Union dues, fees for tax return preparation, and other miscellaneous expenses are:

Gem City's Internal Service Fund received a residual equity transfer of $50,000 cash from the General Fund.

Sergio039 [100]

Answer:

Gem City's Internal Service Fund received a residual equity transfer of $50,000 cash from the General Fund.

This $50,000 transfer should be reported in Gem's Internal Service Fund as a credit to;

D. Transfers.

Explanation:

An internal Service fund can be defined as a fund used in most governments to keep records of goods and services that are moved between departments on the basis of cost reimbursement. An example of an Internal Service fund is when one department offers goods and services to another department. In our case, the Gem City's Internal Service Fund received a residual equity transfer of $50,000 from the General Fund in form of cash. An equity transfer is the transfer of the ownership of shares from one entity to another. In this case from the General Fund to the Gem City's Internal Service Fund.

To record the transaction above, the residual equity transfer of $50,000 to the Internal Service Fund should be recorded as a debit to Cash and a credit to Transfers. The reporting of Transfers is usually on a separate line in the Statement of Revenues and Expenses for the fund. It comes immediately after the line item: Operating Income/Loss before Transfers and Additions.

6 0

3 years ago

In an alternative dispute resolution program (ADR), the concerned employee and supervisor have finished the peer review stage an

Lostsunrise [7]

Answer:

A neutral third party from outside the organization will hear the case via a nonbinding process.

Explanation:

Assuming in an alternative dispute resolution program (ADR), the concerned employee and supervisor have finished the peer review stage and have not reached a settlement.

The most likely next stage in the ADR process would be to invite a neutral third party such as a mediator or negotiator from outside the organization, who will hear the case via a nonbinding process.

7 0

3 years ago

You are analyzing a project and have developed the following estimates: unit sales = 2,150, price per unit = $84, variable cost

MrRissso [65]

Answer:

The answer is: an increase of $1,397.50

Explanation:

First we have to calculate the net income for the original sale price per unit of $84 and then subtract the depreciation expenses and taxes to calculate the operating cash flow:

total revenue (2,150 x $84) $180,600

cost of goods sold (2,150 x $57) ($122,550)

SG&A, operating expenses ($13,900)

net income $44,150

depreciation expense ($8,300)

EBIT $35,850

taxes (35%) ($12,547.50)

operating cash flow $23,302.50

Then we calculate the new net income for the second sale price per unit of $85 and then subtract the depreciation expenses and taxes to calculate the new operating cash flow:

total revenue (2,150 x $85) $182,750

cost of goods sold (2,150 x $57) ($122,550)

SG&A, operating expenses ($13,900)

net income $46,300

depreciation expense ($8,300)

EBIT B $38,000

taxes (35%) ($13,300)

operating cash flow B $24,700

An increase of $1 in the selling price will result in an increase of $1,397.50 on the operating cash flow.

5 0

3 years ago

Carlson, Inc. owns 80 percent of Madrid, Inc. Carlson reports net income for 2018 (without consideration of its investment in Ma

Marina86 [1]

Answer:

$2,176,000

Explanation:

The computation of the Carlson’s share of consolidated net income is shown below:

= Net income for 2018 + Madrid net income × ownership percentage + income from bond + excess interest

= $1,500,000 + $705,000 × 80% + $110,000 + $2,000

= $1,500,000 + $564,000 + $110,000 +$2,000

= $2,176,000

The income from bond would be

= $1,200,000 - $1,090,000

= $110,000

And, the excess interest would be

= $96,000 - $94,000

= $2,000

4 0

3 years ago

Intask Corporation uses the FIFO method in its process costing system. Beginning inventory in the mixing department consisted of

solmaris [256]

Answer:

B) 14,200 units

Explanation:

Equivalent unit of conversion = (8000*25% + 8000*100% + 7000*60%)

= 14200 units

Therefore, The equivalent units of production for conversion cost would be 14200 units.

5 0

4 years ago