Hot Club had the following balances at the beginning of the 2021 unting period. Equipment = GHS 13,400; subscriptions owing = GHS 1,700 criptions in advance = GHS 850; travelling and transport expenses anding GHS 450; insurance and rates prepaid = GHS 250; cash and Bar S 52,500. Determine the accumulated fund as the beginning of the perio %3D
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- Midshipmen Company borrows $11,500 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2022. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of Interest Receivable and Interest Revenue (assuming the balance of Interest Receivable at the beginning of the year is $0).The Foundation had the following preclosing trial balance at December 31, 2020, the end of its fiscal year: Trial Balance-December 31, 2020 Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions Net gains on endowments no restrictions Noncurrent pledges receivable Program service revenue - no restrictions Post-employment benefits payable (long-term) Reclassification-Satisfaction Reclassification-Satisfaction Reclassification-Satisfaction Reclassification-Satisfaction Research program expenses Short-term investments Supplies inventory…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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
- Required information [The following information applies to the questions displayed below.] On August 1, 2019, Colombo Co.'s treasurer signed a note promising to pay $121,200 on December 31, 2019. The proceeds of the note were $115,800. Required: a. Calculate the discount rate used by the lender. (Enter your answer as a percentage rounded to 1 decimal place (l.e., 32.1).) Discount rate %Based on the following information, determine the maximum loan amount available as of July 31, 2021. T The plan allows for two outstanding loans at a time. The participant took a loan of $45,000 on March 1, 2021. The participant's outstanding loan balance is $0 as of July 31, 2021. The participant's vested account balance is $150,000 . Answers: $0, $5,000, $50,000, or $75,000?As of December 31 of the current year, Fernandez Company has prepared the following informa-tion regarding its liabilities and other obligations: Notes payable, of which $20,000 will be repaid within thenext 12 months. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000Interest expense that will result from existing liabilities overthe next 12 months. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,000Lawsuit pending against the company, in which $500,000is claimed in damages. Legal counsel can make no reasonableestimate of the company’s ultimate liability at this time . . . . . . . . . . . . . . . . . . . . 400,00020-year bond issue that matures in two years. The entireamount will be repaid from a bond sinking fund . . . . . . . . . . . . . . . . . . . . . . . . . . 750,000Accrued interest on the 20-year bond issue as of the balancesheet date . . . . . . . . . . . . . . . . . . .…
- You are given the following post-closing trial balance for the Special Assessment Capital Projects Fund of the city of Stone Creek as of January 1, 2018. The project was started last year and should be completed in June of 2018. Debit CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000Contracts Payable—Retained Percentage. . . . . . . . . . . 60,000Fund Balance—Restricted . . . . . . . . . . . . . . . . . . . . . . . . . 150,000Fund Balance—Assigned for Encumbrance . . . . . . . . . 80,000Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 290,000The special assessments are collected by the debt service fund, which also makes payments of principal and interest on special assessment bonds. The city has…Midshipmen Company borrows $18,000 from Falcon Company on July 1, 2024. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2025. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below for Midshipmen Company. 3. Calculate the 2024 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0).On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
- at the end of the 2023 fiscal year the general fund had $500 in encumbrances that remained opened into fiscal year 2024. In 2024 the encumbered goods were received at an invoiced cost of $520. How much would be recorded as the 2024 expenditure?Agency A receives a Notice of Cash Allocation from the DBM of 10,000,000.00 for the second quarter of 2021. What is the accounting entry to be recorded in Journal Entry Voucher. Answer in this format. Account Title Dr. Cr.Question: The trial balance below relates to the Consolidated Fund for the year ended 31st December, 2019. GHc'000 GHc'000 Indirect Taxes 120,300 Direct Taxes 85,000 Non taxe revenues 60,000 Compensation for employees 76,000 Goods and services 45,000 Consumption of fixed consumption 24,000 Loans and advances 30,000 Bank and cash balances 12,000 Equity investment 40,000 Domestic debt 90,500 External debt 110,000 Trust fund 50,000 Sundry creditors 24,500 Other expenditures 20,000 Public debt interest 33,000 Social benefit 12,000 Grants 20,000 Subsidies 12,000 Accumulated Fund (1/12/16) 216,300 540300 540,300 Required: 1. Prepare Statement of Revenue and Expenditure for the Consolidated Fund for the year ended 31st December 2019. 2. Prepare Statement of Financial Position as at 31st December 2019.