ri's dive shop had the following 2019 results: • • Sales - $7,200 Costs - $6,100 Assets - $18,000 Debt-$8,000 Equity - $10,000 orecasted sales for 2020 are $8,500. There are no taxes. Assets and costs are proportional sales. Debt and Equity are not. The retention rate is 100%. What is the AFN (additional unds needed) in 2020 to support forecasted sales of $8,500? (Hint: Construct the 2020 alance sheet and find the AFN required to make the balance sheet balance. Also, assume pontaneous liabilities are unchanged from 2019 to 2020.)

State the kinds of note disclosures that need to be made to help users understand the nature of “Transfers in” to the General Fund.

This problem has two parts, part a and part b. Answer each part separately using the same information. Do not mix answers to a and b; they are answered separately. Problem a:  Using the list of transactions below, provide all necessary journal entries for the Fund statements. You also need to identify which funds are involved in the transaction, such as the Capital projects fund, Debt service fund Special revenue fund, or Permanent fund.  Problem b:  Using the same list of transactions, provide all necessary journal entries for the Governmental Activities section in the Government-wide statements. Write “no entry” if no entry is needed.   Dunellen City, covered in this problem, issues a $10,000,000 bond at face value. The cash is to be used for the construction of a fire station. Previously undesignated cash of $100,000 from the General Fund is set aside to begin paying the bonds issued in item (1). A state cash grant of $300,000 is received that must be spent in the future for…

Oliver's Place is a nonprofit entity that cares for dogs until they are adopted. It uses fund accounting and uses a UCF, an RCF, and an EF. It charges its expenses to the care of animals program, special programs, and administrative expenses. Following are some of its transactions for its fiscal year. Prepare the journal entries needed to record these transactions, indicating the fund used for each entry and showing net asset classifications, where appropriate. 1. During the year, Oliver's Place received pledges of $80,000 without donor restrictions. It estimated that 95 percent of the pledges would be collected in cash. 2. It received the following gifts from various donors: a. Donor A made a gift of common stock that had a fair value of $16,000. Donor A stated that the gift could be used for any purpose. b. Donor B made a cash gift of $4,000, stipulating that it could be used only for a new program to take calm dogs to visit elderly people. c. Donor C made a gift of common stock that…