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- 10. The Augusta Health Company purchased land, buildings and equipment for $2,400,000. The land has been appraised at $915,000, the buildings at $1,125,000 and the equipment at $510,000. The equipment account will be debited for: A)$541,875. B) $500,000. C) $480,000. D. $410,156What would be the total expense for the Routine Care department (this is the addition of direct department expenses and allocated indirect costs). Revenues Department Facilities (support dept) Accounting - Billing (support dept) Total for Support Departments Routine Care (patient services) Intensive Care (patient services) Diagnostic Services (patient services) Total for Patient Service Departments Grant Total Select one or more: □ a. $11,448,000 O b. $3,750,000 c. $1,448,000 d. $912,750 $ $ $ S $ Expenses $ 1,500,000 $ 2,000,000 S 3,500,000 30,000,000 $ 25,000,000 $ 20,000,000 $ 75,000,000 S 75,000,000 $ 10,000,000 8,000,000 6,000,000 24,000,000 27,500,000 Space (square Feet) Number of Procedure 10,000 20,000 30,000 150,000 100,000 75,000 325,000 355,000 500,000 450,000 375,000 1,325,000 1,325,00049) A Capital Projects Fund awards the construction of a building to a construction contractor at a contract cost of $1,000,000. What entry is prepared by the Capital Projects Fund? A) Debit Expenditures $1,000,000, Credit Liability $1,000,000 B) Debit Building $1,000,000, Credit Expenditures $1,000,000 C) Debit Other Financing Uses $1,000,000, Credit Expenditures $1,000,000 D) Debit Encumbrances $1,000,000, Credit Reserve for Encumbrances $1,000,000 50) Which statement below is incorrect with respect to the Government-wide financial statements? A) All governmental fund categories must convert to the modified accrual basis of accounting. B) It is necessary to eliminate interfund balances within the governmental funds. C) Capital lease liabilities associated with governmental funds must be included on the Government-wide financial statements. D) All fixed assets and long-term debt for governmental funds must be included on the Government-wide financial statements.
- Brookdale Hospital hired an inexperienced controller early in 20X4. Near the end of 20X4, the board of directors decided to conduct a major fund-raising campaign. They wished to have the December 31, 20X4, statement of financial position for Brookdale fully conform with current generally accepted principles for hospitals. The trial balance prepared by the controller at December 31, 20X4, follows: Cash Investment in Short-Term Marketable Securities Investment in Long-Term Marketable Securities Interest Receivable Accounts Receivable Inventory Land Buildings & Equipment Allowance for Depreciation Accounts Payable Mortgage Payable Fund Balance Total Additional Information: Debit $100,300 Unrestricted use Cancer research Purchase of equipment Permanently restricted endowment principal Total 200,400 301,300 15,400 55,300 36,200 121,100 936,300 Credit $ 259,900 41,200 321,100 1,144,100 $1,766,300 $1,766,300 1. Your analysis of the contributions receivable as of December 31, 20X4, determined…GIVEN data for a real property: Value Description Amount P1,000,000 25% of market value Market Value Assessment level The local government unit imposes a real property tax of 2% In addition, the unit also imposes a 1% Special Education Fund (SEF) COMPUTE: Local tax in relation to the assessment of the real property. а. 5,000 b. 7,500 с. 20,000 d. 30,000A $48,000 asset was purchased and classified as a Class 10 asset for CCA purposes. If the CCA rate is 30%, calculate UCC for the end of year 3. Select one: a. $15,800 b. $18,300 c. $19,992 d. $17,400 e. $16,660 ???
- The components of the cost of a major item of equipment are given below. GHS Purchaseprice 780,000 Import duties 117,000VAT (refundable) 78,000 Site preparation 30,000 Installation costs 28,000 Pre-production 18,000 Initial operating losses before the asset reaches planned performance…Problem 1 This problem has two parts, part 1a and part 1b. Answer each part separately using the same information. Do not mix answers to 1a and 1b; they are answered separately. Problem 1a: Using the list of transactions below, provide all necessary journal entries for the General Fund only. Write "no entry" if no entry is needed. Problem 1b: Using the same list of transactions, provide all necessary journal entries for the Governmental Activities section in the Government-wide records. Write “no entry" if no entry is needed. Springtown started operations in January, 2021. This information is for the town's first year of legal existence. 1. The Town Council adopted a General fund budget for the year. It included estimated revenues of $4,200,000, estimated other financing sources of $800,000, and appropriations of $4,600,000. 2. The town ordered one pickup truck for the fire department at an anticipated cost of $37,000 and recorded the commitment. 3. Supplies for the town Manager's…akefield Hospital’s accounting records disclosed the following information: Cost of property and equipment net of accumulated depreciation $ 4,750,000 Board designated funds 650,000 Grant proceeds that must be used to study treatment of burn victims 750,000 Investments reported in endowment funds 250,000 What amount should be included as part of the General Fund?
- Problem 11-15 (IAA) Solid Company purchased a plot of ground for P18,000,000. The entity also paid an independent appraiser for the land the amount of P500,000. The land was developed as residential lots at a total oost of P41,500,000. The lots were classified as follows: Number of lots Sales price per lot Highland Midland Lowland 20 1,000,000 750,000 500,000 40 100 Required: Compute the total cost of each lot classification. 898The following information pertains to Palmer Township’s construction and financing of a new administration center:Estimated total cost of project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,000,000Project financing:State entitlement grant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,000,000General obligation bonds assigned to the capital projects fund:Face amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,000,000Stated interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%Issue date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . December 1, 2018Maturity date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . November 30, 2028Palmer’s fiscal year ended on June 30, 2018. The following events…Problem 8-17 On mslday Problem 29-9 (PHILCPA Adapted) following information related to the land and building: 50,000,000 450,000,000 in E 75,000,000 Land Building Accumulated depreciation-building for building. On June 30, 2020 the land and building were revalued Replacement cost Sound value 65,000,000 480,000,000 Land w biendie Building 65,000,000 600,000,000 1. What is the revaluation surplus on June 30, 2020? salbling a. 135,000,000 b. 125,000,000 c. 120,000,000 d. 160,000,000 00 2. What is the depreciation of the building for 2020? a. 30,000,000 (6. 35,000,000 le. 40,000,000 d. 32,000,000 3. What is the revaluation surplus on December 31, 2020? (6. 130,000,000 e 123,750,000 d. 115,000,000 et sedW 000,001119- 000008.01 854