1,80,00,000. Building Fund 24,00,000, Prize Fund 12,00,000, Reserve Fund (b) Balances as at 1.4.2020: Capital Fund 4,00,000.During the year Expenditure on Building 4,00,000, Prizes awarded 2,00,000, Interest Received on Investments 4,00,000.Investments were made against the Building, Prize and Reserve Funds commonly. Calculate the Balance of Capital Fund to be shown in the Closing Balance Sheet.
Q: Jesse Brimhall is single. In 2022, his itemized deductions were $9,000 before considering any real…
A: Answer:- Taxable income meaning:- Taxable income is defined as income that is subject to taxation…
Q: As of December 31, 2020, Grimmie Company's general ledger reported a total cash balance of P695,000.…
A: Answer:- Statement of financial position meaning:- Statement of financial position, accurately…
Q: 2. TLK Ltd. manufactures small size fans to be used in load shedding areas. Each fan has a…
A: Income statement is one of the financial statements that shows the profitability, total revenue and…
Q: Directions: Analyze the transactions of Kim as the owner of Chinita Services. Record the…
A: Answer: Answer to the question has been attached as images. Kindly refer to the image for your…
Q: "During 2020, Oldie Company, which uses the allowance method of accounting for doubtful accounts,…
A: Net cash flow from operating activities = Net Income - Bad debts expense + Decrease in accounts…
Q: 12. You want to borrow $44,965 from your local bank to buy a new sailboat. You can afford to make…
A: solution: Loan Amount (PV) 44965 Nos of monthly period (Nper) 48 Installment (PMT) 1140…
Q: Kate has put a lot of time and effort into streamlining the process to design and produce a greet-…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: lournal Entries for Accounts and Notes Receivable Lancaster, Inc., began business on January 1.…
A:
Q: PLEASE ANSWER
A: Under periodic inventory system, the records are maintained and updated at the end of the period and…
Q: rding to AASB 132 Financial Instruments: Presentation, which of the following items would be…
A: As per AASB 132 – Financial Instruments: Presentation Financial liability is a contract that: gives…
Q: Mountain, Inc., purchased a new automobile on October 1 of the 2020 at a cost of $148,000. The…
A: Depreciation is an expense which is charged to a fixed asset of a firm. Depreciation is reported on…
Q: E24 (LO 1) The following information relates to Royale Real Estate Agency. Oct. ! James Royale…
A: "Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Answer please
A: Here we have to compare three alternative process to select the best process from…
Q: Complete this question by entering your answers in the tabs below. Required A Required B Required C…
A: (As only requirement A is asked by student and all entries are correct except entry 5 of supplies.…
Q: Required: 1. Compute the company's net sales for the year. 2. Compute the company's total cost of…
A: The income statement is one of the financial statements that shows the financial performance of the…
Q: Using the data for Project S and Project T below, conduct an Incremental IRR Analysis and select the…
A: Internal rate of return refers to the minimum return to be earned by the investors over the amount…
Q: On May 1, Foxtrot Co. agreed to sell the assets of its Footwear Division to Albanese Inc. for $80…
A: Sale amount for assets= $80 million Book value of assets= $48 million Operating income in form of…
Q: Refer to the following data. Suppose a portfolio consisting of 40% in Security A and 60% in Security…
A: Here,Weight of A is 40%Weight of B is 60%SecurityBetaResidual…
Q: What is the minimum price that Dursley Ltd could charge the cosmetics business to justify the…
A: The relevant costs are the differential costs between making and buying of the product.
Q: ($ thousands) Sales Cost of goods sold Gross profit Operating expenses Net income ($ thousands)…
A: Percentage has been calculated by using 2015 as base year.
Q: 2. Chan Lund, Inc., is considering building a sensitive new airport scanning device. His managers…
A: Expected Monetary Value (EMV) could be a statistical method in risk administration utilized to…
Q: Each of the items in the following list must be accounted for in bank reconciliation. Next to each…
A:
Q: Required information [The following information applies to the questions displayed below.] Tyrell…
A: Interest due It represents the amount required to pay the interest cost of a loan for the payment…
Q: Accounts Debit Credit Cash 5,450 Accounts Receivable 16,200 Supplies Prepaid Insurance Equipment…
A: The adjustment entries are prepared to adjust the revenue and expenses for the current period.
Q: LCD Industries purchased a supply of electronic components from Entel Corporation on November 1,…
A: Purchase Price : $24 Million Period : 12 Months Monthly Interest Rate : 12% / 12 = 1% Annuity rate…
Q: PROBLEM NO. 4 Juan Dela Cruz, non-VAT registered lessor of residential and commercial units, had the…
A: Business Tax = Income* tax rate
Q: Consider a five-year MACRS asset purchased at $75,000. (Note that a five-year MACRS property class…
A: Depreciation: Depreciation is a method that allocates the cost of a tangible or physical asset over…
Q: 884 xercises + - E 15-1 Lease classification • LO15-1 Each of the four independent situations below…
A: Capital lease and operating lease Capital lease: A capital lease refers to the lease in which the…
Q: The total maintenance costs of Silver Company in the last four months are presented below: Month…
A: Variable Cost Per Unit = (Highest Activity Cost – Lowest Activity Cost) / (Highest Activity Units –…
Q: please answer
A: Inventory Categories cost data Net Realizable value data Inventory Value Camersa 15654 15784 15654…
Q: Information on Reng Company's overhead costs for January production activity is a follows: Budgeted…
A: The variance is the difference between the actual data and standard output of the production.
Q: Following is the November, 30, 2020 unadjusted trial balance of Zenith Delivery Company, Inc. The…
A:
Q: For the next (2) two questions: STU Company purchased 10,000 shares representing 2% ownership of…
A: The journal entries can be defined as the base of accounting because the business transaction is…
Q: An industrial organization studying the relative desirability of two diesel engines proposed for…
A: Relative Desirability : Based on the quantity of investment in one asset in an organization, how…
Q: O b. All the other answers are incorrect.
A: Insurance refers to the contract between the insurance company and the entity that receives…
Q: "Net cash flow from operating activities for 2020 for Jap Company was P300,000. The following items…
A: Net Income for 2020 = Net cash flow from operating activities - Depreciation and Amortization +…
![(b) Balances as at 1.4.2020: Capital Fund 1,80,00,000. Building Fund 24,00,000, Prize Fund 12,00,000, Reserve Fund
4,00,000.During the year Expenditure on Building 4,00,000, Prizes awarded 2,00,000, Interest Received on Investments
4,00,000.Investments were made against the Building, Prize and Reserve Funds commonly. Calculate the Balance of Capital Fund to
be shown in the Closing Balance Sheet.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd307d470-a31a-4393-8b34-0d5b472d16ae%2F376d1be4-8a23-49b5-bbaa-91cf9d8ebb6b%2Ffo8gspc_processed.jpeg&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- 7. Consider the following table for the cash flows of an investment account: Time mm/dd/yy 01/01/2015 04/01/2015 08/01/2015 12/31/2015 Contribution -300 +2,000 (a) Calculate the TWRR and the DWRR of the fund. (b) Comment on the results. Fund value before contribution 1,000 500 250 2,800For each of the following transactions, determine the correct debit account from among the choices below: A. Expenditures B. Encumbrances C. Property, Plant, and Equipment (Capital Assets) D. Expenses E. Appropriations F. Other Financing Uses-Transfers Out G. Extraordinary Item H. Special Items I. Liabilities J. Answer not included in the above selections A proprietary fund signs a contract to build an office building with Do Good Construction for $10,000,000 Answer 1 Question 3 A proprietary fund makes a currently due principal payment on Bonds Payable Answer 2 Question 3 A proprietary fund recognizes and pays an interest payment that is currently due Answer 3 Question 3 A proprietary fund spends $5,000,000 of a capital grant for construction of a parking garage. Assume eligibility has been met Answer 4 Question 3 A city’s water supply in a proprietary fund is contaminated by terrorists. Cost of clean up, disposal and…First United Bank Inc. is evaluating three capital investment projects using the net present value method. Relevant data related to the projects are summarized as follows: BranchOfficeExpansion ComputerSystemUpgrade ATMKioskExpansion Amount to be invested $686,053 $516,654 $295,458 Annual net cash flows: Year 1 411,000 288,000 177,000 Year 2 382,000 259,000 122,000 Year 3 349,000 230,000 89,000 Present Value of $1 at Compound Interest Year 6% 10% 12% 15% 20% 1 0.943 0.909 0.893 0.870 0.833 2 0.890 0.826 0.797 0.756 0.694 3 0.840 0.751 0.712 0.658 0.579 4 0.792 0.683 0.636 0.572 0.482 5 0.747 0.621 0.567 0.497 0.402 6 0.705 0.564 0.507 0.432 0.335 7 0.665 0.513 0.452 0.376 0.279 8 0.627 0.467 0.404 0.327 0.233 9 0.592 0.424 0.361 0.284 0.194 10 0.558 0.386 0.322 0.247 0.162 Required: 1. Assuming that the desired rate of return is 20%, prepare a net present value analysis for each project. Use the…
- 4. 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 Debits $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…The preclosing, year-end trial balance for a capital projects fund of the city of Clark as of December 31, 2019, follows: Debit CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75,000Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2,00,000Contracts Payable—Retained Percentage. . . . . . . . . . . 60,000Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,600Other Financing Sources . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 686,600Other Financing Uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…All oI toe above are 3. Which of the following accounts appears on both the interim and year-end balance sheets of the General Fund? a) Revenues. b) Reserve for encumbrances. c) Encumbrances. d) Appropriations. 4. Which of the following would be considered a general capital asset? a) A vehicle purchased from general fund revenues. b) A vehicle purchased and maintained by an enterprise fund. c) A computer purchased from revenues of an internal service fund and used by the supplies department. d) Real estate purchased with the assets of a pension trust fund. 5. A machine is sold for S500. It had originally been purchased for $8,000 using GF It is fully depreciated. Gain on sale of equipment account should be revenues. recorded in the General fund journal as: a) Debit in 500$. b) Credit in 500$. c) Credit in 7500$. d) Gain on sale of equipment account will not recorded in general fund journal. الولايات المتحدة الأمريكية( hp
- The preclosing, year-end trial balance for a capital projects fund of the city of Rochester as of December 31, 2019, follows: Debit CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110,000Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250,000Contracts Payable—Retained Percentage. . . . . . . . . . . 110,000Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,600Other Financing Sources . . . . . . . . . . . . . . . . . . . . . . . . . . 800,000Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .586,600Other Financing Uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5,000Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…B4The following information pertains to interest received by Beech Public University from endowment fund investments for the year ended June 30, 2018: Received Expended forCurrent Operations Unrestricted . . . . . . . . . Restricted . . . . . . . . $300,000 500,000 $100,000 75,000 What amount should be credited to Endowment Income for the year ended June 30, 2018?a. $800,000b. $375,000c. $175,000d. $100,000
- 49) 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.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 0Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1....Beginning accumulated depreciation was $500. 2....Depreciation during the year was $169 3....Beginning compensated absences was 500.
![Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337912020/9781337912020_smallCoverImage.jpg)
![Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337912020/9781337912020_smallCoverImage.jpg)