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svetlana [45]
2 years ago
12

A city acquired two vehicles in a particular year: (1) a sedan for $20,000 that was paid for through the General Fund and (2) a

sanitation truck for $125,000 that was paid for through the Capital Projects Fund. How should the assets be reported in the city's fund-level financial statements?
Business
1 answer:
barxatty [35]2 years ago
3 0

Answer:

None of the acquisition should be reported as assets

Explanation:

Assets are resources with economic potency to provide future benefits. Assets are possessed by individuals, corporations, and countries. Generally, they are considered as possessions that can generate more profits, trigger more sales or reduce expenses in the future.

The sedan and sanitation truck cannot be referred to as assets because they depreciate over time. Due to their depreciating nature, they should not be reported as assets in the city's fund level financial statements.

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Texas Corporation is undergoing a complete liquidation and distributes land to​ Robert, one of its​ shareholders, in exchange fo
Oxana [17]

Answer:

Loss to be recognized is $25000

Explanation:

Liquidation refers to a process whereby a company's operation come to an end, which leads to distribution of assets and liabilities to the claimants and winding up the business.

A company may be forced to liquidate owing to consistent losses. In such cases, the claims of all the stakeholders cannot be satisfied and they receive pro-rata basis allocation which covers everybody's claim to an extent, if not fully.

In the given case,

Robert's receipt is Land. Liabilities attached to the land being $325,000 while the land has fair market value of $400,000.

Thus, after assuming the liability, Robert's actual realized amount is,

$400,000 - $325,000 = $75,000

Since, the land was received in consideration for discharge of Robert's own share in company amounting to $100,000.

Thus, Gain/Loss to be recognized by Robert = $75, 000 (receipts) - $100,000

                                                                  = - $25,000

i.e Robert should recognize a loss of $25,000.

4 0
3 years ago
A company has annual sales of $160 million, a net profit margin of 4%, and total assets of $90 million. It carries $10 million i
sasho [114]

Answer:

18.29%

Explanation:

Return on Equity is the net profit available for equity/ Total equity value.

Total equity = Total assets - Total debt

= $90 million - $55 million = $35 million

Earnings for equity = Annual sales \times net profit margin 4%

= $160 million \times 4% = 6.4 million

Therefore, return on equity = \frac{Net\ profit\ for\ equity}{Total\ value\ of\ equity}

= \frac{6.4\ million}{35\ million} \times 100 = 18.2857

Therefore, ROE = 18.29%

4 0
3 years ago
Sean is initially unsure about which laundry detergent brand to buy: Stainz-Out or Ocean Fresh. Thanks to advertising, he has le
svlad2 [7]

Answer:

Positive effect advertisement

Explanation:

Base on the scenario been described in the question, the effect of the Ocean fresh because of the positive effect advertisement. This so because he discovered that ocean fresh is more cheaper and has almost the same price with that of stainz-out.

We can define positive advertisement as some kind of marketing strategies which show the target population all the positive effects which one can receive due to any particular product or service

4 0
3 years ago
How many district courts are in the federal system?.
posledela
Answer 94 districts.

In the federal court system's present form, 94 district level trial courts and 13 courts of appeals sit below the Supreme Court.
8 0
2 years ago
Read 2 more answers
Explain the difference between mandatory and discretionary spending? provide an example of each kind of spending"
nataly862011 [7]
Mandatory spending is something that either has, or is strongly urged to be done. Discretionary spending is based on the spenders discretion, if the spender thinks it needs to be spent, then they would do so. Example of mandatory spending would be paying back a loan. Example of discretionary spending would be a good business investment.  Hope this helps!
5 0
3 years ago
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