How much is the contributions receivable to be presented in the statement of financial position of the council?
Q: • Trade terms: list less 20%,15%. • Payment terms: 3/10, n/30. Find: a. The last day for payment b.…
A: When analysing the credit policy and payment with respect to discount received it is important to…
Q: Company wants to buy a molding machine that can be integrated into its computerized manufacturing…
A: Net Present Value: NPV, or "net present value," is calculated by subtracting the present value of…
Q: Oct. Nov. Estimated sales (units) 25,000 25,000 27,000 27,500 28,000 Sales price per unit…
A: The production budget is formed from a combination of the sales forecast and the intended amount of…
Q: 8. What is the effective annual interest rate? а. 9%. b. 10%. с. 11%. d. 20%.
A: Lease means where the lessor give right to use the assets to lessee for specified period and in…
Q: Personally Established Retirement Accounts These days, almost anyone can open personal,…
A: Answer:- Madeline is going to open SEP-IRA plan. Note:- A Simplified Employee Pension (SEP) plan…
Q: lа Сompany provided the rent year: chases chase returns and allowances talincome
A: An income statement is a financial statement that displays a company's revenue and costs. It can…
Q: PAS. LO 16.3 Use the following information from Dubuque Company's financial statements to prepare…
A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the…
Q: Jewel Ltd manufactures four products, A, B, C and D, and has produced the following budgeted figures…
A: For determination of ranking as per key factor we need to calculate first contribution per unit.…
Q: What should be reported in a hyper-inflationary statement of financial position prepared on December…
A: Carrying amount of the asset is the value of the asset which has been computed and determined by the…
Q: 1. What do you understand by a project budget? Please outline the steps needed to prepare a project…
A: Disclaimer: "Since you have asked multiple question in a single question so we have answered first…
Q: During 2020, Tanso purchased 20,000 shares of Ginto common stock for P315,000 as an equity…
A: As per IFRS 9, Financial instruments Standard If investment in equity shares is measured at FVTPL…
Q: Manama Steel processes a single type of steel. For the current period the following information is…
A: Process costing is that method of costing, which is used in industries where product has to go…
Q: Record a transaction money charged on a account
A: A transaction is the amount of value for a product or service. Regardless of when money is received…
Q: Use Service-Output Method. A Machine costs ₱80,000 and an estimated life of 10 years with a salvage…
A: Introduction: Service Output Method also known as Working Hours Method. The formula for Working…
Q: Agustin Company has the following transactions relating to its investments during 2022. January 5 -…
A: Introduction:- The following basic information as follows under:- Shares held-for-trading means…
Q: Exchange difference arising from the translation of financial statements of a foreign operation into…
A: Functional currency: the currency of the primary economic environment in which the entity operates…
Q: You are a credit analyst of a growing commercial bank and have recently received loan applications…
A: Inventory turnover ratio: Cost of goods sold/ average stock Days sales in inventory: 365/ inventory…
Q: The following information on a defined benefit plan is provided: FVPA, beg 2,800,000 PVDBO, beg…
A: Defined Benefit Plan: A defined benefit plan is one in which the pension amount and retirement…
Q: Using the following unadjusted trial balance and the additional data, prepare the necessary…
A: Adjusting entries are those journal entries which are passed at the end of the period in order to…
Q: ne Hire Purchase Interest over the Sum of the digits method LC Account (as it will appear in
A: "Since you have asked multiple sub part question we will solve the first three sub part question for…
Q: At December 31, 2022, before any year-end adjustments, Dallis Company's Prepaid Insurance account…
A: Formula used: Adjusted balance for Insurance expense = Prepaid insurance account balance - Expired…
Q: during Lace Company provided the fölloWIlng che current year: Dividend received Dividend paid Cash…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Based on the following data, what is the quick ratio, rounded to one decimal place? Accounts payable…
A: Quick ratio measures the entity's capacity to pay off its current obligations using quick assets.
Q: What is the amount of bond interest expense for the first year?
A: Solution: Bond interest expense for first year = Interest expense for first semiannual period +…
Q: Peder Prescott is 58 years old and is employed as a corporate tax planning adviser by Senators LLP.…
A: Determination of disposals exempted from capital gain tax in 2021/22 B. Sale of Oil painting to Wife…
Q: calculate the value of closing inventory uing the weighted average cost inventory valuation method
A: Solution: Weighted average cost per unit is computed as = Cost of goods available for sale / units…
Q: On January 1, 2022, Edward Corporation (lessor) enters into a ten-year lease of equipment to Kirk…
A: In lease accounting, interest income that is to be recognized by lessor in its financial statement =…
Q: January 1, 2021, ABC enters into a contract to construct a building for a customer. ABC identifies…
A: The revenue and gross profit for contract can be recognized on the basis of percentage of the work…
Q: The Pierce Company started operations this month and had the following transactions: 1 Owners…
A: An accounting equation refers to a mathematical representation of the transaction. It indicates that…
Q: Below is the information relative to an exchange of old equipment for new equipment by Ehrlich…
A: As per provisons of IFRS, where the exchange of assets takes place then the new asset shall be…
Q: MAJU Print Manufacturing Sdn. Bhd. Manufactures and sell high-technology printing press each year.…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: The following mixed costs relate to a small manufacturing company; Output 50,000 units 80,000 units…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: 7. AHR Company has provided the following data: Inventory and prepaid expenses, P35,000; Current…
A: Assets and liabilities are the two components of the balance sheet. Assets can be long-term or…
Q: On November 2, 201*, Sade entered into firm commitment with Singaporean firm to acquire an…
A: On the Date of December the rate is 38 in Future Market i.e. Forward rate And the Spot rate is 36 So…
Q: Culver Corporation issued 2,800 9%, 7-year, $1,000 bonds dated January I, 2022, at face value.…
A: A journal entry is being used to record a commercial transaction in the accounting records of a…
Q: 2.Which inputs in a material Employee Benefits estimate is most likely the responsibility of the…
A: Employee benefit estimate is calculated to find the present value of future benefit obligations.…
Q: The following information were made available for WideJoy Tech Services (WTS) as of December 31,…
A: The prepaid rent is the rent paid in advance but not due for payment yet.
Q: What is the target set-up cost? Please round to two decimals and do not include a dollar sign. What…
A: The Formula for Economic Order Quantity \begin{aligned} &EOQ= \sqrt{\frac{2\times S\times…
Q: 1. Ray Tech Inc. manufactures Game Consoles. The selling price of each Game Consoles is $699, Raw…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: On June 30, 20x1, Cockroach Co. acquired 75,000 of Nymph Co.'s 100,000 outstanding equity shares…
A: Consolidation In the consolidation Parent company acquired more than 50% shares of the subsidiary…
Q: The Boone Manufacturing had worked on two jobs, Job 101 and Job 102 last year. estimated…
A: Given that, Estimated fixed overhead = P30,000 Estimated variable overhead = P5 per direct labor…
Q: Happy Burger Co, has a commissary that supplies food and other products to its and maintenance (S2),…
A: Under direct method of cost allocation from service departments to operating departments, service…
Q: Prepare a multi-year budget for a project for a period of 3 years (2020-2022) in an Excel worksheet…
A: A project Budget is the estimation of all the costs and revenue to be incurred and generated…
Q: Question 2: Draw up a profit and loss appropriation account for the year ended 31 March 2008 and…
A: Profit & loss appropriation account is prepared to distribute the profits among the partners in…
Q: The trial balance before adjustment of Ehrlich Company reports the following balances:…
A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.…
Q: When studying a project, the following variable costs were estimated for a normal production…
A: The Break-even point (BEP) indicates the level of sales (in units or value) that a company should…
Q: 2. At December 31, 2017, Carter would report gross amount of Construction in Process as a. $600,000.…
A: IAS 11 Construction Contracts provides requirements on the allocation of contract revenue and…
Q: You are a credit analyst of a growing commercial bank and have recently received loan applications…
A: Financial ratios are used to evaluate the performance of the business entity. These are helpful in…
Q: A problem statement is an unstructured set of statements that describes the purpose of an effort in…
A: Introduction: A problem statement is important in a process improvement project since it helps…
Q: mployee Census (Data) iscount rate (assumption) ecalculation of the future benefit obligations…
A: Employee benefits refer to the perks provided to an employee by the employer beyond his/her salaries…
ABC Council provides financial support to a number of independent fine-art projects in the city. Data concerning several events in 2022 are as follows:
- A fund-raising drive yielded P250,000 in cash and P50,000 in pledges. Based on past experience, it was estimated that 10% of the pledges are estimated to be uncollectible.
- Art fair yielded P500,000 in gross revenue. The cost of the fair amounted to P80,000.
- P40,000 of the pledges received were collected during the year.
- The following expenses were paid: salaries of trustees – P100,000; rent expense – P30,000; other expenses – P10,000
How much is the contributions receivable to be presented in the
Step by step
Solved in 2 steps
- The following information relates to Hudson City for its fiscal year ended December 31, 2020.• During the year, retailers in the city collected $1,700,000 in sales taxes owed to the city. As of December 31, retailers have remitted $1,100,000. $200,000 is expected in January 2021, and the remaining $400,000 is expected in April 2021. • On December 31, 2019, the Foundation for the Arts pledged to donate $1, up to a maximum of $1 million, for each $3 that the museum is able to collect from other private contributors. The funds are to finance construction of the city-owned art museum. During 2020, the city collected $600,000 and received the matching money from the Foundation. In January and February 2021, it collected an additional $2,400,000 and also received the matching money. • During the year, the city imposed license fees on street vendors. All vendors were required to purchase the licenses by September 30, 2020. The licenses cover the one-year period from October 1, 2020, through…Residents of the town of Sunny View, Arizona authorized a $5,000,000 renovation to theirhistoric town hall on November 15, 2022. Financing for the project consists of $2,500,000 froma 5 percent serial bond issue, $1,500,000 from a state grant, and $1,000,000 from the GeneralFund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales taximposed on every dollar of sales in the city. Required: Complete the necessary journal entries to record the related transactions in the town's capitalprojects fund, debt service fund, and governmental activities at the government-wide level. Youmay ignore entries in the General Fund. The town has a calendar year-end. e. On April 1, 2023, the town issues serial bonds with a face value totaling $2,500,000 andhaving maturities ranging from one to 20 years at 102. The bonds bear interest of 5percent per annum, payable semiannually on April 1 and October 1. Premiums on bondsissued must be deposited directly in the debt service…Residents of the town of Sunny View, Arizona authorized a $5,000,000 renovation to theirhistoric town hall on November 15, 2022. Financing for the project consists of $2,500,000 froma 5 percent serial bond issue, $1,500,000 from a state grant, and $1,000,000 from the GeneralFund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales taximposed on every dollar of sales in the city. Required: Complete the necessary journal entries to record the related transactions in the town's capitalprojects fund, debt service fund, and governmental activities at the government-wide level. Youmay ignore entries in the General Fund. The town has a calendar year-end. a. Record the 2023 budget for the Serial Debt Service Fund. Sales taxes of $350,000 areexpected to be collected in 2023; the only appropriation is expected to be six months ofinterest of the serial bond.b. The town transfers $1,000,000 from the General Fund to a newly established capitalprojects fund.c.…
- Residents of the town of Sunny View, Arizona authorized a $5,000,000 renovation to theirhistoric town hall on November 15, 2022. Financing for the project consists of $2,500,000 froma 5 percent serial bond issue, $1,500,000 from a state grant, and $1,000,000 from the GeneralFund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales taximposed on every dollar of sales in the city. Required: Complete the necessary journal entries to record the related transactions in the town's capitalprojects fund, debt service fund, and governmental activities at the government-wide level. Youmay ignore entries in the General Fund. The town has a calendar year-end. j. The town paid Central Paving and Construction the amount it had billed, except for 5percent that was withheld as a retained percentage per terms of the contract. k. Grant funds totaling $1,500,000 are received from the state historical society becauseeligible expenditures have been made. l. At year-end,…Residents of the town of Sunny View, Arizona authorized a $5,000,000 renovation to theirhistoric town hall on November 15, 2022. Financing for the project consists of $2,500,000 froma 5 percent serial bond issue, $1,500,000 from a state grant, and $1,000,000 from the GeneralFund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales taximposed on every dollar of sales in the city. Required: Complete the necessary journal entries to record the related transactions in the town's capitalprojects fund, debt service fund, and governmental activities at the government-wide level. Youmay ignore entries in the General Fund. The town has a calendar year-end. n. The sales tax collections for debt service amounted to $250,000. o. Central Paving and Construction gave a final billing to the town for $2,000,000. Upon last inspection by the Public Works Department, a leak was discovered in the roof.p. Public works employees installed a new sidewalk and landscaping at a…The City of Bernard starts the year of 2017 with the following unrestricted amounts in its general fund: cash of $20,000 and investments of $70,000. In addition, it holds a small building bought on January 1, 2016, for general government purposes for $300,000 and related long-term debt of $240,000. The building is being depreciated on the straight-line method over 10 years. The interest rate is 10 percent. The general fund has four separate functions: general government, public safety, public works, and health and sanitation. Other information includes the following: On the last day of the year, the city borrowed $64,000 from a local bank and used that money to buy a truck. The first payment on the loan (plus interest) will be made at the end of the next year. The city started a landfill this year that it is recording within its general fund. It is included as a public works function. Closure costs today would be $260,000 although the landfill is not expected to be filled for nine more…
- Harland County is in a financially distressed area of Missouri. In hopes of enticing business to this county, the state legislature appropriated $3 million to start an industrial development commission. The federal government provided an additional $1 million. The state appointed 15 individuals to a board to oversee the operations of this commission, and Harland County offi-cials named five additional members. The commission began operations by raising funds from local citizens and businesses. Over the past 12 months, it received $700,000 in donations and pledges. The county provided clerical assistance and allowed the commission to use one wing of a county office building for its headquarters. The Harland County government must approve the commission’s annual operating budget. The county will also cover any deficits that might occur.During the current period, the commission spent $2.4 million and achieved notable success. Several large manufacturing companies recently began to explore…The officers and Board of Directors of the Philippine Institute of Civil Engineers desire to award a P3,000 scholarships annually to deserving Civil Engineering students for as long as its scholarship fund last. The fund was started September 1, 2007 by a donor in the amount of P18,000. The PICE invested this amount at that time at 8% per annum, and plans on adding P600 each year to the fund from its dues starting September 2008 for as long as awards are made. How to solve for how many years starting September1, 2008 can scholarship be awarded?In January 2022, a private foundation agrees to match all private cash contributions up to $20 million received by a city-owned museum during its 2022 fund drive. During 2022, the city receives $14 million in private cash contributions for the museum. Therefore, the foundation pays the following to the city: • $8 million in 2022. • $3 million in January, 2023. • $2 million in February, 2023. • $1 million in March, 2023.
- The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the general fund holds $123,000 cash and a new school building costing $1 million. The city utilizes straight-line depreciation. The building has a 20-year life and no salvage value. The enterprise fund has $62,000 cash and a new $600,000 civic auditorium with a 30-year life and no salvage value. The enterprise fund monitors just one activity, the rental of the civic auditorium for entertainment and other cultural affairs.The following transactions for the city take place during 2017. Assume that the city’s fiscal year ends on December 31.a. Decides to build a municipal park and transfers $70,000 into a capital projects fund and immediately expends $20,000 for a piece of land. The creation of this fund and this transfer were made by the highest level of government authority.b. Borrows $110,000 cash…The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the general fund holds $123,000 cash and a new school building costing $1 million. The city utilizes straight-line depreciation. The building has a 20-year life and no salvage value. The enterprise fund has $62,000 cash and a new $600,000 civic auditorium with a 30-year life and no salvage value. The enterprise fund monitors just one activity, the rental of the civic auditorium for entertainment and other cultural affairs. The following transactions for the city take place during 2017. Assume that the city’s fiscal year ends on December 31. Decides to build a municipal park and transfers $70,000 into a capital projects fund and immediately expends $20,000 for a piece of land. The creation of this fund and this transfer were made by the highest level of government authority. Borrows $110,000 cash…Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. The government sells $900,000 in bonds at face value to finance construction of a warehouse. A $1.1 million contract is signed for construction of the warehouse. The commitment is required, if allowed. A $130,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). Equipment for the fire department is received with a cost of $12,000. When it was ordered, an anticipated cost of $11,800 had been recorded. Supplies to be used in the schools are bought for $2,000 cash. The consumption method is used. A state grant of $90,000 is awarded to supplement police salaries. The money will be paid to reimburse the government after the supplement payments have been made to the police officers. Property tax assessments are mailed to citizens of the government. The total assessment is $600,000,…
