Capital and Revenue Expenditures On August 5, GTS Co. paid $3,280 to repair the transmission on one of its delivery vans. In addition, GTS paid $57 to install a GPS system in its van. Journalize the entries for the transmission. If an amount box does not require an entry, leave it blank. August 5 Journalize the entry for GPS system expenditures. If an amount box does not require an entry, leave it blank. August 5

Capital and Revenue Expenditures On August 5, GTS Co. paid $3,280 to repair the transmission on one of its delivery vans. In addition, GTS paid $57 to install a GPS system in its van. Journalize the entries for the transmission. If an amount box does not require an entry, leave it blank. August 5 Journalize the entry for GPS system expenditures. If an amount box does not require an entry, leave it blank. August 5

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The police department of the city of Elizabeth acquires a new police car during the current year. In reporting the balance sheet for the governmental funds within the fund-based financial statements, what reporting ismade of this police car?a. It is reported as a police car at its cost.b. It is reported as a police car at cost less accumulated depreciation.c. It is reported as equipment at fair value.d. It is not reported.
During the fiscal year ended September 30, 2017, the following transactions (summarized) occurred in the Town of Berthoud Information Technology Internal Service Fund: Employees were paid $390,000 Utility bills received from the Town of Berthoud’s Utility Fund during the year amounted to $33,500 Office expenses paid in cash during the year amounted to $10,500. Services supplies purchased on account during the year totaled $167,500 Parts and supplies used during the year totaled $152,300 (at cost) Charges to departments during the fiscal year were as follows: General Fund $408,700 Street Fund $379,300 Payments to the Utility Fund totaled $21,800. Annual depreciation totaled $40,000 for machinery and equipment. Prepare Journal Entries
6 The City of Wade has a fiscal year ending June 30. Examine the following transactions for Wade: (A.) On 6/5/21, Wade opens a new landfill. The engineers estimate that at the end of 12 years the landfill will be full. Estimated costs to close the landfill are currently $4,800,000. (B.) On 6/18/21, Wade receives a donation of a vintage railroad steam engine. The engine will be put on display at the local town park. A fee will be charged to actually climb up into the engine. The engine has been valued at $650,000. (C.) On 6/30/21, Wade estimates that the landfill is 2% filled. Determine and prepare the general fund journal entries for the City of Wade for each lettered item for the purposes of preparing the fund financial statements.
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Accounting for contributions with donor restrictions On January 1, the first day of the fiscal year, a member of a nonprofit hospital's board of directors passed away. His will provided a $96,250 contribution to the hospital to upgrade the skills of its nurses. During January, the hospital spent $41,250 to train the nurses. Prepare journal entries to record the transactions. If no adjustment is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields. Account Debit Credit Cash 96,250 Restricted donor contribution revenue 96,250 To record contribution. Nurse training expense 41,250 Cash 41,250 v To record tralning costs. Net assets without donor restrictions, Reclassifications in 41,250 Net assets with donor restrictions, Reclassifications out 55,000 x To record reclassification. > >
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…
Campbell County uses the consumption method to record all inventories and prepayments. The County has a 3/31 fiscal year-end. On April 1, 2015, the county purchased a two-year insurance policy at a total cost of $400,000, paying for the policy out of the general fund. In the fund financial statements, the amount of insurance expenditures for the fiscal year ended 3/31/2016 would be A.) $400,000. B.) $300,000. C.) $200,000. D.) $100,000.
Capital Expenditures and Revenue Expenditures Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20. Replaced the transmission at a cost of $6,345. June 11. Paid $915 for installation of a hydraulic lift. Nov. 30. Paid $49 to change the oil and air filter. Prepare the journal entries for each expenditure. If an amount box does not require an entry, leave it blank. Mar. 20 June 11 Nov. 30 heck My Work Previous Next All work saved. Save and Exit Submit Assignment for Grac
Please answer both questions.
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Capital Expenditures and Revenue Expenditures Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20. Replaced the transmission at a cost of $4,135. June 11. Paid $1,770 for installation of a hydraulic lift. Nov. 30. Paid $73 to change the oil and air filter. Prepare the journal entries for each expenditure. Mar. 20 fill in the blank 2 fill in the blank 4 June 11 fill in the blank 6 fill in the blank 8 Nov. 30 fill in the blank 10 fill in the blank 12