable. What is the effect of the error...
A: The Account Receivables are assets for the firm and Account Payables are liability for the firm. The...
Q: On May 31, RDC Company had a cash balance per books of S13,126. The bank statement from City Bank o ...
A: A bank reconciliation is the internal control process by which the bank account balance in an entity...
Q: Aggrava Limited is currently preparing budgets for September to December. Its estimated sales figure...
A: Inventory budget is the estimation of inventory to be required in the business in a particular perio...
Q: Kai and her very close friend Bigan formed a partnership on January 1,2015 with Kain contributing P1...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: Lando, a family man decided to open up his own Laundry Shop. He named it: Lando Laundry The followin...
A: Journal entry: It is the first step of recording transactions of a company. Before this, no other ...
Q: eslie company issued 60,000 shares with a par value of 100 in exchange for a land with fair value of...
A: Share premium is the amount of capital which is received over and above from the face value or par v...
Q: Before processing a batch of invoices, the accounts payable clerk sums the quantities billed. The su...
A: Accounts payable forms a part of current liabilities of the business and represent the amount due to...
Q: In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 mill...
A: Casey made a taxable gift = $5.7 million to both Stephanie and Linda Total taxable gifts = $11.4
Q: each
A: Financial statements are those statements which are prepared at the end of the period for the review...
Q: Abba Company accounted for noncurrent assets using the revaluation model. On June 30, 2021, the enti...
A: This is a multiple question and we find out adjusting carrying values of land on different dates:
Q: Business that are exempt from output VAT but entitle to input VAT are A. Vat Exempt Persons B. Vat...
A: Value Added Tax is a novel form of levying tax on goods and services. It is paid to the credit of go...
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
- Required information Exercise 6-4 and Exercise 6-5 (Algo) [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, 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 Exercise 6-4 (Algo) $ Debits 31,900 55,500 732,000 99,500 509,000 53,500 18, 200 41,400 Credits $ 117,000 35,100 53,500 13,900 579,000 6,200 128,500 628,500 20,700 $1,561,700 $1,561,700 Required: a. Prepare the closing entries for December 31. b. Prepare…Problem 5. A summary of the general fund transactions for the city of Wautoma for the year ended December 31, 2016, is as follows: A. A budget was approved, showing estimated revenues of $900,000, appropriations $875,000, transfers in of $27,000 from other funds, and required transfers of $20,000 to other funds. B. The outstanding encumbrance at the end of 2015 was $25,000. Amounts encumbered in the prior period are included in appropriations for 2016. C. Property taxes for $650,000 were levied. In past years, 1% of the property taxes levied proved uncollectible. D. Encumbrances for $25,000 had not been liquidated by the end of 2015 (see B). Invoices for all these items were received in 2016 and totaled $24,000. E. Collections from property taxes totaled $644,000, of which $20,000 represented collections on delinquent taxes. Delinquent taxes of $8,000 remain uncollected, on which a $3,000 allowance is carried. Remaining taxes Receivable - current and taxes receivable - delinquent were…C. 26. A. B. D. The capital projects fund of Hysham completed construction of a new building. The building should be reported in the: I. government-wide statement of net assets. II. capital projects fund. A) I only B) II only C) Either I or II D) Neither I nor II 27. Which presentation method combines the component unit's results into the primary government's financial results? $ 600,000 Proceeds from general obligation bond issue $ 2,000,000 Transfer from Cherry's general fund $ 150,000 In its 20X1 capital projects fund operating statement, Cherry should report these amounts as: Other financing sources A) Blended presentation B) Discrete presentation C) Combined presentation D) Consolidated presentation 28. Financing for the renovation of Cherry City's municipal park, begun and completed during 20X1, came from the following sources: Grant from state government S 0 600,000 $2,750,000 $2,600,000 Revenues $ A) Option A B) Option B C) Option C D) Option D $ $ $ $ 2,750,000 2,150,000 0…
- 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…Fund statements, reconciliation A county government’s total fund balances, governmental funds is $23,000,000. Other information is as follows: Internal service fund net position $1,500,000 General obligation long-term debt 25,000,000 Accrued pension and OPEB liabilities of proprietary funds 3,000,000 Accrued pension and OPEB liabilities of governmental funds 4,200,000 Capital assets used in governmental activities, net. 16,000,000 Proprietary funds capital assets, net. 7,000,000 The government-wide balance sheet reports net position of governmental activities of: $ 29,300,000 $ 11,300,000 $ 9,800,000Vouchers payable denote: a. A future liability estimated when order is made b. Amount due to government from user charges c. A liability incurred when goods/services are received d. Amount payable by government on long term debts Question 2 Question text Which of the following is not an example of the function of an Agency Fund? a. Collection of property tax by one government unit for the other b. All the options listed c. Payment of interest and principle on long-term debt d. Collection of local government sales taxes by the state government
- 7 Inglis City had a beginning cash and cash equivalents balance in its internal service fund of $895,685. During the current year, the following transactions occurred: 1. Interest received on investments totaled $42,450. 2. The city acquired additional equity investments totaling $75,050. 3. A grant was received from the state in the amount of $50,000 for summer interns. 4. Receipts from sales of goods or services totaled $2,915,570. 5. Payments for supplies were made in the amount of $1,642,150. 6. Payments to employees for salaries amounted to $479,360. 7. Equipment was sold for $57,500. It had a book value of $56,655. 8. A $25,000 transfer was made to the General Fund. 9. Other cash expenses for operations were $89,200. 10. Long-term debt payments for capital acquisitions totaled $525,040. Required Prepare a statement of cash flows for the Inglis City internal service fund. (Ignore the reconciliation of operating income to net cash provided by operating activities because…The GASB identifies one of the broadest objectives of government financial reporting as: A. assisting users in assessing profitability of the government B. assisting users in making economic, social, and political decisions. C. fairly presenting government financial condition and operating results D. providing information about the inflows and outflows of cash 2. The 60-day limit on the period after the end of the fiscal year that is used for governmental fund revenue recognition cutoff purposes: A. is optional for property taxes, but required for most other governmental fund revenues B. must be applied to all revenue sources except charges for licenses and permits C. must be applied to property taxes, but cannot be applied to other governmental fund revenue sources D. must be applied to property taxes, but may also be applied to other revenue sourcesPrepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements.a. The government sells $900,000 in bonds at face value to finance construction of a warehouse.b. A $1.1 million contract is signed for construction of the warehouse. The commitment is required, if allowed.c. A $130,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a).d. Equipment for the fire department is received with a cost of $12,000. When it was ordered, an anticipated cost of $11,800 had been recorded.e. Supplies to be used in the schools are bought for $2,000 cash. The consumption method is used.f. A state grant of $90,000 is awarded to supplement police salaries. The money will be paid to reimburse the government after the supplement payments have been made to the police officers.g. Property tax assessments are mailed to citizens of the government. The total assessment is…
- 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 FinancingIndicate (i) how each of the following transactions impacts the fund balance of the general fund, and its classifications, for fund financial statements and (ii) what impact each transaction has on the net position balance of the Government Activities on the government-wide financial statements.a. Issue a five-year bond for $6 million to finance general operations.b. Pay cash of $149,000 for a truck to be used by the police department.c. The fire department pays $17,000 to a government motor pool that services the vehicles of only the police and fire departments. Work was done on several department vehicles. d. Levy property taxes of $75,000 for the current year that will not be collected until four months into the subsequent year.e. Receive a grant for $7,000 that must be returned unless the money is spent according to the stipulations of the conveyance. That is expected to happen in the future.f. Businesses make sales of $20 million during the current year. The…4-24: Transactions and Budgetary Comparison Schedules (LO4-1, LO4-3) The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year’s appropriation. 1. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: Taxes $1,943,000 Licenses and permits 372,000 Intergovernmental revenue 397,000 Miscellaneous 62,000 Total estimated revenues 2,774,000 Appropriations: General government 471,000 Public safety 886,000 Publics works 650,000 Health and welfare 600,000 Miscellaneous 86,000 Total appropriations 2,693,000 Budgeted increase in fund balance $81,000 2. Encumbrances issued against the appropriations during the year…