Effect of different measurement focuses and bases of accounting
Following are some of Vista Village’s events during calendar year 2021. For each event,
state (a) the amount the Village would report as expenditures if the event occurred in
a governmental-type fund and (b) the amount it would report as expenses if the event
occurred in an Enterprise Fund.
1. An invoice in the amount of $26,000 for electricity services for the month of December
was received and paid in January, 2022.
2. The amount owed to employees for vacation and sick leave increased from $720,000
to $765,000 during the year. Employees are permitted to receive payment for unused
vacation and sick leave days when they retire; at year-end, however, none of the employeeshad retired.
3. At December 31, 2021 interest accrued on outstanding long-term debt amounted
to $63,000. The interest was due to be paid on May 1, 2022.
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(Effect of different measurement focuses and bases of accounting)Following are some of Vista Village’s events during...
(Effect of different measurement focuses and bases of accounting)Following are some of Vista Village’s events during calendar year 2019. For each event, state (a) the amount the Village would report as expenditures if the event occurred in a governmental‑type fund and (b) the amount it would report as expenses if the event occurred in an Enterprise Fund (1.) An invoice in the amount of $26,000 for electricity services for the month of December was received and paid in January, 2020....
(Effect of different measurement focuses and bases of accounting) Following are some of Friendly Village’s transactions...
(Effect of different measurement focuses and bases of accounting) Following are some of Friendly Village’s transactions during the calendar year 2019. For each transaction, state (a) the amount the Village would report as expenditures for the year 2019 if the transaction occurred in a governmental‑type fund and (b) the amount it would report as expenses for the year if the transaction occurred in an Enterprise Fund. 1. Friendly paid $600,000 in salaries during the year. In addition, during the last...
Effect of different measurement focuses and bases of accounting Following are some of Friendly Village's transactions...
Effect of different measurement focuses and bases of accounting Following are some of Friendly Village's transactions during the calendar year 2019. For each transaction, state (a) the amount the Village would report as expenditures for the year 2019 if the transaction occurred in a governmental-type fund and (b) the amount it would report as expenses for the year if the transaction occurred in an Enterprise Fund. 1. Friendly paid $600,000 in salaries during the year. In addition, during the last...
PROBLEMS P.5-1 Transactions may have significantly different impact on a government's udget governmental funds state ments,...
PROBLEMS P.5-1 Transactions may have significantly different impact on a government's udget governmental funds state ments, and government-wide statements A school district prepares its budget on a cash basis. It is contemplating the changes or actions that follow. For each, indicate the impact that the change would have (1) on year-ending June 30 2020. general fund expenditures or transfers and (2) on year-ending June 30, 2020, government-wide expenses (e.g.. "increase expenditures by SX" or "no impact"). Provide a brief explanation...
Sunland Company began operations on January 2, 2019. It employs 12 individuals who work 8-hour days...
Sunland Company began operations on January 2, 2019. It employs 12 individuals who work 8-hour days and are paid hourly. Each employee earns 11 paid vacation days and 8 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual Hourly Wage Rate Vacation Days Used by...
The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021,...
The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021, Microchip lent $90,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. On November 1, 2021, the company paid its landlord $6,000 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2021, collected $12,000 in advance rent from another company that is renting a portion of Microchip’s...
Concord Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days...
Concord Company began operations on January 2, 2019. It employs
11 individuals who work 8-hour days and are paid hourly. Each
employee earns 10 paid vacation days and 6 paid sick days annually.
Vacation days may be taken after January 15 of the year following
the year in which they are earned. Sick days may be taken as soon
as they are earned; unused sick days accumulate. Additional
information is as follows. Actual Hourly Wage Rate Vacation Days
Used by...
Metlock Company began operations on January 2, 2019. It employs 9 individuals who work 8-hour days...
Metlock Company began operations on January 2, 2019. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 11 paid vacation days and 8 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual Hourly Wage Rate Vacation Days Used by...
Tamarisk Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days...
Tamarisk Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 9 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual Hourly Wage Rate Vacation Days Used by...
Blossom Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days...
Blossom Company began operations on January 2, 2019. It employs
11 individuals who work 8-hour days and are paid hourly. Each
employee earns 9 paid vacation days and 6 paid sick days annually.
Vacation days may be taken after January 15 of the year following
the year in which they are earned. Sick days may be taken as soon
as they are earned; unused sick days accumulate. Additional
information is as follows.
Actual Hourly
Wage Rate
Vacation Days Used
by...
Effect of different measurement focuses and bases of accounting Following are some of Friendly Village's transactions during the calendar year 2019. For each transaction, state (a) the amount the Village would report as expenditures for the year 2019 if the transaction occurred in a governmental-type fund and (b) the amount it would report as expenses for the year if the transaction occurred in an Enterprise Fund. 1. Friendly paid $600,000 in salaries during the year. In addition, during the last...
PROBLEMS P.5-1 Transactions may have significantly different impact on a government's udget governmental funds state ments, and government-wide statements A school district prepares its budget on a cash basis. It is contemplating the changes or actions that follow. For each, indicate the impact that the change would have (1) on year-ending June 30 2020. general fund expenditures or transfers and (2) on year-ending June 30, 2020, government-wide expenses (e.g.. "increase expenditures by SX" or "no impact"). Provide a brief explanation...
Concord Company began operations on January 2, 2019. It employs
11 individuals who work 8-hour days and are paid hourly. Each
employee earns 10 paid vacation days and 6 paid sick days annually.
Vacation days may be taken after January 15 of the year following
the year in which they are earned. Sick days may be taken as soon
as they are earned; unused sick days accumulate. Additional
information is as follows. Actual Hourly Wage Rate Vacation Days
Used by...
Blossom Company began operations on January 2, 2019. It employs
11 individuals who work 8-hour days and are paid hourly. Each
employee earns 9 paid vacation days and 6 paid sick days annually.
Vacation days may be taken after January 15 of the year following
the year in which they are earned. Sick days may be taken as soon
as they are earned; unused sick days accumulate. Additional
information is as follows.
Actual Hourly
Wage Rate
Vacation Days Used
by...
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