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77julia77 [94]
3 years ago
11

The Wayne City Council approved and adopted its budget for 2016. The budget contained the following amounts: Estimated revenues

$700,000 Appropriations 660,000 Authorized operating transfer to the Library debt service fund 30,000 When recording the adopted budget in the general fund, budgetary fund balance should be:
Business
1 answer:
Vilka [71]3 years ago
4 0

Answer: The budgetary fund balance is $10,000

Explanation: When calculating budgetary fund balance, the best method is given as:

The available fund balance (from previous audit) + current year revenues = Total available funds - expenditures = current year ending fund balance

What we can see from the above expression is that we add the fund from the previous year balance to the current year revenues. This will give us amount of total funds available. Now we will minus the current year expenditures from the total funds available to give us the budgetary fund balance of the current year.

From the question above, we have the following:

Estimated revenues = $700,000

Appropriations (expenditures) = $660,000

Debt service = $30,000

Total expenditures = $660,000 + $30,000 = $690,000

Therefore budgetary fund balance will be:

Estimated revenues - total expenditures

= $700,000 - $690,000

= $10,000

Therefore, the budgetary fund balance is $10,000.

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Walmart sells a bike that cost $100 to a customer for $250 cash. using a perpetual inventory system, the entry to record the sal
hjlf

1. Using a perpetual inventory system, the entry to record the sale for Walmart includes a debit to the <u>Cash account</u><u> </u>and a credit to the <u>Sales Revenue account</u> for $250.

2. The entry to record the cost of the sale under the perpetual inventory system includes a debit to the <u>cost of goods sold</u> and a credit to <u>Inventory</u> for $100.

<h3>What is the perpetual inventory system?</h3>

The perpetual inventory system can be differentiated from the periodic inventory system by the fact that perpetual inventory continuously updates the inventory value without relying on the physical inventory count.

Under this system, the cost of goods sold is <u>debited</u> and the inventory account is <u>credited</u>.

Learn more about the perpetual inventory system at brainly.com/question/25014592

3 0
2 years ago
A preliminary prospectus_____________.
Ilya [14]

Answer:

The correct answers are letters "B" and "C": does not contain the public offering price of the issue; contains the financial statements of the issuer.

Explanation:

A preliminary prospectus is a registration draft companies file to attract investors' attention. This file could contain the firm's financial statements, plan of use for the funds, and overall management information. The preliminary prospectus comes before the final prospectus in which the company proposes a price range to be offered for the security issued at the Initial Public Offering (IPO).

7 0
3 years ago
Blue Spruce Architects incorporated as licensed architects on April 1, 2022. During the first month of the operation of the busi
dlinn [17]

Answer and Explanation:

The Journal entry is shown below:-

1. Cash Dr,                             $26,100

         To Common stock               $26,100

(Being Cash in exchange of common stock is recorded)

2. No Journal Entry is required

3. Office rent expenses Dr,   $1,305

           To cash                                $1,305

(Being is office rent is recorded)

4. Accounts receivable Dr,    $1,885

          To Accounts payable           $1,885

(Being architectural supplies is recorded)

5. Accounts receivable Dr,   $2,755

         To Service revenue                $2,755

(Being  service revenue is recorded)

6. Cash Dr,                              $1,015

           To Unearned revenue       $1,015

(Being cash is recorded)

7. Cash Dr,                              $4,060

         To Service revenue               $4,060

(Being cash is recorded)

8. Salary expenses Dr,            $2,176

          To Cash                                  $2,176

(Being salary expenses is recorded)

9.Accounts payable Dr,           $435

             To Cash                              $435

(Being accounts payable is recorded)

3 0
3 years ago
A firm has determined its cost of each source of capital and its optimal capital structure which is comprised of the following s
barxatty [35]

Answer:

10.25%

Explanation:

Data provided in the question:

Long-term debt = 45%, after-tax cost = 7%

Preferred stock = 15%, after-tax cost = 10%

Common stock equity = 40%, after-tax cost = 14%

Now,

The  weighted average cost of capital for this firm will be calculated as:

= Long term debt × after-tax cost + Preferred stock × after-tax cost + Common stock equity × after-tax cost

or

= 0.45 × 0.07 + 0.15 × 0.10 + 0.40 × 0.14

or

= 0.0315 + 0.015 + 0.056

= 0.1025

or

= 0.1025 × 100%

= 10.25%

5 0
3 years ago
Valley Spa purchased $10,200 in plumbing components from Tubman Co. Valley Spa signed a 60-day, 14% promissory note for $10,200.
zavuch27 [327]

Answer:  Debit Accounts Receivable -Valley Spa  of $10,438 Credit interest revenue $238, Credit Notes receivable $10,200

Explanation:

Interest  Revenue =  Principal x Rate X time

$10,200 x 14% x 60/ 360 ( Using 360 days in a year)

$238

Journal to record dishonored note  for Tubman

Accounts titles and explanation           Debit         Credit

Accounts receivable                         $10, 438  

Interest revenue                                                                $238

Notes receivable                                                    $10,200

8 0
3 years ago
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