Warren Marina owns a large marina that contains numerous boat slips of various sizes. Warren contracts with boat owners to provide slips to house the customers’ boats. Lucky Fisherman Fleet contracted with Warren to provide space for four of its fishing boats. The contract specifies that Lucky Fisherman’s boats will be kept in identified slips in the marina. However, Warren has the right to shift the boats to other slips within its marina at its discretion, subject to the requirement to provide 45-foot slips per boat for a three-year period. Warren frequently rearranges its customers’ boats to meet the needs of new contracts. Costs of reallocating space is low relative to the benefits of being able to accommodate more customers and their specific requests. Warren paid $16,000 on March 1, 2021, for the first year’s accommodations. The market rate of interest is 5%.Required:Prepare the appropriate entry(s) for Lucky Fisherman Fleet at March 1, the commencement of the agreement.

The Federal Bureau of Building Construction (BBC) receives an annual appropriation to perform construction activities. BBC does not use commitment accounting; instead, it obligates funds upon the award of contracts. Prepare budgetary and proprietary journal entries to record the following transactions: BBC received an appropriation of $2,000,000. b. The Office of Management and Budget apportioned $500,000 of the appropriation to the Department of Domestic Construction, which oversees the BBC. The Department allotted the entire $500,000 apportionment to the BBC. d. BBC awarded a building construction contract for $300,000. The contractor completed construction of the building. Because of a change order, however, the total cost of the work was $324,000. BBC accepted the work and recorded the asset and the invoice for $324,000. BBC sent a disbursement schedule to the Treasury requesting payment of the $324,000. g. Treasury notified BBC that payment was made to the contractor for $324,000.…

TB MC Qu. 18-107 (Algo) The amount of cost to be allocated to the Harborview Resort: Sand and Sea Resorts Sand and Sea Resorts owns and operates two resorts in a coastal town. Both resorts are located on a barrier island that is connected to the mainland by a high bridge. One resort is located on the beach and is called the Crystal Coast Resort. The other resort is located on the inland waterway which passes between the town and the mainland; it is called the Harborview Resort. Some key information about the two resorts for the current year is shown below. Revenue (000s) Square feet Rooms Assets (000s) Harborview $ 3,500 75,000 60 $ 178,000 Cost Driver Revenue Square feet Rooms Assets (000s) Crystal Coast $ 6,500 225,000 140 $ 712,000 The nontraceable operating costs of the resort amount to $4,000,000. By careful study, the management accountant at Sand and Sea has determined that, while the costs are not directly traceable, the total of $4 million could be fairly allocated to the four…

A city has a solid waste landfill that was filled 12 percent in Year 1 and 26 percent in Year 2. During those periods, the government expected that total closure costs would be $2 million. As a result, it paid $50,000 to an environmental company on July 1 of each of these two years. Such payments will continue for several years to come. Indicate whether each of the following independent state-ments is true or false and briefly explain each answer. The city has a December 31 year-end.a. The government-wide financial statements will show a $230,000 expense in Year 2 but only if reported in an enterprise fund.b. The fund financial statements will show a $50,000 liability in Year 2 if this landfill is reported in the general fund.c. The fund financial statements will show a $50,000 liability at the end of Year 2 if this landfill is reported in an enterprise fund.d. If this landfill is reported in an enterprise fund, the government-wide financial statements and the fund financial statements…