ADV. ACCT LOOSELEAF W/ CONNECT ACCESS
13th Edition
ISBN: 9781266324857
Author: Hoyle
Publisher: MCG
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Textbook Question
Chapter 16, Problem 12Q
What are the four fund types within the fiduciary funds? What types of events does each report?
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Thalassines Kataskeves, S.A., of Greece makes marine equipment. The company has been experiencing losses on its bilge pump product line for several years. The most recent quarterly contribution format income statement for the bilge pump follows:
Thalassines Kataskeves, S.A.
Income Statement—Bilge Pump
For the Quarter Ended March 31
Sales
$ 410,000
Variable expenses:
Variable manufacturing expenses
$ 123,000
Sales commissions
50,000
Shipping
21,000
Total variable expenses
194,000
Contribution margin
216,000
Fixed expenses:
Advertising (for the bilge pump product line)
27,000
Depreciation of equipment (no resale value)
120,000
General factory overhead
38,000*
Salary of product-line manager
113,000
Insurance on inventories
5,000
Purchasing department
49,000†
Total fixed expenses
352,000
Net operating loss
$ (136,000)
*Common costs allocated on the basis of machine-hours.
†Common costs allocated on the basis of…
Do companies maintain two sets of depreciation schedules, one for financial reporting and the other one for tax purposes?
none ??
Chapter 16 Solutions
ADV. ACCT LOOSELEAF W/ CONNECT ACCESS
Ch. 16 - Prob. 1QCh. 16 - Prob. 2QCh. 16 - Prob. 3QCh. 16 - Prob. 4QCh. 16 - What measurement focus is used in fund financial...Ch. 16 - Prob. 6QCh. 16 - Prob. 7QCh. 16 - In applying the current financial resources...Ch. 16 - Prob. 9QCh. 16 - What are the five fund types within the...
Ch. 16 - Prob. 11QCh. 16 - What are the four fund types within the fiduciary...Ch. 16 - Prob. 13QCh. 16 - Fund financial statements have separate columns...Ch. 16 - The general fund of a city reports assets of...Ch. 16 - Why are budgetary entries recorded in the...Ch. 16 - How are budget results shown in the financial...Ch. 16 - Prob. 18QCh. 16 - Prob. 19QCh. 16 - Prob. 20QCh. 16 - How do governmental funds report capital outlay in...Ch. 16 - Prob. 22QCh. 16 - Prob. 23QCh. 16 - Prob. 24QCh. 16 - How is the issuance of a long-term bond reported...Ch. 16 - Prob. 26QCh. 16 - Prob. 27QCh. 16 - Prob. 28QCh. 16 - What is an internal exchange transaction, and how...Ch. 16 - Prob. 1PCh. 16 - Prob. 2PCh. 16 - Prob. 3PCh. 16 - Prob. 4PCh. 16 - Prob. 5PCh. 16 - Prob. 6PCh. 16 - Which of the following statements is correct about...Ch. 16 - Prob. 8PCh. 16 - Prob. 9PCh. 16 - The City of Bagranoff holds 90,000 in cash that...Ch. 16 - Prob. 11PCh. 16 - The general fund pays rent for two months. Which...Ch. 16 - A purchase order for 3,000 is recorded in the...Ch. 16 - At the end of the current year, a government...Ch. 16 - A government buys equipment for its police...Ch. 16 - A city acquires supplies for its fire department...Ch. 16 - Prob. 17PCh. 16 - The state government passes a law requiring...Ch. 16 - The state awards a grant of 50,000 to the Town of...Ch. 16 - A city issues a 60-day tax anticipation note to...Ch. 16 - A city issues five-year bonds payable to finance...Ch. 16 - The City of Dylan issues a 10-year bond payable of...Ch. 16 - Prob. 23PCh. 16 - A 110,000 payment is made on a long-term...Ch. 16 - A city constructs a special assessment project (a...Ch. 16 - A city constructs curbing in a new neighborhood...Ch. 16 - Which of the following is an example of an...Ch. 16 - Cash of 60,000 is transferred from the general...Ch. 16 - Cash of 60,000 is transferred from the general...Ch. 16 - Cash of 20,000 is transferred from the general...Ch. 16 - Cash of 20,000 is transferred from the general...Ch. 16 - The board of commissioners of the City of...Ch. 16 - A city orders a new computer for its general fund...Ch. 16 - Cash of 90,000 is transferred from a citys general...Ch. 16 - The governmental funds of the City of Westchester...Ch. 16 - Government officials of Hampstead County ordered a...Ch. 16 - A local government has the following transactions...Ch. 16 - Prepare journal entries for the City of Puddings...Ch. 16 - Prepare journal entries for a local government to...Ch. 16 - The following unadjusted trial balances are for...Ch. 16 - Following are descriptions of transactions and...Ch. 16 - Chesterfield County had the following...Ch. 16 - The following trial balance is taken from the...Ch. 16 - A city has only one activity, its school system....Ch. 16 - Prob. 45PCh. 16 - Prob. 46PCh. 16 - The following transactions relate to the General...Ch. 16 - Use the transactions in problem (47) but prepare a...Ch. 16 - Government officials of the City of Jones expect...Ch. 16 - On December 1, 2017, a state government awards a...Ch. 16 - Indicate (i) how each of the following...Ch. 16 - Fund A transfers 20,000 to Fund B. For each of the...Ch. 16 - Use the following information for Problems 5359:...Ch. 16 - On December 30, 2017, the City of Coyote borrowed...Ch. 16 - An art display set up for the City of Coyote was...Ch. 16 - The City of Coyote mailed property tax bills for...Ch. 16 - Prob. 57PCh. 16 - In 2017, the City of Coyote received a 320,000...Ch. 16 - During 2017, the City of Coyotes General Fund...
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