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mars1129 [50]
2 years ago
11

A city with a 12/31 fiscal year-end requires that restaurants buy a license, renewable yearly. Proceeds of the license fees are

intended to pay the salaries of inspectors in the health department. Licenses are issued for a fiscal year from October 1 to September 30. During 2014, cash collections related to licenses were as follows:
Licenses issued during 2013 for the 10/1/13-9/30/14 fiscal year $ 30

Licenses issued during 2014 for the 10/1/14-9/30/15 fiscal year $180


It is anticipated that during 2015 the amount collected on licenses for the 10/1/14-9/30/15 fiscal year will be $45. In September 2013 the amount collected related to 10/1/13-9/30/14 licenses was $144.

What amount should be recognized as revenue in the fund financial statements for the fiscal year ended 12/31/14?


a) $180. b) $183. c) $210. d) $225.
Business
1 answer:
stiks02 [169]2 years ago
8 0

Answer:

c) $210

Explanation:

Revenue is recognized in the year in which it is intended to finance an activity.

The Cash collected During 2014 relating to licences will be used to finance the salaries for the inspectors during 2014 and cash collected during 2014 = $210 (30+180)

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4 0
3 years ago
A bond that pays interest annually yielded 7.37 percent last year. The inflation rate for the same period was 2.4 percent. What
bazaltina [42]

Answer:

Real interest rate= 0.0497= 4.97%

Explanation:

Giving the following information:

A bond that pays interest annually yielded 7.37 percent last year. The inflation rate for the same period was 2.4 percent.

<u>The effect of the inflation rate is counterproductive to the interest rate. It diminishes purchasing power.</u>

Real interest rate= nominal interest rate - inflation rate

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Real interest rate= 0.0497= 4.97%

5 0
2 years ago
Suppose a government has no debt and a balanced budget. Suddenly it decides to spend $4 trillion while raising only $3 trillion
Nady [450]

Answer:

$40 billion

Explanation:

Data provided in the question:

Amount spend by government = $4 trillion

Amount raised by Taxes = $3 trillion

Interest rate = 4%

Now,

The bonds to be raised by the government

= Amount spend by government - Amount raised by Taxes

= $4 trillion - $3 trillion

= $1 trillion

or

= $1000 billion

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The interest paid by the government each year

= Amount of bonds × Interest rate

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6 0
3 years ago
You wrote investigation results for your company's safety team and want to share the report with the team's members. Which of th
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A.) because if only the team members know the password only the team members can views the confidential reports.
6 0
3 years ago
Read 2 more answers
Varcoe Corporation bases its budgets on the activity measure customers served. During September, the company planned to serve 35
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Answer:

consumers served budget 35,000

consumers served actual 30,000

budgeted revenue per consumer served = $3.90

wages = $35,100 fixed + $1.30 per consumer served

supplies = $0.60 per consumer served

insurance = $9,300

miscellaneous expenses = $7,400 + $0.30 per consumer served

Activity variances:

                                  Actual             Budgeted            Variance

Revenue                   $117,000          $136,500            $19,500 UF

Wages                       $74,100            $80,600             $6,500 F

Supplies                    $18,000            $21,000              $3.000 F

Insurance                   $9,300             $9,300               no variation

Miscellaneous          $16,400            $17,900               $1,500 F

total expense          $117,800          $128,800              $11,000 F

Net income                 ($800)             $7,700               $8,500 UF

7 0
2 years ago
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