General obligation long-term debt
Q: A company issued 60 shares.of $100 par value common stock for $7,100 cash. The journal entry to…
A: Lets understand the basics. Journal entry is required to make to record event and transaction occur…
Q: PCC Inc has a debt-to-equity ratio or 3:1. After tax cost of debt is 5% while cost of equity is 10%.…
A: As per the guidelines, only one question is allowed to be solved. Please resubmit the question…
Q: Broke Corp. reports operating expenses in two categories (1) selling and (2) general administrative.…
A: Selling Expenses - Selling Expenses are those expense which are related to the selling activities of…
Q: Drifblim Fine Furniture Manufacturing Inc regularly produces 1,200 kitchen sets per month. The…
A: Calculation of Total cost of producing 1,600 sets Amount Direct Materials (P 21,000/ 1,500…
Q: Question 12 Ocean Corporation produced and sold 2,600 units last month with the following results:…
A: Incremental operating Income = Incremental revenue - Incremental expenses
Q: A company purchased land for $350000 cash. The real estate brokers' commission was $15000 and $61000…
A: The cost of land includes all the expenses that make the land ready to use. It includes expenses…
Q: 18. The appropriate WACC of a firm is 6.43%. With risk-free rate of 4%, market return of 8%…
A: GIVEN The appropriate WACC of a firm is 6.43% With risk-free rate of 4 % market return of 8%…
Q: QUESTION 1 Ava Consulting issued 1430 shares of previously unissued common stock with a par value of…
A: The debit to cash will be amount received on issue of shares
Q: High Country, Incorporated, produces and sells many recreational products. The company has just…
A: Under absorption costing, fixed manufacturing overhead is treated as product cost. Under variable…
Q: 2. Enter the following in the appropriate creditors' accounts (i.e. your suppliers' accounts) only.…
A: The t-accounts are prepared to record balances of specific accounts.
Q: The purpose of costing are as follows EXCEPT: a) Value inventory b) Record costs c) Price products…
A: The purpose of costing is. 1. To Formulate cost of a product 2. To facilitate decision making 3. To…
Q: Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in…
A: Cost accounting is the one that is widely used by cost accountants to determine the cost of the…
Q: Which of the following statement(s) related to budgets is/are TRUE? O In preparing a master budget,…
A: A budget is prepared with a view to estimate the revenues and expenses of the firm over a particular…
Q: any (LLC)? A. Complex
A: To explain the feature of LLC as,
Q: Can corporations use the Cash method of accounting ?
A: There are certain types of companies which can follow cash basis of accounting. In cash basis of…
Q: Problem 17-2O Payout Policy (LO3) Little Oil has outstanding 1 million shares with a total market…
A: The question is based on the concept of Financial Accounting. As per the Bartelby guidelines we are…
Q: Sophie Gowna, 47 years old, works for an Ontario company with a Bi-weekly pay cycle. She earns $18.5…
A: Pensionable earnings refer to those earnings which are useful to evaluate the pension contributions…
Q: Wildhorse Co. purchases a new delivery van for $83000. The sales taxes are $5250. The logo of the…
A: The costs incurred for assets to make it ready for use, are included in the cost of non cash assets.…
Q: Mewto Bank granted a loan to Mew Company on January 1, 2020. The interest on the loan is 12% payable…
A: The loan borrowing and the cost of loan borrowing has a proper mechanism to calculate the cost…
Q: Statement I: In determining the interest income for the 2nd year of non-interest-bearing notes…
A: Answer:- Interest income definition:- Interest income can be defined as the difference between the…
Q: ark storage lot can hold at most 100 cars k 200 sq. ft., and the lot has the usable are er day for a…
A: The answer has been mentioned below.
Q: Splish Brothers Ltd. is a publicly listed company following IFRS. Assume that on December 31. 2020.…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Southwest Components recently switched to activity-based costing from the department allocation…
A: T-accounts also known as Ledger account are the posting of transaction from journal entries.…
Q: accounsts recievable less allowance for bad debts is called what
A: Allowance for bad debt accounts is a contra asset account that decreases the value of the account…
Q: 13. $ After the 100% stock dividend what amount is in Total paid-in capital account? $ what amount…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Happy Inc. accounted for noncurrent assets using the revaluation surplus model. On October 1, 2021,…
A: The assets and liabilities are presented in the balance sheet of the company which shows the…
Q: Problem 1 The statement of financial position of the partnership of Rivas and Briones as of December…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Company XYZ has 6 standard products from stainless steel and brass. The company’s most popular…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Quarters for 2020 3 2 4 9,500 10,000 8,500 units. Management desires an ending inventory eac" first…
A: Production budget calculates the no of units to be produced for a specific period. It depends on…
Q: Taxpayer enjoyed its last year of its income tax holiday in 2020. For that year, it reported however…
A: Introduction Net Operating Loss Carryover Deduction (NOLCO) is available to the companies who have…
Q: TRUE OR FALSE? The debit balances in suppliers' accounts should be netted against accounts payable.
A: Accounts payable is the amount owed by the business entity towards the suppliers in respect of the…
Q: A change in the quality of materials purchased A new supplier contract Error in the accounting…
A: 1) Material price variance = Material price variance occurs when the actual price paid is more or…
Q: What is the Workers' Compensation premium owing for an employer in Ontario with assessable earnings…
A: Workmen compensation is acknowledged as an insurance policy provided by an employer whereby he will…
Q: c/s =25% , prime cost $140, fixed cost $4600 contribution 80 and absorption cost is40. What is the…
A: Given, Contribution/Sales =25%
Q: Madison Industries manufactures a single product using standard costing. Variable production costs…
A: The variance analysis is very helpful for the managers in controlling the cost or evaluating the…
Q: 1 The city in which you live provides its budget information in monthly budgetary control reports…
A: Budget It is important for the business entity to prepare the budgetary preparation which can be…
Q: Return on Assets = 24% Asset Turnover = 1.60 x What is the Return on Sales?
A: Return on assets = Net income ÷ Assets Assets turnover = Sales ÷ Assets Return on sales = Net income…
Q: OUse the following to answer questions 18 - 22 Attention Men's Wear, Inc. Balance Sheet…
A: Treasury stocks are contra equity items which are in the nature of share repurchase and are…
Q: QUESTION 4 Pasta Disasta, Inc. is preparing its master budget for its first month of business. It…
A: Budgeted purchase for 1st month = Sales units in 1st month + Ending inventory = 1000 units + 100…
Q: By looking at these real life samples of Financial Statements prepared in accordance to PAS/IAS:…
A: Answer:- Biological assets definition:- Biological assets are those assets which are live assets,…
Q: Net income ? P 122,500 219,000 60,000 60,000 Accounts Payable Accounts Receivable Accumulated…
A: Formula: Net income = Revenues - Expenses
Q: righ real rubber, synthetic rubber, carbon black, oils pus blend of rubber for making tires (rubber…
A: The tax on cash outflow would result in savings in tax and hence it would result in a decrease in…
Q: On June 1, 2018, Coronado Company and Whispering Company merged to form Metlock Inc. A totalof…
A: Earning per share tells how much each share of company's stock makes money. The tax rate given is…
Q: Happy
A:
Q: Myers Corporation has the following data related to direct materials costs for November: actual…
A: Direct material price variance = Actual quantity ×(Standard price - Actual price)
Q: $4 equity on December 31st. 12. Compute ending stockholders
A: Common stock is the ordinary stock issued by the company that gives the stakeholders ownership of…
Q: Accounts Receivable less Allowance for bad debts equals Oa Net appraised value Net book value…
A: The balance sheet represents the financial position of the business on year end.
Q: Which of the following statements is true of tactical decisions? a.Tactical decisions do not have…
A: The tactical decision is taken by the company by choosing certain options from specific goals of the…
Q: Cherise Ortega, marketing manager for Romer Company, was puzzled by the outcome of two recent bids.…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: pany's contribution format income statement for June is as follows: Vulcan Company Income Statement…
A: Income Statement: It is a statement which is prepared periodical and shows the profitability of the…
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
$ 29,300,000
$ 11,300,000
$ 9,800,000
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Here is information on a town government's governmental funds at the end of the current year: Fund balances, governmental funds Accumulated depreciation, capital assets Principal of long-term debt Noncurrent accrued compensated absences Capital assets, at cost Net pension and OPEB obligation The net position of governmental activities at the end of the current year is: Select one: O a. $(20,000,000) $14,000,000 22,000,000 45,000,000 2,000,000 65,000,000 30,000,000 Ob. $(16,000,000) O c. $32,000,000 O d. $2,000,000Below is information on a county's results of operations for the current year, for the general fund. Excess of revenues and other financing sources over expenditures and other financing uses, legal budget basis $6,000,000 Revenues accrued on the modified GAAP basis but not on a budget basis 1,500,000 Outstanding encumbrances of governmental funds, beginning of year 200,000 Outstanding encumbrances of governmental funds, end of year 300,000 Repayment of temporary loan to general fund, reported as revenue only for budget purposes 400,000 Unbudgeted transfers in 30,000 What is the excess of revenues and other financing sources over expenditures and other financing uses for the general fund, on a modified accrual GAAP basis? a. $8,030,000 b. $7,200,000 c. $7,230,000 d. $7,170,0001. In a county's CAFR for the current fiscal year, governmental activities expenses on the government-wide statement of activities are $200 million and governmental fund expenditures on the governmental funds statement of revenues, expenditures, and changes in fund balances are $225 million.What is a possible reason why expenditures are higher than expenses? Select one: A. Large principal payments on general obligation debt. B. Large accruals of pension benefits not requiring current resources. C. Large amounts of general obligation debt issued. D. Large amounts of depreciation expense on governmental capital assets. 2. For the question below, use the numbers from the following financial statements required in a county government's CAFR to identify where the account is reported: 1. Government-wide statement: Statement of net position 2. Government-wide statement: Statement of activities 3. Fund statement: Balance sheet–Governmental funds 4. Fund statement:…
- Indicate (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…The following unadjusted trial balances are for the governmental funds of the City of Copeland prepared from the current accounting records: General Fund Debit Credit Cash $ 19,000 Taxes Receivable 202,000 Allowance for Uncollectible Taxes $ 2,000 Vouchers Payable 24,000 Due to Debt Service Fund 10,000 Unavailable Revenues 16,000 Encumbrances Outstanding 9,000 Fund Balance—Unassigned 103,000 Revenues 176,000 Expenditures 110,000 Encumbrances 9,000 Estimated Revenues 190,000 Appropriations 171,000 Budgetary Fund Balance 19,000 Totals $ 530,000 $ 530,000 Debt Service Fund Debit Credit Cash $ 8,000 Investments 51,000 Taxes Receivable 11,000 Due from General Fund 10,000 Fund Balance—Committed $ 45,000…Calculate operating margin Assume the following information was derived from the fund financial statements prepared by the city of Tallahassee, Florida for the fiscal year ended September 30, 2019: Assets: City of Tallahassee General Fund Balance Sheet (in thousands) Cash and cash equivalents Due from other governments All other assets Total assets Liabilities: Total current liabilities Fund balance: Nonspendable Committed Assigned $2,480 0 11,848 $14,328 $11,287 1,500 0 0
- Identification of activities with particular governmental-type funds Using only the governmental-type funds, indicate which would be used to record each of the following transactions and events. GF General Fund SRF Special Revenue Fund DSF Debt Service Fund CPF Capital Projects Fund PF Permanent Fund 1. Property taxes were received directly by the fund used to accumulate resources to pay bond principal and interest. 2. The city received its share of a state sales tax that is legally required to be used solely to finance library operations. 3. The city sent property tax bills to homeowners to help pay for day-to-day operating costs. 4. The city paid for five fire engines, using resources accumulated in a fund to pay for capital assets. 5. The city received a grant from the state to build an addition to the city hall. 6. The city received the proceeds of general obligation bonds to finance the construction of a new police station. 7. The mayor was paid his monthly…Boa City had the following fixed assets: Fixed Assets used in proprietary fund activities Fixed Assets used in general government activities Fixed Assets used in fiduciary fund activities $1,000,000 .9,000,000 8,000,000 What consolidated amount should Boa report in its government-wide statement of net position? Multiple Choice $17,000,000 O $9,000,000 O $18,000,000 身Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance. The Main City presents its income by sources and its expenses by function. The transactions and activities are: Property-tax revenues $3,000 Utilities 50 Wages and salaries 900 Transfer to debt service fund 100 Estimated revenues 3,500 State grant 800 Annual insurance premium 200 Proceeds of long-term debt 1,000 General administration 1,200 Charges for current services 600 Public safety…
- The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for the year ended September 30, 2024: Inflow of Financial Resources: Property taxes Sales taxes Fees and fines Licenses and permits Intergovernmental Investment earnings Proceeds from sale of land Outflows of Financial Resources: Current: General government Public safety Public works Health and sanitation Culture and recreation Transfer to capital project fund Fund balance, October 1, 2023 Revenues: Taxes: Total Revenues Required: From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the city of Eastern Shores General Fund for the year ended September 30, 2024. Note: Negative entries should be entered with a minus sign and will appear in parenthesis. CITY OF EASTERN SHORES Statement of Revenues, Expenditures, and Changes in Fund Balance General fund For the Year Ended September 30,…Hi, I am in advanced accounting and doing a balance sheet for state and local government. Can you help me create a balance sheet for the capital projects fund? The following unadjusted trial balances are for the governmental funds of the city of Copeland prepared from the current accounting records: Capital projects fund debit credit cash $70,000 special assessments receivable 90,000 contracts payable $50,000 unavailable revenues 90,000 encumbrances outstanding 16,000 fund balance-unassigned 0 other financing sources 150,000 expenditures…A governmental fund’s Statement of Revenues, Expenditures, and Changes in Fund Balances reported expenditures for capital outlay in the amount of $5,000,000. Capital assets for that government cost $110,000,000, including $20,000,000 in land. Depreciable assets are amortized over 20 years, on average. The reconciliation from the governmental funds changes in fund balances to the governmental activities change in Net Position would reflect a(an): Multiple Choice A. Increase of $250,000. B. Increase of $500,000. C. Decrease of $250,000. D. Decrease of $500,000.
