Notification to the COA for any loss of government funds from unforeseen events shall be made within ___ days
Q: Waterway, Inc., has 4900 shares of 3%, $100 par value, cumulative preferred stock and 39200 shares…
A: A dividend is the payment of a part of a company's value to a certain group of shareholders…
Q: Which of the following statements is correct? Da. If price equals cost, sellers are earning no…
A:
Q: A Worker's wage for a guaranteed 44-hour per week is $0.75 per hour. Estimated time to produce one…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: s $1,800, and land in whic as $25,000. s on the distribution?
A: Given as, Received amount= $3,000, Inventory Partnership basis= $1,800, Land partnership basis=…
Q: A corporation purchases 89000 shares of its own $30 par common stock for $47 per share, recording it…
A: Stockholders' equity, also known as shareholders' or shareholders' equity, is the amount of assets…
Q: 10 In a liquidating distribution Ann receives cash of $3,000, inventory in which the partnership's…
A: A corporation is liquidated by selling its assets and using the proceeds to pay creditors &…
Q: 30) If no-par stock is issued without a stated value, then A) the par value is automatically $1 per…
A: There are no par value stock shares issued with no reference of a par value on the front of the firm…
Q: [Do not use peso sign and comma. Ex: If your answer is P1,000. just write 1000.] Smart Company is…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone…
A: Cost is goods sold is the total cost (direct and indirect) of the goods which are sold. All the…
Q: Adrian pays ₱618312 cash and the balance in 22 quarterly payments of ₱27442 for a house and lot. If…
A:
Q: You invested 5,000 in government treasury bill today that pays 5% interest annually. if you leave…
A: t = ln(A/P)/{n[ln(1 + r/n)]} where Maturity amount (A) = 6,077.53 Principal (P) = 5,000 Interest…
Q: 12 Wanda disposed of a number of assets during 2021/22 as follows 1) Antique vase Wanda bought…
A: Capital gain is the long term gain, It is also increase in the value of capital Assets and that…
Q: What is the purpose of the statement of cash flows? What are the three types of cash flow…
A: cash flow statement are the statement which show the position of cash on particular date. These…
Q: Gene and Dixie, husband and wife (ages 35 and 32), bc gross income of $95,000 in 2017, and they are…
A: IRA contribution limitations and eligibility are determined by your modified adjusted gross income,…
Q: Which of the following types of messages might the Active Auditor display? Question 9 options:…
A: The Auditor's report is provided as an assurance service in order for the user to make decisions…
Q: esearch, development and e time was spent in actual ent office to be submitted
A: Any intangible asset developed internally should be recognized in the books of accounts if it…
Q: The classification and therefore subsequent measurement of financial assets depends on.? Select one:…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: explain what happen in this list for pepsi company for year 2019, 2020, 2021 List Of Ratio 2019…
A: The question is related to Turnover Ratio or Activity Ratio. 1. Accounts Receivables Turonver…
Q: What is a business owned by one individual called and the easiest legal form of business to organize…
A: Solution: Limited liability company, partnership and corporation needs more than one individual to…
Q: A static budget report
A: Introduction:- A Static budget is forecast a fixed amount in sales, revenue and expenses over a…
Q: A corporation purchases 89000 shares of its own $30 par common stock for $47 per share, recording it…
A: Treasury stocks are repurchased shares of the company. This stock decreases the value of…
Q: Bonita Manufacturing Corporation purchased 10700 shares of its own previously issued $10 par common…
A: Purchase of own shares were termed as treasury shares. Treasury shares are to be measured at cost.…
Q: What will be the effect on total stockholders’ equity?
A: A corporation purchases 43800 shares of its own $15 par common stock for $35 per share, recording it…
Q: Q (B) Which of the following statements about central bank objectives are true? A. Central…
A: Central banks play a crucial role in ensuring economic and financial stability. They conduct…
Q: Requirement Complete the chart for each of the following independent distributions. Assume that all…
A: Solution: 1) Partner's Fund Loss/Gain Property Shared Property's Basis to Partner…
Q: A project requires an initial investment of $70,000 and has a project profitability index of 0.932.…
A: The investment can be valued using profitability index for the present value or future value of…
Q: Problem on long-term construction Axcel Construction Company has consistently used the percentage of…
A: Percentage of completion method is used to determine the recognition of income. Under this method,…
Q: Erholm Corporation has two operating divisions—an Atlantic Division and a Pacific Division. The…
A: Introduction:- The following basic information as follows under:- Corporation has two operating…
Q: In 1989 Tom died and provided in his will that certain assets with a Fair Market Value of $6,100,000…
A: On the death of a person, all the properties he has are subject to estate tax and inheritance tax.…
Q: Sales price $90 Direct material per unit 29 Direct labor per unit 14 Variable manufacturing…
A: Lets understand the basics. For preparing flexible budget, there are two factors needs to take into…
Q: The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: The company's asset turnover is 0.9 payout ratio is 0.60 and price earnings ratio is 10, the…
A: Formulas: Asset turnover = Sales / Average total assets Payout ratio = Dividend per share / Earnings…
Q: The normal balance of an account is the side of the account (either the debit side or the credit…
A: Every account has a normal balance of a positive value. Assets positive value is debit side.…
Q: ABC Company leased into a ten-year non-cancelable lease requiring year-end payments of P1,200,000 on…
A: Lease Payment: P1,200,000 Implicit interest rate: 10% Initial direct cost: P150,000 Amount financed…
Q: D00 DO Accounts Payable Income Taxes Payable Bonds Payable Common Stock DO
A: Since there are multi sub-parts, we are going to solve first three for you. To get the remaining…
Q: Can you please add another 100 words on this? Feel like the question could be answered in more…
A: Introduction:- A budget is an important tool for every organization for estimating of revenue,…
Q: On January 1, 2022, Villanueva Company classified noncurrent assets as held for sale that had a…
A: Noncurrent assets are long-term investments that will not be fully recognized within the fiscal…
Q: Marie, Len and Ann decided to dissolve their partnership on august 31, 2019. Profits and and losses…
A: Steps to solve this problem: Distribute the profits to the partners in their profit sharing ratio…
Q: Suppose a firm's cash inflows and outflows are variable but completely predictable. How are the…
A: 1) Assume that a company's income and expenses are both variable yet predictable. How do the…
Q: Lace Company provided the following information during PROBLEMS Problem 10-1 (AICPA Adapted) the…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: basis was $1,800, and land in which aterest was $25,000. in or loss on the distribution?
A: Given as, Received amount= $3,000, Inventory Partnership basis= $1,800, Land partnership basis=…
Q: E) change in the cash balance for the cu
A: Cash flow represents the in and out of the money and helps in determining the financial condition of…
Q: Running Corporation reports the following components of stockholders’ equity at December 31, 2019…
A: Journal entries can be defined as the initial step of accounting because the business transactions…
Q: Botiating to acquire Het assets öf Magenta Company. Purple is willing to pay goodwill computed by…
A: Under the super profit method of calculation of goodwill, first of all, super profit is calculated.…
Q: Use the following Unadjusted Trial Balance for Monroe Entertainment Company for questions 44 - 49:…
A: Solution: Liabilities are present obligation as a result of past event that requires outflow of…
Q: Drake Corporation is reviewing an investment proposal. The initial cost and estimates of the book…
A: The question is related to Capital Budgeting. The Cash pay back period is years length of time…
Q: of acquisition. On January 1, 202 k, and one-fourth was for the ot tradom burinecs covered bu th
A: Intangible assets: - Intangible assets are those assets of the company which cannot be touched or…
Q: ackage upgrade and
A: Given as, Units in process, April 1, 60% complete 60,000Units completed and transferred out…
Q: Determine the weighted contributed margin per unit in prior year. Determine the total contribution…
A:
Q: ute is $9.50 per direct labor-hour. The production budget calls for producing 2,200 units in June…
A: Meaning of Direct labor Budget : The direct labor budget is useful the number of laborers who will…
Notification to the COA for any loss of government funds from unforeseen events shall be made within ___ days
Step by step
Solved in 3 steps
- Which of the following adjustments would likely be made when moving from governmental funds financial statements to government-wide financial statements? a. Record an additional expense for compensated absences b. Record an additional expense related to salaries earned at year-end c. Both of the above d. Neither of the abovecustodial fund assets and liabilities are to be recognized: When the earnings process is complete and collection is reasonably assured At the time the government becomes responsible for assets. When they are available and measurable Only in the government wide financial statements.In entity A’s first quarter Statement of Appropriations, Allotments, Obligations, Disbursements and Balances, how much is “unobligated allotments” P6B P5B P10B P15B The receipt of an allotment is recorded by a government entity in the? RAOD ORS RAPAL a and c The incurrence of an obligation for future delivery or performance by the oblige is recorde by a government entity in the RAOD ORS RAPAL a and b The receipt of an appropriation is recorded by a government entity in the RAOD ORS RAPAL a and b The entry to record the receipt of Notice of Cash allocation (NCA) by a government entity is: Debit Cash-Modified Disbursement System (MDS), Regular; Credit Accumulated Surplus (Deficit) Debit Cash-Modified Disbursement System (MDS), Regular; Credit Subsidy from National Government Debit Cash Collecting Officer; Credit Subsidy from National Government No Entry According to the Revised Chart of Accounts issued by COA, the “Subsidy from National Government” account is Asset…
- Government grant related to non-depreciable assets that requires fulfillment of certain conditions* Should not be recognized as income Should be recognized as income immediately Should be recognized as income over 40 years Should be recognized as income over the periods which bear the cost of meeting the conditionsThe City of Algonquin maintains its books to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: Deferred inflows of resources—property taxes of $73,500 at the end of the previous fiscal year were recognized as property tax revenue in the current year's Statement of Revenues, Expenditures, and Changes in Fund Balance. The City levied property taxes for the current fiscal year in the amount of $13,789,400. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $309,200 is thought to be uncollectible, $365,000 would likely be collected during the 60-day period after the end of the fiscal year, and $52,800 would be collected after that time. The City had recognized the maximum of property taxes allowable under modified accrual accounting. In addition to the expenditures…When a city establishes a new landfill, which of the following entries would be made?\\n\\nMultiple Choice\\n\\nAt the time of establishing the landfill, for government-wide financial statements, credit a Liability for the cost of closing the landfill.\\n\\nAt the end of each period, for government-wide financial statements, credit a Liability for a pro-rata share of the cost of closing the landfill.\\nAt the time of establishing the landfill, for fund-based financial statements, credit a Liability for the cost of closing the landfill.\\n\\nAt the end of each period, for fund-based financial statements, credit a Liability for a pro-rata share of the cost of closing the landfill.\\n\\n\\nFor government-wide financial statements, no entry is ever made until the cost is actually paid.
- Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1....Beginning accumulated depreciation was $500. 2....Depreciation during the year was $169 3....Beginning compensated absences was 500.List some of the major adjustments required when converting from fund financial statements to governmentwide statements. Why are these adjustments necessary?A gift to a government company is recorded to Select one: a Permanent fund b. Special revenue fund c. General fund d. Debt service fund
- Please answer with reason for all why the option is correct and why the other options are incorrect 14. According to the FASB, net assets with donor restrictions are released from restrictions: A. At the end of each fiscal year. B. As assets are spent for the purposes intended by the donor. C. When funds are returned to the donor. D. When they are reclassified to permanently restricted net assets.The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: 1. Deferred inflows of resources-property taxes of $69,400 at the end of the previous fiscal year were recognized as property tax revenue in the current yearAc€?cs Statement of Revenues, Expenditures, and Changes in Fund Balance. 2. The City levied property taxes for the current fiscal year in the amount of $10,000,000. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $600,000 of the taxes had not been collected. It was estimated that $320,000 of that amount would be collected during the 60-day period after the end of the fiscal year and that $80,000 would be collected after that time. The City had recognized the maximum of property taxes allowable under…The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: 1. Deferred inflows of resources-property taxes of $69,400 at the end of the previous fiscal year were recognized as property tax revenue in the current yearAc€?cs Statement of Revenues, Expenditures, and Changes in Fund Balance. 2. The City levied property taxes for the current fiscal year in the amount of $10,000,000. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $600,000 of the taxes had not been collected. It was estimated that $320,000 of that amount would be collected during the 60-day period after the end of the fiscal year and that $80,000 would be collected after that time. The City had recognized the maximum of property taxes allowable under…