The balance in the government-wide governmental activities net position is equal to:
Q: Which of the following statements about the auditor's responsibilities in public company audits is…
A: PCAOB is public companies accounting oversight board. The board oversees the auditing of public…
Q: Classified Electronics has an unfunded retiree health care plan. Each of the company’s three…
A: The expected post-retirement benefit obligation is the discounted present value of an actuarial…
Q: Boone Manufacturing had worked on two jobs, Job 101 and Job 102 last year. T estimated manufacturing…
A: Production variance is similar to labor efficiency variance. production Variance = (SH - AH) * SR
Q: Winnie and Minnie form a partnership. Winnie contributed $5,000 cash and $20,000 in inventory.…
A: Partnership means where two or more partners agree to do the business jointly and share profit and…
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: Rianna is 60 years old. She purchased a deferred annuity for $40,000. The annuity will begin paying…
A: The correct answer for the above question is given in the following steps for your reference.
Q: Biotechtron, Inc., has two research laboratories in the Southwest, one in Yuma, Arizona, and…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: In the income statement restated to current cost, what the inventory sold for the current year? 3.…
A: Dear student, as per bartleby guidelines we are supposed to answer only first 3 subparts. Kindly…
Q: The current sections of Larkspur, Inc.'s balance sheets at December 31, 2021 and 2022, are presented…
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash…
Q: on april 1, 2021, nels ferrer organized a business called friendly trucking. during april, the…
A: Journal entries recording is the first step of accounting process, under which one account is…
Q: Round your answer to the nearest dollar, such as 12345. (No need to write $ as $ is already in front…
A: calculation of gain or loss on bond DE- recognition are as follows
Q: Need help with accounting review
A: According to the accounting equation, a company's total assets are equal to the sum of its…
Q: On January 1, year 1, P Company sold a machine for P900,000 to S Company, its wholly owned…
A:
Q: The following is the list of income and expense accounts of JJJ Partnership as of year-end December…
A: James' share in Net Income James' share in Net Income = Net Income After tax X 1/3 James' share in…
Q: Pesto Company started its business in selling printers with three-year warranty. It estimates its…
A: Warranty means the undertaking given by the company selling the goods that in case of any defect ,…
Q: d 8,000 Sales revenue ₱7,200,000 Variable costs ₱4,000,000 Fixed costs…
A: To calculate the no of units to be sold to earn target profit, the contribution margin per unit is…
Q: If you are the accountant of ABC company. At the end of 2020 the cash balance per book was $10,000…
A: Introduction:- Bank Reconciliation statement comparing the transactions recorded in the company's…
Q: s of P2,000,000 are due on December 31, 2019. The lea
A: To find the balance of assets in Dec 31, 2022 as,
Q: Greenwood Company manufactures two products—14,000 units of Product Y and 6,000 units of Product Z.…
A: Overhead allocation is based on a predetermined overhead rate. The predetermined overhead rate can…
Q: 12. Which of the following statements about the requirements of IFRS 5 is incorrect? a. At the end…
A: As per IFRS 5 THE ASSETS HELD FOR sale are initially recorded at the carrying value of the assets…
Q: e product AB makes sense. If the colu dent and so are the columns of B. unter example to the…
A: To show the given statement is False as,
Q: 9. A firm had owner's capital of P150,000 in 2013 and P187,500 in 2013. The increase in owner's…
A: Increase in owner's capital = P187,500 - P150,000 = P37,500
Q: Manama Steel processes a single type of steel. For the current period the following information is…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: The average price of a gallon of gas In 2018 Increased $0.30 (12.4 percent) from $242 in 2017 to…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: he information on the defined benefit plan is provided in the picture. a) What is the net defined…
A: Following table will be prepared for calculation of required information: Pension Plan…
Q: A start-up mobile phone manufacturer who produces mother boards has fixed costs of $320,000 per year…
A: The point at which the cost of buying the product is equal to cost of making the product is known as…
Q: The following investment portfolio of equity securities (all acquired during 2019) accounted for as…
A: Here discuss about the unrealized gain or loss arised from the equity securities which are traded in…
Q: d. ratio analysis. B. A firm has liabilities of P30,000 and owner's capital of P90,000. The…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.
Q: If the foreign operations reports in the currency of hyperinflationary economy, assets and…
A: IAS 29 Financial Reporting in Hyperinflationary Economies applies where an entity's functional…
Q: Problem #4 At December 31, Beaver Company's records show the following amounts in ending Market…
A: Under LCM METHOD inventory is valued at lower of cost and market value. If there is a loss because…
Q: Consider an annual 4 year coupon bond paying a coupon rate of 5%. If it is 1000 par and the YTM= .04…
A: Bond is a fixed interest bearing instrument that is issued by the company for funds and has a…
Q: Carol, a self-employed CPA, purchases hockey tickets online for $180 and takes a client to the game.…
A: Given: - Particulars Amount Cost of hockey ticket $180 Bill for Dinner $140 Total expense…
Q: A. Record the infomation on a perpetual inventory record using each of the following methods: 1.…
A:
Q: in Sydney. Although the length of his stay is not certain, he leases a residence in Brisbane for 12…
A: According to ATO guidelines, if an assessee has a temporary visa and neither he nor his spouse is an…
Q: Accounting Wildhorse Co. sells $462,000 of 10% bonds on March 1, 2020. The bonds pay interest on…
A: Given, Market rate for semi-annual interest payments=12%2=6%Term of bonds=3.5 years×2=7 terms
Q: The Marine Division of Pacific Corp. has average invested assets of $110,000,000. Sales revenue of…
A: Residual income = Operating income - (Average invested assets x Hurdle rate)
Q: n October 1, 2021, A Corp. purchased goods from US based corporation worth 60,500 US dollars.…
A: Solution Concept in respect of the monetary assets and liabilities , there shall be initial and…
Q: 10. YOU Company has 40,000 shares of common stock outstanding that it originally issued for P30 per…
A: The dividend yield can be calculated by dividing the dividend per share by the market price per…
Q: The general ledger of Grumpy Corporation as of December 31, 2021, includes the following accounts:…
A:
Q: D. Lawrance designs and manufactures fashionable men’s clothing. For the coming year, the company…
A: The effect of new or special orders can be evaluated by determining their incremental effect on…
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: Units sold at Retail Units Acquired at Cost 200 units @ $ 12.50 = Date Activities $ 2,500 January 1…
A: Under weighted average cost method using periodic inventory system, value of ending inventory and…
Q: A company has $100,000 of share capital and $60,000 Retained Earnings at the end of 2020, and…
A: Retained earnings ending balance is result of retained earnings beginning balance plus Net income…
Q: risk over the cash disbursement function, the auditor notes a delay in recording disbursements. This…
A: when talking about control risk it is the risk that a material misstatement could occur this may be…
Q: assume that you have recently been invited by a large firm quoted on the kuwait stock exchange to…
A: Answer:- Audit committee:- An audit committee is basically comprises of board of directors…
Q: On January 1, 2021, Familia purchased 1,600 ordinary shares of another entity for P2,000,000. At…
A: If investments in shares are designated as FVOCI (Fair value through other comprehensive income),…
Q: age 65 for the rest of her life. At age 65 her expected return multiple is 20. In the year that she…
A: Deferred Annuity In the deferred annuity which are given some benefit after a stipulated period of…
Q: (A) Discuss the circumstances that would require a business to change from traditional costing to…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: D. 3.5 OHW Company's debt to equity ratio is 0.6. Current liabilities are P120,000, long term…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: The following information on a defined benefit plan is provided: FVPA, beg 4,000,000 PVDBO, beg…
A: OCI is the other comprehensive incomes, which is calculated in financial accounting, It is for the…
Accounting
The following information is available for Phelan City for the year ended December 31, 2022:
Total governmental fund balance was $3,000,000
The City had $1,000,000 of capital assets in place at the beginning of the year.
The City acquired $800,000 in capital assets during the current year.
The City sold capital assets with a book value of $240,000 for $250,000.
The City issued, during the current year, $3,000,000 in general obligation bonds and the bonds are to be used for a construction project. No other bonds were issued in previous periods.
At the end of the year accrued interest payable was $180,000, not legally due.
Revenue accrued but not available for current period use totaled $160,000.
The balance in the government-wide governmental activities net position is equal to:
Group of answer choices
$1,160,000.
$1,310,000.
$1, 320,000.
$1,330,000.
Step by step
Solved in 2 steps
- -The City of Havisham has a fiscal year ending December 31, Year 5. If the city were to produce financial statements right now, the following figures would be included: -Governmental activities: Assets = $800,000, Liabilities = $300,000, and Change in Net Position for the period = increase of $100,000 - Business-type activities: Assets = $500,000, Liabilities = $200,000, and Change in Net Position for the period = increase of $60,000 - Governmental funds: Assets = $300,000, Liabilities = $100,000, and Change in Fund Balances = increase of $40,000 -Proprietary funds: Assets = $700,000, Liabilities = $300,000, and Change in Net Assets for the period = increase of $70,000 Other information: The city council is considered the highest level of decision-making authority for the government. Where applicable, current financial resources are viewed by the government as available if collected within 75 days of the end of a fiscal year. For each of the following, indicate whether the overall…The following information is available for the preparation of the government-wide financial statements for the City of Northren Pines fot the year ended June 30,2020: Expenses: General government $11,960,000; Public Safety $23,900.000; Public Works $11,290,000 Health and sanitation $6,010,000, Culture and recreation $4,198,000; Interest on long term debt, governmental type $721,000; Water and Sewer system $10,710,000 Parking system $409,000 Revenues: Charges for service, general governemnt $1,510,000; Charges for services, public safety $210,000; Operating grant, public safety $798,000; Charges for services health and sanitation $2,335,000; Operating grant, health and sanitation $1,210,000; Charges for service, culture and recreation $1,998,000; Charges for services, water and sewer $11,588,000; Changes for services, parking system $388,000; Property Taxes $27,112,000; Sales Taxes $20,698,000 investment earnings, business-type $325,000; Special Item - gain on sale of unused land,…The following information is extracted from a City’s government-wide statement of net position at December 31, 2015: Capital assets $4,500,000 Accumulated depreciation, capital assets $2,400,000 Bonds payable -0- The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2015. Expenditures - capital outlay (General Fund) $ 60,000 Expenditures - capital outlay (Capital Projects Fund) $900,000 Depreciation on old and new assets during the year was $546,000. Prepare journal entries so…
- The City of Havisham has a fiscal year ending December 31, Year 5. If the city were to produce financial statements right now, the following figures would be included:– Governmental activities: Assets = $800,000, Liabilities = $300,000, and Change in Net Position for the period = increase of $100,000– Business-type activities: Assets = $500,000, Liabilities = $200,000, and Change in Net Position for the period = increase of $60,000– Governmental funds: Assets = $300,000, Liabilities = $100,000, and Change in Fund Balances = increase of $40,000– Proprietary funds: Assets = $700,000, Liabilities = $300,000, and Change in Net Assets for the period = increase of $70,000Other information: The city council is considered the highest level of decision-making authority for the government. Where applicable, current financial resources are viewed by the government as available if collected within 75 days of the end of a fiscal year.For each of the following, indicate whether the overall statement…Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $615,000. Parks reports net expenses of $102,000. Art museum reports net revenues of $51,000. General government revenues for the year were $894,000 with an overall increase in the city's net position of $228,000. The fund financial statements provide the following for the entire year: The general fund reports a $44,000 increase in its fund balance. The capital projects fund reports a $64,500 increase in its fund balance. The enterprise fund reports a $62,250 increase in its net position. The city asks the…Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $702,000. Parks reports net expenses of $144,000. Art museum reports net revenues of $50,250. General government revenues for the year were $966,750 with an overall increase in the city's net position of $171,000. The fund financial statements provide the following for the entire year: The general fund reports a $45,250 increase in its fund balance. The capital projects fund reports a $53,750 increase in its fund balance. The enterprise fund reports a $69,000 increase in its net position. The city asks the…
- Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $766,000. Parks reports net expenses of $163,000. Art museum reports net revenues of $58,250. General government revenues for the year were $1,069,750 with an overall increase in the city's net position of $199,000. The fund financial statements provide the following for the entire year: The general fund reports a $35,750 increase in its fund balance. The capital projects fund reports a $45,750 increase in its fund balance. The enterprise fund reports a $72,750 increase in its net position. The city asks…Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $766,000. Parks reports net expenses of $163,000. Art museum reports net revenues of $58,250. General government revenues for the year were $1,069,750 with an overall increase in the city's net position of $199,000. The fund financial statements provide the following for the entire year: The general fund reports a $35,750 increase in its fund balance. The capital projects fund reports a $45,750 increase in its fund balance. The enterprise fund reports a $72,750 increase in its net position. The city asks…The following transactions related to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: 1. Beginning balances were: Cash, $100,000: Taxes Receivable, $200,000: Accounts Payable, $57,500: and Fund Balance, $242,500. 2. The budget was passed. Estimated revenues amounted to $1, 300,000 and appropriations totaled1,296,000. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $950,000. All of the taxes are expected to be collected before February 2021. 4. Cash receipts totaled $920,000 for property taxes and $315,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $107,500. 6. Contracted services were performed relating to $96,000 of the contracts with invoices amounting to $93,000. 7. Other expenditures amounted to $995,000. 8. Accounts payable were paid in the amount of $1,140,000. 9. The books were closed. Required: c. Prepare a Balance Sheet for the General Fund…
- Assume that the City of Coyote has already produced its financial statements for December 31, 2017, and the year then ended. The city’s general fund was only for education and parks. Its capital projects funds worked with each of these functions at times during the current year. The city also had established an enterprise fund to account for its art museum.The government-wide financial statements indicated the following figures:∙ Education reported net expenses of $600,000.∙ Parks reported net expenses of $100,000.∙ Art museum reported net revenues of $50,000.∙ General government revenues for the year were $800,000 with an overall increase in the city’s net position of $150,000.The fund financial statements indicated the following for the entire year:∙ The general fund reported a $30,000 increase in its fund balance.∙ The capital projects fund reported a $40,000 increase in its fund balance.∙ The enterprise fund reported a $60,000 increase in its net position.The CPA firm of Abernethy…Assume that the City of Coyote has already produced its financial statements for December 31, 2017, and the year then ended. The city’s general fund was only for education and parks. Its capital projects funds worked with each of these functions at times during the current year. The city also had established an enterprise fund to account for its art museum.The government-wide financial statements indicated the following figures:∙ Education reported net expenses of $600,000.∙ Parks reported net expenses of $100,000.∙ Art museum reported net revenues of $50,000.∙ General government revenues for the year were $800,000 with an overall increase in the city’s net position of $150,000.The fund financial statements indicated the following for the entire year:∙ The general fund reported a $30,000 increase in its fund balance.∙ The capital projects fund reported a $40,000 increase in its fund balance.∙ The enterprise fund reported a $60,000 increase in its net position.The CPA firm of Abernethy…The following information is available for the preparation of the government-wide financial statements for the City of Northern Pines for the year ended June 30, 2020: Expenses: General government $ 12,060,000 Public safety 24,509,000 Public works 11,578,000 Health and sanitation 6,163,000 Culture and recreation 4,509,000 Interest on long-term debt, governmental type 739,000 Water and sewer system 10,977,000 Parking system 418,000 Revenues: Charges for services, general government 1,340,000 Charges for services, public safety 214,800 Operating grant, public safety 816,300 Charges for services, health and sanitation 2,409,000 Operating grant, health and sanitation 1,237,600 Charges for services, culture and recreation 2,248,100 Charges for services, water and sewer 11,852,000 Charges for services, parking system 396,700 Property taxes 27,719,800 Sales taxes…
