To travel to America via the ship Titanic, Juan made a P100,000 loan which is to be repaid over a term of 2 years at 7.2% interest convertible quarterly. The lender wants only payments of interest until the end of the term when the loan balance P 100,000 must be repaid in full. The borrower will make level quarter-end payments to a sinking fund earning 6% payable quarterly.

Q: ) Which of the following items would not appear in a statement of revenues, expenditures, and…

A: A governmental fund is an accounting entity used to account for the financial resources and…

Q: The following events take place: 1. 2. 3. James Smith died and left 100 acres of undeveloped land to…

A: Unlike traditional accounting, which focuses on the overall financial health of an organization,…

Q: A public university has given the order for supplies on 10 January 2020 for the cost of RO 25,500…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: Prepare a governmental funds balance sheet; a governmental funds statement of revenues,…

A: 1. General Fund Property taxes- delinquent (net) = Property taxes receivable – delinquent minus…

Q: Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care…

A: The objective of the question is to prepare the budgetary entries for the year 2023, assuming that…

Q: A special revenue fund reports total assets of $400,000 and total liabilities of $375,000. It…

A: Fundamental  Accounting Concept

Q: In a governmental fund, which one of the following constitutes revenue?a. Cash received from another…

A: Tax: It refers to a financial obligation or charge that is imposed by the government on the income,…

Q: In a governmental fund, which of the following is considered an expenditure? a. The purchase of a…

A: Expenditure: It can be defined as a payment that is made either via cash or credit card to purchase…

Q: The permanent fund is one of the several types of governmental funds. a. True b. False

A: Governmental funds : In fund accounting system, the government funds are categorized into three…

Q: Grants in recognition of specific costs are recognized as income   A. Immediately B. Over a…

A: Grants:-  Grants are sources of free money that general need not to be repaid. It is given by the…

Q: An NFP organization receives supplies from a donor. At what amount is the donation reported in…

A: A NPF stands for non profit organisation. It runs for the betterment of society rather than earning…

Q: For each of the following transactions, determine the correct debit account from among the choices…

A: In a journal entry for accounting, debits are always entered on the left side of the entry. A credit…

Q: Ted's Village has five governmental funds: a General Fund, a Debt Service Fund, and three Special…

A: As per GASB Statement no 34, all funds whose total revenues or total expenditures exceeds 10% of the…

Q: If this landfill is judged to be a governmental fund, what liability will be reported at the end of…

A: Identify the correct option out of the given statements. Option a. When the landfill is judged as a…

Q: An annuity with payments that occur at the beginning of each period is known as a O annuity due…

A: Annuities are series of constant cash flow that are being paid at regular interval of time and these…

Q: £1443 paid at the end of each year for the first 4 years followed by £1441 paid at the end of each…

A: Annual payment for first 4 years = £1443 Annual payment for 15 years (including first 4 years) = p =…

Q: Cash Patient receivable Patient revenue Salary and wage expense Salaries Payable Employee Benefit…

A: To create a statement of revenue, cost, and change in Fund net position, the provided data has to be…

Q: is a pre-closing trial balance for Montpelier's General... The following is a pre-closing trial…

A: A key financial indicator that aids businesses and governments in monitoring and controlling their…

Q: An expenditure for general obligation long-term debt is always recorded at year-end in the…

A: GASB: The GASB is the board that provides the guideline to the governmental units about proper…

Q: For the sinking fund, use Table 12-1 to calculate the amount (in $) of the periodic payments needed…

A: Sinking Fund: It is the specific amount of money,needed at some future date,is accumulated by a…

Q: After closing entries, a special revenue fund's Fund Balance account represents the net amount of…

A: The statement is True. After closing entries, a special revenue fund's Fund Balance account indeed…

Q: Which of the financial statements described below is prepared by the general fund of a state or…

A: The annual financial reports prepared by the government bodies are referred as governmental…

Q: question 8. Determined that the Capital Projects Fund should be reimbursed $3,000 for wages that…

A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…

Q: In annuity payments, the amount of interest which is included in each of the equal periodical…

A: In annuity payment, interest is calculated on the remaining outstanding balance.

Q: True or False questions H. According to the Governmental Accounting Standards Board, there are three…

A: Solution Concept As per GASB Fund categories Fund types Restricted general fund…

Q: Resources for a capital improvement are provided by special assessments. At the start of the second…

A: Revenue: It is the amount earned by a company or governmental organization on the delivery of goods…

Q: nuity due is an annuity whose payment is due at the END of each period. TRUE OR FALSE

A: . An annuity is a series of uniform cash flows paid or received at an equal interval over a period…

Q: Which of the following would be considered a general capital asset? Select one: a. Real estate…

A: Example of general Capital assets includes improvements to land, easements, buildings, building…

Q: 6. On January 1, a pension fund has a balance of $X. A contribution of $200,000 is paid into the…

A: Contribution refers to the portion of sales revenue that gives coverage to fixed costs and desired…

Q: Required: Prepare a statement of revenues, expenditures, and changes in fund balance for the Muscat…

A: The statement prepared by the government organizations to determine the excess or deficit of…

Q: The Village of Parry reported the following for its Print Shop Fund for the year ended April 30,…

A: Cash flow Statement - Cash flow is a statement that provides details about how the cash is generated…

Q: Which of the following statements best describes the accounting for inventories in the General Fund?…

A: Option (b) is the correct answer

Q: A. List down 5 goods and services by the government. B. Explain how the government source the funds…

A: Goods and services provided by the government are called public goods and they vary from nation to…

Q: Does a credit balance in the fund balance account(s) at the end of the year necessarily mean the…

A: In case if in the fund balance accounts, there is a credit balance then it doesn't mean that the…

Q: payment were paid. on bonds sold by Croton in previous years came due and was pai column, select the…

A: Debt service fund accounts for financial sources and uses including revenues and related…

Q: A school fund establishes that the following deposits must be made: Year 1, $2,000; Year 2, $2,000 +…

A: To determine the scholarship payment can be in perpetuity, we need to find the present value of the…

Q: A gift to a government company is recorded to Select one: a Permanent fund b. Special revenue fund…

A: Solution- Special Revenue Funds - these are used to account for those types of revenues that are…

Q: Which one of the following is a correct statement about the nontax characteristics of a pooled…

A: Pooled income fund is a kind of charitable trust. It is basically a mutual fund that contains gifts…

Q: The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows. Cash.…

A: Answer  -  A closing journal entry is made at the end of the accounting period where financial data…

Q: a. If this budget is formally integrated into the accounting records, what journal entry is required…

A: DateAccountDrCrestimated revenue control$1,000,000estimated other financing sources-bond…

Q: long term liabilities was $2,200.

A: Compensated absence is related with Employees. That will paid by the firm to the Employee in near…

Q: Fill in each blank so that the resulting statement is t A/An .. is a sequence of equal paymer made…

A: Solution: An "annuity" is a sequence of equal payments made at equal time periods.

Q: period? wer. t be deposted nto the brokeragers commission urt within 24hours of recept Funds must be…

A: Real estate and brokers act refers to the act which specifies all the desired set of rules and…

Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.