спу на tuty is managed by Tara Perkins. Show the journal entries that would be recorded in the general fund for the following transactions that occurred during the fiscal year ended June 30, 2021 and identify the income statement effect of each entry:
Q: M2-9 (Algo) Completing T-Accounts LO2-4 Following are the transactions of JonesSpa Corporation, for…
A: T-accounts are the accounts prepared to calculate the balance of each account after transferring all…
Q: 15. "The matching rule is one of the significant concepts in accounting." Do you agree with this…
A: Accounting is one of the important phenomenon, which is the process of recording, summarising and…
Q: Assume that we use a perpetual inventory system and that five identical units are purchased at the…
A: The FIFO method stands for First in first out. Using this method, the goods Purchased first are…
Q: A machine costing P1,500,000.00 has an estimated economic life of 7 years. If the salvage value is…
A: The depreciation on fixed assets can be computed using various methods as straight line method,…
Q: Linda, a resident of Canada, owns 100 % of the common shares of both Windsor Retail Ltd. (“WRL”) and…
A: Small business deduction is calculated by multiplying the small business deduction rate for the year…
Q: You are an accountant working for a company that has recently decided to incorporate. The company…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Oak Mart, a producer of solid oak tables, reports the following data from its second year of…
A: Under variable costing the unit product cost is sum total of direct material , direct labor and…
Q: You must evaluate a proposal to buy a new milling machine. The purchase price of the milling…
A: Last year's feasibility cost treated as a sunk cost which means already incurred in past by the…
Q: Accounting 2. James corporation started his business as a sole trader January 1 2015. From the…
A: The last in, first out approach is a method for inventory valuation and management. When there is…
Q: On January 1, 2017, Pruit Company purchased 85% of the outstanding common stock of Salty Company for…
A: Here provide the details of the Acqusition and would come for the elimination entries related to…
Q: ABC Company provided the following information for the year ended December 31, 2020: Share Capital…
A: Statement of changes in shareholders' equity represents the transactions during the year that has…
Q: The following data pertaining to the cash transactions and bank account of Ella Company for the…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: Problem 9 Prepare a correcting entry for each of the following accounting errors: a. Debited…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: A-Design Inc., a federally incorporated company in Canada, specialized in the design and…
A: Income statement refers to the income generated from the sales revenue after meeting all the…
Q: Calculate how much will Sonja have in a savings account 12 years from now if she deposits RM 3,000…
A: Given in the question: Rate of Interest 10% Period 12 Years Initial Deposit…
Q: 5. Journalize and post the adjusting entries using the following information: a. Insurance expired…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: Kansas Company uses a standard cost accounting system. In 2020, the company produced 28,000 units.…
A: The direct costs incurred are debited to work in process. The applied overhead cost is also debited…
Q: Required: A. State the impact on the accounting equation for each transaction above. For example:…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: 4/2 Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Prove that profit function will yield an amount that is twice the capital
A: Profit is the amount of money which has been made by the company during the period or by doing the…
Q: Glassworks Inc. produces two types of glass shelving, rounded edge and squared edge, on the same…
A: Activity-based costing is a costing approach in which a company's activities are identified and the…
Q: On December 31, 2020, Allan Company had the following cash balances: Cash on hand and in bank…
A: Answer : P5,913,000
Q: PLEASE
A: A trail balance is a list of all account balances both debit and creditIt is useful to check the…
Q: Gordon Miller's job shop has four work areas, A, B, C, and D. Distances in feet between centers of…
A: Total Material handling cost of the layout is calculated by following manner- Total material cost=…
Q: In an effort to increase sales, Relay Company inaugurated a sales promotional campaign on June 30,…
A: The liabilities are the amount that company owes to its creditors and due to be paid.
Q: The composite life (in years) for these assets is
A: Depreciation refers to a decrease in the value of a tangible asset over a period of time. The cause…
Q: monetary working capital
A: Working capital is the capital that keeps revolving around the business. This is the capital that…
Q: require: What is the maximum price per wheel that VA should be willing to pay LA if a transfer were…
A: Transfer pricing is one of the methodology used in cost accounting. This is used for pricing of…
Q: Framework, qualitative characteristics of accounting information are essential to assist decision…
A: The accounting information are one of the most important informations as it help it's user that…
Q: A ladies' suit selling for $150 is marked down 35% for a special promotion. It is later marked down…
A: Lets understand the basics. Management for the purpose of attracing more sales, give discount terms…
Q: Ali Mamat Enterprise Trial Balance as at 31 December 2019 Particulars Sales Purchases Salaries Motor…
A: Introduction: Balance sheet: All assets and liabilities are shown in Balance sheet. It tells the net…
Q: [The following information applies to the questions displaye Oak Mart, a producer of solid oak…
A: Using absorption Costing method, the fixed costs are added to the cost of product and fixed cost is…
Q: HASF Inc a distributor of cosmetics throughout Karachi, is in the process of
A: A budget is a quantitative statement showing an estimate of future payments and receivables. A…
Q: National Pottery makes handmade clay pots. The company anticipates $3,187,219 of manufacturing…
A: Standard labor hours Total direct labor cost $3,375,000 / Standard direct labor cost…
Q: Trent Co. uses the retail inventory method. The following information is available for the current…
A: Solution:- Given, Trent Co. uses the retail inventory method and we have the information of cost and…
Q: GAS" Company does not segregate sales and sales taxes at the time of sale. The sales register total…
A: Sales and Sales tax both are different, sales is a part of revenue whereas Sales tax is a part of…
Q: Entry for payrolltax expense The payroll register of Clapton Co. indicates $11,340 of social…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: The adjusted trial balance of Gobyerno Financial Couriers at June 30, 2022, the end of the company's…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: On January 1, 2011, Plank Company purchased 80% of the outstanding capital stock of Scoba Company…
A: Consolidation- Consolidation is the process of merging two or more enterprises, organizations, or…
Q: ecoral ansactio Ints, Preparing the ance She lai Balan ng the Current Ratio LO2-2, 2-4, 2-5 wing…
A: Current ratio is indicator of short term liquidity and shows how much is the working capital of the…
Q: Farrell and Jimmy enter into a partnership agreement on May 1, 2018. Farrell contributes $30,000 and…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: A-Design Inc., a federally incorporated company in Canada, specialized in the design and…
A: Cash flow statement of A-Design Inc. for January 2017 Cash In Cash Out Sales $100000…
Q: Dmitry had $42,000 of income from wages and $1,550 of taxable interest. Dmitry also made…
A: Taxable income is the income calculated after multiplying the tax rate by the net income and…
Q: Required information [The following information applies to the questions displayed below.] Oak Mart,…
A: The income statement is prepared to record revenue and expenses for the current period. Using…
Q: Special Order Pete's Pizza makes the best pizzas in town. Based on Pete's current volume, the price…
A: At the time of analyzing the offer of the new order, the entity should consider the variable cost…
Q: $ 64600 Dividends $ 20300 Accounts Payable 49300 Accounts Receivable 38400 Equipment 46200…
A: The financial statements are prepared by the business entity to show the performance of the…
Q: a.) In January 2021, NBDB incurred the following expenses for the salaries of its regular employees…
A:
Q: Problem 8 For each transaction below, tell which account is debited and which account is credited.…
A: Journal- Journalizing is the process by which businesses record their transactions in a systematic…
Q: Question #6: The McLaren car factory is scaling up production so they can sell 2,000 MP4 model…
A: Break even point=Total Fixed CostsSelling Price-Variable cost per unit
Step by step
Solved in 2 steps
- The City of Jonesboro engaged in the following transactions during the fiscal year ended September 30, 2018. Record the following transactions related to interfund transfers. Be sure to indicate in which fund the entry is being made. a. The city transferred $400,000 from the general fund to a debt service fund to make the interest payments due during the fiscal year. The payments due during the fiscal year were paid. The city also transferred $200,000 from the general fund to a debt service fund to advance-fund the $200,000 interest payment due October 15, 2019. b. The city transferred $75,000 from the Air Operations Special Revenue Fund to the general fund to close out the operations of that fund. c. The city transferred $150,000 from the general fund to the city’s Electric Utility Enterprise Fund to pay for the utilities used by the general and administrative offices during the year. d. The city transferred the required pension contribution of $2 million from the general fund to the…The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…
- The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…The following information is provided about some of the Town of Truesdale’s General Fund operating statement and budgetary accounts for the fiscal year ended June 30. Estimated revenues $ 3,150,000 Revenues 3,190,000 Appropriations 3,185,000 Expenditures 3,175,000 Estimated other financing sources 400,000 Encumbrances 20,000 Encumbrances outstanding 20,000 Budgetary fund balance (calculate) The Town of Truesdale will honor all of its outstanding encumbrances in the next fiscal period. Prepare the journal entry(ies) to close budgetary accounts required to be closed at the fiscal year end using the information provided.The City of Fox is evaluating which of its funds it will present as a major fund in its fund financial statements on December 31, Year 1. The city presents the following partial listing of asset data at December 31, Year 1: Total Governmental Fund Type Assets $ 3,000,000 Total Enterprise Fund Assets 2,000,000 General Fund Assets 280,000 Community Development Special Revenue Fund 290,000 Faberville River Bridge Capital Project Fund 100,000 Faberville Water & Sewer Utility Fund 1,800,000 Faberville Landfill 200,000 Based purely on assets, how many funds should be displayed as major funds? A.) Four B.) Five C.) TWO D.) Three
- Prepare the journal entries for the following activity in the General Fund of the City of Rivers. On 1/15/20 the city issues purchases orders in the amount of $40,000 to buy two vehicles ($20,000 each) On 2/25/20 the city receives 1 vehicle. The invoice amount is $21,000. On 3/10/20 the city pays the invoice.The City of Greystone maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: The City levied property taxes for the current fiscal year in the amount of $8,000,000. At year-end, $720,000 of the taxes had not been collected. It was estimated that $330,000 of that amount would be collected during the 60 days after the end of the fiscal year and that $360,000 would be collected after that time and the balance would be uncollectible. The City had recognized the maximum of property taxes allowable under modified accrual accounting. $255,000 of property taxes had been deferred at the end of the previous year and was recognized under modified accrual as revenue in the current year. In addition to the expenditures reported under modified accrual accounting, the city computed that an additional $104,000…For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…
- For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…Prepare the journal entries necessary for the following transactions. For each transaction you must identify the fund in which the entries are recorded. Make the entries only for the Fund-Based Financial Statements for the fiscal year ended 6/30/2021. 1. The board of commissioners of the Cosmo City adopted a General Fund budget for the year ending June 30, 2021, which indicated revenues of $5,100,000, bond proceeds of $620,000, appropriations of $1,900,000 for salaries, $800,000 for advertising, $400,000 for supplies, and $800,000 for utilities, and also operating transfers out of $980,000. 2. Cosmo City collected $22,000 from parking meters. 3. On March 12, 2021, Cosmo City ordered a new computer at an anticipated cost of $414,000. The computer was received on April 16 with an actual cost of $416,200. Payment was subsequently made on May 15, 2021. 4. Property taxes of 1,800,000 are levied for Cosmo City. The city expects that 5% will be uncollectible. Of the levied amount,…The following selected information was taken from SunValley City’s general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019:Revenues:Property taxes—2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 825,000Expenditures:Current services:Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000Capital outlay (police vehicles) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,000Excess of revenues over expenditures . . . . . . . . . . . . . . . . . . . . $ 153,000Other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (125,000)Excess of revenues over expenditures and other financing uses. $ 28,000Decrease in fund balance assigned (encumbrances) during 2019 . 15,000Residual equity transfers-out…