Explanation:
Data provided in the question
Change in the inventory = $1,030,000
i.e Opening inventory = $1,030,000
Income tax rate = 35%
So, the cumulative effect in the year 2018 is
Opening inventory $1,030,000
Less: income tax rate i.e 35% -$360,500
Balance $699,500
This balance would be addition to the beginning balance of the retained earning statement
Answer:
A. $5,000
Explanation:
Reciprocal interfund activity includes interfund loans and interfund services provided and used. Nonreciprocal transfers include interfund transfers to establish a new fund and routine interfund reimbursements.
Billing by the internal service fund to a department financed by the general fund for services rendered for $5,000 is the only transaction meeting the definition of a reciprocal interfund activity.
Answer and Explanation:
The journal entries are shown below
1.
On Denver books
Equipment Dr $17,000
Accumulated depreciation $60,000
Loss on sale of equipment $3,000
To Equipment $80,000
(Being equipment recorded)
On Bristol books
Equipment Dr $17,000
Accumulated depreciation $25,000
To Gain on sale of equipment $10,500
To Equipment $31,500
(Being equipment recorded)
2.
On Denver books
Equipment Dr $20,000
Accumulated depreciation $60,000
To Equipment $80,000
(Being equipment recorded)
On Bristol books
Equipment Dr $6,500
Accumulated depreciation $25,000
To Equipment $31,500
(Being equipment recorded)
The action that is reflected above shows the equity among sexes. This country believes that whatever education that its male constituents should also be received by the females. That is because women should also be given the privilege to learn.
