1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Evgesh-ka [11]
3 years ago
7

Open a general journal for the City of Monroe Community Foundation Trust Fund and record the following transactions for the year

ending December 31, 2017: (1) On May 1, the first semiannual interest payment was received on the corporate bonds. The bonds pay 6 percent annual interest, semiannually on May 1 and November 1. (2) During the first half of the year, additional contributions from individuals and foundations amounted to $205,500, in cash. From these funds, $ 200,000 were invested in RST Corporation stock on June 15. (3) On November 1, the second semiannual interest payment was received from the investment in bonds.
Business
1 answer:
ICE Princess25 [194]3 years ago
8 0

Answer:

The beginning part of the question is found below:

The City of Monroe Scholarship Foundation private-purpose trust fund had the following account balances on January 1, 2017:

                                                     Debits                                  Credits

Cash                                             $49,500

Accrued Interest Receivable       $7,500

Investments in Corporate Bonds $750,000

Net Assets Held in Trust                                                      $807,000

Totals                                            $ 807,000                       $ 807,000

Find below the necessary journal entries in the explanation section:

Explanation:

The interest received =6%*$750,000*6/12=$22,500

Dr Cash            $22,500

Cr Interest income(balance)       $15,000          

Cr Accrued interest receivable   $7,500

Additional funds of $205,500 received:

Dr Cash                  $205,500

Cr donation income                $205,500

the investment of $200,000 in corporation stock

Dr investment in corporation stocks  $200,000

Cr Cash                                                                  $200,000

receipt of half of the year annual interest on bonds(as calculated above at $22,500)

Dr cash    $22,500

Cr Interest income   $22,500

cash is debited when there is an inflow and credited in case of outflows

The investment account is debited because it is an asset

You might be interested in
Please help branliest to correct answer no guessing please
timofeeve [1]

Answer:

Education..

Explanation:

Hope i helped u..

4 0
3 years ago
A stock sells for $6.99 on December 31, providing the seller with a 6% annual return. What was the price of the stock at the beg
Dimas [21]

Answer:

Correct option is 6.59

Explanation:

Selling price of stock at the end of the year is $6.99. Annual return rate is 6%. Price of stock at the beginning will be present value of stock valued at the end discounted at 6%. Computation is as shown below:

Present\ value\ or\ price\ of\ stock = Selling\ price\left ( \frac{1}{1+i} \right )^{n}

= 6.99\left ( \frac{1}{1+0.06} \right )^{1}

= \frac{6.99}{1.06}

= $6.59

Therefore, Stock's price in the beginning of the year is $6.59.

6 0
3 years ago
Which statement best describes payday leaders and pawnbrokers?
miv72 [106K]
C: They charge extremely high interest rates.
6 0
2 years ago
Read 2 more answers
15. Physical counts of inventory: A) Are not necessary under the perpetual system. B) Are necessary to adjust the Inventory acco
Naily [24]

Answer: The correct answer is "B. Are necessary to adjust the Inventory account to the actual inventory available."

Explanation: Physical counts of inventory are necessary to adjust the Inventory account to the actual inventory available.

Physical inventory counts are generally performed at the end of an accounting period to adjust the accounting balance to the actual physical amount of inventory as it may differ due to missing, lost, stolen, decreased, etc.

5 0
2 years ago
Read 2 more answers
produces decorative mailboxes. The​ company's average cost per unit is $ 23.43 when it produces 1 comma 400 mailboxes. Requireme
lianna [129]

Answer:

1) The total cost of production (TC) is $32,802.

2) The variable cost per unit is $9/unit.

3) Cost equation: TC(Q)=20,200+9Q

4) TC=$35,145

5) TC=$33,702

6) Difference=$1,443

The appropiate approach is using the cost function, because its differentiates the cost that are fixed and not dependant of the volume of production, and the variable cost, that are proportional to the quantity produced.

Explanation:

1) The total cost of production can be calculated as the product of the cost per unit ($23.43/unit) and the total ammount of units (1,400 units):

TC=c*Q=23.43*1,400=32,802

The total cost of production (TC) is $32,802.

2) The fixed cost (FC) are $20,202, so the variable cost are:

VC=TC-FC=32,802-20,202=12,600

This is the variable cost for 1,400 mailboxes, so the unit variable cost is:

vc=VC/Q=12,600/1,400=9

The variable cost per unit is $9/unit.

3) The equation of cost can be written as:

TC(Q)=20,200+9Q

4) If it uses the average cost tot predict the cost of 1,500 mailboxes, he will get:

TC=23.43*1,500=35,145

5) If he uses the cost function, he will get

TC=20,202+9*1500=20,202+13,500=33,702

6) The dollar difference between the two estimates is:

TC_4-TC_5=35,145-33,702=1,443

The appropiate approach is using the cost function, because its differentiates the cost that are fixed and not dependant of the volume of production, and the variable cost, that are proportional to the quantity produced.

The average cost per unit is not constant for every quantity and the error will increase if the quantity is much different from 1,300 units.

3 0
3 years ago
Other questions:
  • 15 POINTS IF U ANSWER NOW!!!!! Which non-income factor for a potential job promotion would influence a person whose mother needs
    11·1 answer
  • Your factory has been offered a contract to produce a part for a new printer. The contract would last for three​ years, and your
    15·1 answer
  • Plzzz help (use attached photo)
    13·1 answer
  • The date on which cash dividends are paid is the a.last day of the fiscal year-end. b.date of record. c.date of declaration. d.d
    9·1 answer
  • Damian is using CSS along with HTML while creating a website for his company. Which features of CSS will help him create this we
    9·1 answer
  • At the beginning of 2023, the Mackinac Company purchased a machine for $510,000 (salvage value of $60,000) that had a useful lif
    5·1 answer
  • Dana wants to purchase a new pair of shoes from the internet. What steps should she take to ensure her identity is protected whi
    7·1 answer
  • g the three types of unemployment are A. ​voluntary, structural, and cyclical unemployment. B. ​frictional, structural, and cycl
    8·1 answer
  • You run a school in Florida. Fixed monthly cost is $5,835.00 for rent and utilities, $5,906.00 is spent in salaries and $1,061.0
    12·1 answer
  • Atlanta Manufacturing Company produces products A, B, C, and D through a joint process. The joint costs amount to $100,000. Prod
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!