Homework Answers
Answer:-
The expenditures should be debited for $34000.
Capital expenditures may be recorded in the general fund depending on the source of funding. Purchases of assets, such as furniture and equipment, are usually recorded as expenditures in the general fund if they are financed from operating budgets.
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Question 11 2.5 pts A new piece of equipment, which had been estimated to cost $32,000,...
Question 3 4.5 pts XYZ Company is considering the purchase of a new piece of equipment...
Question 3 4.5 pts XYZ Company is considering the purchase of a new piece of equipment and has gathered the following information about the purchase: $20,000 20% of or Initial investment .............. Annual cost savings ............. Salvage value in 6 years ........ iginal cost of the equipment Repair in 4 years .... Cost of capital ................. Life of project ....... $14,000 10% 6 years The net present value of this new equipment was -$37,779. Calculate the salvage value for this...
then all the same entry transactions but for the Govt. Wide Fin. Stmt. Chei Prepare journal...
then all the same entry transactions but for the Govt.
Wide Fin. Stmt.
Chei Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements. a. A new truck for the sanitation department was ordered at a cost of $94,000. b. The city print shop did $1,200 worth of work for the school system (but has not yet been paid). C. An $11 million bond...
Prepare journal entries for each of the following transactions entered into by the City of Loveland....
Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund/ Governmental Transaction Activlies General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $5.200,000 and was...
Prepare journal entries for each of the following transactions entered into by the City of Loveland....
Prepare journal entries for each of the following transactions
entered into by the City of Loveland. (If no entry is
required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
Transaction Fund / Governmental Activties General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $5,200,000 and...
I need help with this Just journal entry for government funds accounts used: No Journal Entry Re...
I need help with this
Just journal entry for government funds
accounts used:
No Journal Entry Required
Accumulated Depreciation
Appropriations
Budgetary Fund Balance
Buildings
Capital Lease Obligations Payable
Cash
Construction Expenditures
Construction Work in Progress
Encumbrances
Encumbrances Outstanding
Estimated Revenues
Expenditures—General Government
Expenses—General Government
Expenses—Public Safety
Fund Balance—Assigned
Fund Balance—Unassigned
Gain on Sale of Machinery
Interfund Transfers Out
Land
Loss on Sale of Machinery
Machinery and Equipment
Other Financing Sources—Capital Lease Agreements
Other Financing Sources—Proceeds of Capital Asset Sale
Other...
Question 9 Pharoah Inc. has negotiated the purchase of a new piece of automatic equipment at...
Question 9 Pharoah Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $10,720 plus trade-in, f.o.b. factory. Pharoah Inc. paid $10,720 cash and traded in used equipment. The used equipment had originally cost $83,080; it had a book value of $56,280 and a secondhand fair value of $64,052, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,474. Prepare the general...
only answer the second one. Pirate County, which uses the encumbrance accounting system and the calendar...
only answer the second one.
Pirate County, which uses the encumbrance accounting system and the calendar year, began operations in 2019. All appropriations lapse at year-end. Using good form, prepare the necessary journal entries to record the following transactions in the Capital Projects Fund. Record these transactions in 2020 a) In 2020, the county issues purchase orders for materials needed to construct a road totaling S480,000. b) In 2020, the county receives (and pays for) $430,000 of nie needed materials....
Please record the following transactions in the journal below for Flinstone County's general fund. 1 At...
Please record the following transactions in the journal below
for Flinstone County's general fund.
1 At the beginning of year, recorded the budget: Estimated
revenues $80,000, estimated expenditures $71,000, estimated
operating
transfers in $5,500, estimated operating transfers out
$11,600.
2 Levied property taxes $50,000, 8% is estimated to be
uncollectible.
3 A taxpayer paid next year's tax in advance, $4,700.
4 Sent out purchase orders for supplies budgeted at $1,600,
amounts were encumbered.
5 Twenty days later, $1,100 of the...
4) A properly prepared schedule of revenues, expenditures, and changes in fund halar budget and actual...
4) A properly prepared schedule of revenues, expenditures, and changes in fund halar budget and actual will include which of the following columns? A) Actual revenue and expenditure amounts on the GAAP basis. B) Actual revenue and expenditure amounts on the budget basis. C) Encumbrances outstanding at year-end. D) Unexpended appropriations. 5) Which of the following would properly be reported in the operating statement of a governmental fund? A) Interest on a tax anticipation note issued and repaid during the...
Wilson Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income after tax of $50,000. The equipment will have...
Wilson Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income after tax of $50,000. The equipment will have an initial cost of $626,000 and have an 8 year life. The salvage value of the equipment is estimated to be $114,000. If the hurdle rate is 11%, what is the approximate net present value? i have posted this same question several times but the...
Question 3 4.5 pts XYZ Company is considering the purchase of a new piece of equipment and has gathered the following information about the purchase: $20,000 20% of or Initial investment .............. Annual cost savings ............. Salvage value in 6 years ........ iginal cost of the equipment Repair in 4 years .... Cost of capital ................. Life of project ....... $14,000 10% 6 years The net present value of this new equipment was -$37,779. Calculate the salvage value for this...
then all the same entry transactions but for the Govt.
Wide Fin. Stmt.
Chei Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements. a. A new truck for the sanitation department was ordered at a cost of $94,000. b. The city print shop did $1,200 worth of work for the school system (but has not yet been paid). C. An $11 million bond...
Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund/ Governmental Transaction Activlies General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $5.200,000 and was...
Prepare journal entries for each of the following transactions
entered into by the City of Loveland. (If no entry is
required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
Transaction Fund / Governmental Activties General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $5,200,000 and...
I need help with this
Just journal entry for government funds
accounts used:
No Journal Entry Required
Accumulated Depreciation
Appropriations
Budgetary Fund Balance
Buildings
Capital Lease Obligations Payable
Cash
Construction Expenditures
Construction Work in Progress
Encumbrances
Encumbrances Outstanding
Estimated Revenues
Expenditures—General Government
Expenses—General Government
Expenses—Public Safety
Fund Balance—Assigned
Fund Balance—Unassigned
Gain on Sale of Machinery
Interfund Transfers Out
Land
Loss on Sale of Machinery
Machinery and Equipment
Other Financing Sources—Capital Lease Agreements
Other Financing Sources—Proceeds of Capital Asset Sale
Other...
Question 9 Pharoah Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $10,720 plus trade-in, f.o.b. factory. Pharoah Inc. paid $10,720 cash and traded in used equipment. The used equipment had originally cost $83,080; it had a book value of $56,280 and a secondhand fair value of $64,052, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,474. Prepare the general...
only answer the second one.
Pirate County, which uses the encumbrance accounting system and the calendar year, began operations in 2019. All appropriations lapse at year-end. Using good form, prepare the necessary journal entries to record the following transactions in the Capital Projects Fund. Record these transactions in 2020 a) In 2020, the county issues purchase orders for materials needed to construct a road totaling S480,000. b) In 2020, the county receives (and pays for) $430,000 of nie needed materials....
Please record the following transactions in the journal below
for Flinstone County's general fund.
1 At the beginning of year, recorded the budget: Estimated
revenues $80,000, estimated expenditures $71,000, estimated
operating
transfers in $5,500, estimated operating transfers out
$11,600.
2 Levied property taxes $50,000, 8% is estimated to be
uncollectible.
3 A taxpayer paid next year's tax in advance, $4,700.
4 Sent out purchase orders for supplies budgeted at $1,600,
amounts were encumbered.
5 Twenty days later, $1,100 of the...
4) A properly prepared schedule of revenues, expenditures, and changes in fund halar budget and actual will include which of the following columns? A) Actual revenue and expenditure amounts on the GAAP basis. B) Actual revenue and expenditure amounts on the budget basis. C) Encumbrances outstanding at year-end. D) Unexpended appropriations. 5) Which of the following would properly be reported in the operating statement of a governmental fund? A) Interest on a tax anticipation note issued and repaid during the...
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