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3 years ago

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

Business

1 answer:

Sergio039 [100]3 years ago

6 0

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.

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If a seller includes an express warranty in the written sales contract, any disclaimer is invalid.a. Trueb. False

valina [46]

Answer:

True

Explanation:

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Disclaimer warrants are allowed and legal. No law demands that the seller offer any form of warranty. However, a disclaimer warrant cannot be issued where an implied contract applies. For example, if you buy a fridge, you expect it to keep food items cold. A disclaimer statement in the sale of the fridge stating that the seller will be not responsible if the refrigerator cannot keep things at low temperatures is illegal.

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4 years ago

If Stock A had a price of $120 at the beginning of the year, $150 at the end of the year and paid a $6 dividend during the year,

Alborosie

Answer:

B. 30%

Explanation:

Initial value (Vi) = $120

Final value (Vf) = $150

Dividends paid (D) = $6

The holding period return is defined as the change in value during the year added to the dividends paid and then divided by the initial value:

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The stock's annualized holding period return is 30%.

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3 years ago

If the economy were run with a strictly keynesian point of view, what would the government's role be in regards to the u. s. eco

anzhelika [568]

The government is responsible for managing the economy. If the economy were run with a strictly Keynesian point of view.

The theory of John Maynard Keynes, known as Keynesian economics, revolves around the idea that governments must play an active role in their countries' economies, rather than simply allowing them to be governed by free markets. increase. Keynes in particular advocated federal spending to mitigate cyclical downturns.

Government (1) provides the legal and social framework within which the economy functions, (2) maintains competition in markets, (3) provides public goods and services, (4) redistributes income. , (5) compensates for externalities, and (6) take certain steps to stabilize the economy.

Keynesian economists justify government intervention through a public policy aimed at achieving full employment and price stability.

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2 years ago

Malcolm Industries recently hired a large number of workers for the company's new construction factory in Colorado. During the h

Arturiano [62]

The complete question should have been:

Malcolm Industries recently hired a large number of workers for the company's new construction factory in Colorado. During the hiring process, the management made a clear effort to recruit physically strong individuals because the work at the factory involves manual labor. The jobs need to be performed by individuals who have the energy and physical stamina to work for long hours. Which of the following surface-level characteristics did the company most likely concentrate on when selecting the new workers?

A.) Age

B.) Values

C.) Beliefs

D.) Religion

E.) Personality

Answer: Age.

Explanation:

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3 years ago

The stockholders' equity accounts of Cyrus Corporation on January 1, 2017, were as follows.

Neko [114]

Answer:

Cyrus Corporation:

Answers to A & B are enclosed in the attachment.

C) Stockholders' Equity:

Authorized Capital 300,000 at $4 par

Issued Common Stock 255,000 units at $4 par = $1,020,000

7% Preferred Stock 3,000 units at $100 par = $300,000

APIC - Preferred Stock = $15,000

APIC - Common Stock = $487,000

Retained Earnings = $825,000

Less Treasury Stock, 11,000 units at $4 par = $44,000

Total = $2,603,000

D) i) Payout Ratio = Dividends/Net Income x 100 = $122,000/$280,000 x 100 = 43.57%

ii) Earnings per share = Net Income/Number of Common Stock outstanding = $280,000/244,000 = $1.15

iii) Return on Common Equity = Net Income/Shareholders' Equity x 100

= $280,000/2,588,000 x 100 = 10.82%

Explanation:

a) Journal entries show which account is to be debited and which is to be credited in accordance with the double entry system of bookkeeping.

b) T-Ledger is the tool that accumulates all the transactions of each account in order to arrive at the closing balance for the period.

c) Treasury Stock was treated using the par value method. This method recognizes the excess paid to repurchase treasury stocks in the Additional Paid-in Capital account. The other method is the cost method, which deducts the whole costs in the Common Equity.

d) To calculate the payout ratio, earnings per share, and return on equity, we have only considered common stockholders. They are the common equity holders. Preferred stockholders are not equity holders.

e) The payout ratio shows the proportion of net income paid out as dividends.

f) Earnings per share are the net income divided by outstanding common stock. Outstanding of 244,000 shares remained; i.e. (issued common stock of 255,000 minus treasury stock of 11,000). This formed the basis for calculating common stock dividends.

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3 years ago