Pearson eText for Governmental and Nonprofit Accounting -- Instant Access (Pearson+)
11th Edition
ISBN: 9780137561667
Author: Robert Freeman, Craig Shoulders
Publisher: PEARSON+
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Textbook Question
Chapter 2, Problem 2.6E
A municipality’s issuance of general obligation serial bonds to finance the construction of a fire station requires accounting recognition in the
- a. General Fund.
- b. Capital Projects and General Funds.
- c. Capital Projects Fund and the General Capital Assets and General Long-Term Liabilities accounts.
- d. General Fund and the General Capital Assets and General Long-Term Liabilities accounts.
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L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: Now assume that 5% of the L.L. Bean boots are returned by customers for various reasons. L. Bean has a 100% refund policy for returns, no matter what the reason. What would the journal entry be to accrue L.L. Bean's sales returns for this one pair of boots?
The following data were taken from the records of Splish Brothers Company for the fiscal year ended June 30, 2025.
Raw Materials Inventory 7/1/24
$58,100
Accounts Receivable
$28,000
Raw Materials Inventory 6/30/25
46,600
Factory Insurance
4,800
Finished Goods Inventory 7/1/24
Finished Goods Inventory 6/30/25
99,700
Factory Machinery Depreciation
17,100
21,900
Factory Utilities
29,400
Work in Process Inventory 7/1/24
21,200
Office Utilities Expense
9,350
Work in Process Inventory 6/30/25
29,400
Sales Revenue
560,500
Direct Labor
147,550
Sales Discounts
4,700
Indirect Labor
25,360
Factory Manager's Salary
63,400
Factory Property Taxes
9,910
Factory Repairs
2,500
Raw Materials Purchases
97,300
Cash
39,200
SPLISH BROTHERS COMPANY
Income Statement (Partial)
$
Chapter 2 Solutions
Pearson eText for Governmental and Nonprofit Accounting -- Instant Access (Pearson+)
Ch. 2 - Governmental accounting systems are different from...Ch. 2 - Funds used in state and local government...Ch. 2 - Prob. 3QCh. 2 - Why are a municipalitys general capital assets and...Ch. 2 - Prob. 5QCh. 2 - Under what circumstances should a government use a...Ch. 2 - Identify the fund types that are classified as...Ch. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10Q
Ch. 2 - Define interfund loans and interfund transfers,...Ch. 2 - Prob. 12QCh. 2 - Prob. 13QCh. 2 - What is the accounting equation for a governmental...Ch. 2 - Prob. 15QCh. 2 - Prob. 16QCh. 2 - Prob. 17QCh. 2 - Prob. 18QCh. 2 - Prob. 1.1ECh. 2 - Financial assets include a. capital assets that...Ch. 2 - All of the following are considered governmental...Ch. 2 - Each of the following is a fiduciary fund except...Ch. 2 - Prob. 1.5ECh. 2 - Which of the following transactions would not be...Ch. 2 - The transactions associated with a Community...Ch. 2 - The city of Hannah has established a trust to...Ch. 2 - A transaction in which a municipal electric...Ch. 2 - Prob. 1.10ECh. 2 - The operations of a municipal governments public...Ch. 2 - The proceeds of a federal grant made to assist in...Ch. 2 - The receipts from a special tax levy to retire and...Ch. 2 - The operations of a municipal swimming pool with...Ch. 2 - Prob. 2.5ECh. 2 - A municipalitys issuance of general obligation...Ch. 2 - Expenditures of 200,000 were made during the year...Ch. 2 - The activities of a central motor pool that...Ch. 2 - A city collects property taxes on behalf of the...Ch. 2 - A transaction in which a municipal electric...Ch. 2 - (Fund and Nonfund Accounts Identification)...Ch. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - a. Analyze the effects of each of the following...Ch. 2 - a. Analyze the effects of the following...Ch. 2 - Prob. 3PCh. 2 - Prob. 4PCh. 2 - Prob. 5PCh. 2 - Prob. 6PCh. 2 - (State of CaliforniaFund Identification) The...Ch. 2 - a. Analyze the effects of the following...
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- No AIarrow_forwardL.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7.In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: Assume that a pair of 8" Bean Boots are ordered on December 3, 2015. The order price is $109. The sales tax rate in the state in which the boots are order is 7%. L.L. Bean ships the boots on January 29, 2016. Assume same-day shipping for the sake of simplicity. On what day would L.L. Bean recognize the…arrow_forwardFinancial accounting questionarrow_forward
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What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License