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oksano4ka [1.4K]
3 years ago
8

Adair Valley issued $20,000,000 of general obligation bonds to construct a multipurpose arena. These bonds will be serviced by a

tax on the revenue from events held in the arena and will mature in 2024. During 2018, Adair Valley budgeted $2,500,000 of tax revenues and $2,000,000 for interest on the bonds in its Debt Service Fund. Prepare the journal entries necessary to record (a) the budget and (b) the expenditure when the interest comes due for payment.
Business
1 answer:
Arlecino [84]3 years ago
7 0

Answer: Please see explanation column for answer.

Explanation:

a) Journal entry to record the budget

Account                                           Debit                     Credit

Estimated   Revenues         $2,500,000

Appropriation                                                        $2,000,000

Budget fund                                                           $500,000

Calculation    

Budget fund= Estimated Revenues-Appropriation   = $2,500,000- $2,000,000= $500,000

b) Journal entry to record the  the expenditure when the interest comes due for payment.

Account                                           Debit                     Credit

Expenditure Interest              $2,000,000

Matured Interest payable                                            $2,000,000

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Beverly Company has determined a standard variable overhead rate of $3.10 per direct labor hour and expects to incur 0.50 labor
Damm [24]

Answer:

Variable overhead rate variance = $ 875 favorable

Variable overhead efficiency variance = $ 4,185 favorable

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Explanation:

Standard hours = 1 hr x 2600 units = 2600 hours

Standard rate = $3.10

Actual hours = 1,250 hours

Actual rate = $2.40

Variable overhead rate variance =  ( Standard Rate - Actual Rate ) x Actual Hrs

=  ( $ 3.10 - $2.40 ) x 1250 Hrs

= $0.7 x 1250

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Variable overhead efficiency variance = (Standard hours - Actual hours) x Standard Rate

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Variable overhead spending variance = Variable overhead rate variance +  Variable overhead efficiency variance

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Variable overhead cost variance = Standard cost - Actual Cost

= (2600 X 3.10) - (1250 X 2.40) = 8,060 - 3000

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Sonbull [250]
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3 years ago
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Options for this question include:

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Answer:

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