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Makovka662 [10]
2 years ago
5

Following are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at

the government-wide level. None of the transactions has been recorded yet.
Required- Prepare in general journal form the necessary entries in the governmental activities and appropriate fund journals for each transaction. Explanations may be omitted. For each entry you prepare, name the fund in which the entry should be made.

(1) The geneal fund collected and transferred $750,000 in tax collections to the debt service fund; $600,000 of this amount was used to retire outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds.
(2) A $5,000,000 issue of serial bonds to finance a capital project was sold at 102 plus accrued interest in the amount of $50,000. The accrued interest and the premium were recorded in the debt service fund. Accrued interest on bonds sold must be used for interest payments; the premium is designated by state law for eventual payment of bond principal.
(3) The debt service fund made a $110,000 capital lease payment, of which $15,809 was interest. Funds used to make the lease payment came from a capital grant received by the special revenue fund.
(4) Tax-supported serial bonds with a $2,800,000 par value were issued in cash to permit partial refunding of a $3,500,000 par value issue of term bonds. The difference was settled with $700,000 that had been accumulated in prior years in a debt service fund. Assume that the term bonds had been issued several years earlier at par.
(5) Four months prior to year-end, 6 percent special assessment bonds totaling $500,000 were issued to fund a streetlight improvement project in a local subdivision. The bonds are secondarily backed by the village. The first $25,000 installment will be due from property owners six months after the initial bond issuance, but no debt payments are due in the first year.
(6) Marketplace equity securities held by the debt service fund increased in value by $10,000 during the year.

Business
1 answer:
Dmitrij [34]2 years ago
7 0

Answer:

The answer is attached below

Explanation:

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Presented below is information related to Dino Radja Company.
Alja [10]

Answer:

Dino Radja Company

The ending inventory for Dino Radja Company for 2017 through 2022 using the dollar-value LIFO method:

Date             Ending Inventory   Price   Dollar Value

(End-of-Year Prices)                           Index        LIFO

December 31, 2017      $ 80,000            100    $80,000 ($80,000*1.00)

December 31, 2018        115,500            105      110,000 ($115,500/1.05)

December 31, 2019       108,000            120      90,000 ($108,000/1.20)

December 31, 2020      122,200            130      94,000 ($122,200/1.30)

December 31, 2021       154,000            140     110,000 ($154,000/1.40)

December 31, 2022      176,900            145    122,000 ($176,900/1.45)

Explanation:

a) Data and Calculations:

Date             Ending Inventory   Price Index

(End-of-Year Prices)    

December 31, 2017      $ 80,000                100

December 31, 2018        115,500                 105

December 31, 2019       108,000                 120

December 31, 2020      122,200                 130

December 31, 2021       154,000                 140

December 31, 2022      176,900                 145

5 0
2 years ago
Pauline is about to open a new hardware store. She is making decisions regarding lighting, colors, and layout of merchandise. Pa
Morgarella [4.7K]

Answer:

Store atmosphere

Explanation:

There are various techniques used by companies to attract more customers. One of them is to design the shop in the best way possible. Pauline is thinking about designing the place and making decisions about the colours and layout because Pauline understands that the store atmosphere and the looks can certainly affect the customer's purchase decision.

8 0
3 years ago
During the recent economic crisis, many financial managers and corporate officers have been criticized for (a) poor decisions, (
Ksju [112]
<span>During the recent financial crisis, many financial managers and corporate officers have been criticized for (c) Large salaries. This criticism is certainly justified given that most executives received exorbitant compensation despite a plunge in the value of their companies. Thus, their salaries are not justifiable as they are not serving the needs of the shareholders whose interest they should serve. </span>
7 0
3 years ago
Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for
Kryger [21]

Answer:

                                 Eller Equipment Co.

                                  Income statement

Particular                                  Amount($)  Amount ($)

Sales revenue                                                940,000

Less: Cost of good sold                                 <u>(595,000)</u>

Gross margin                                                   345,000

<u>Operating expenses</u>

Salaries expenses                         122,000  

Operating expenses                     65,000  

Warranty expenses                        9,200

Un-collectible account expenses  45,000  

Depreciation expenses                 <u>3,000</u>

Total operating expenses                                <u>(244,200)</u>

Operating income                                              100,800

<u>Non-operating expenses</u>

Interest revenue                            6,200  

Interest expenses                        (36,000)

Gain on sale of equipment            19,000  

Total non-operating items                                   <u>(10,800)</u>

Net Income                                                          <u>$90,000</u>

<u />

                                   Balance Sheet

Assets                                          Amount$

<u>Current Assets</u>                                    

Cash                                                            41,000  

Accounts receivable                  108,000

Less: Allowance for doubtful    (19,000)  89,000

accounts

Merchandise inventory                             101,000  

Interest receivable                                     3600

Prepaid rent                                                38,000  

Supplies                                                      6,500  

Notes receivable                                        <u>32,500</u>

Total current assets                                                           311,600

Property Plant and Equipment    

Equipment                                    243,000  

Less: Accumulated depreciation <u>(66,000)</u>   177,000  

Land                                                                 <u>95,000</u>

Total property plant and equipment                                 <u>272,000</u>

Total Assets                                                                        <u>583,600</u>

Liabilities and Stockholder Equity

<u>Current liabilities</u>

Account payable                     55,000  

Unearned revenue                  47,000  

Warranties payable                  6,500  

Interest payable                        6,000  

Salaries payable                       <u>68,000 </u>

Total current liabilities                                                  182,500

<u>Long-term liabilities</u>  

Notes payable                     160,000

Total long-term liabilities                                               160,000

<u>Stockholders equity</u>

Common stock                            110,000  

Retained earning                         131,100

Total stockholders equity                                              <u>241,100</u>

Total liabilities and stockholders equity                    <u>$583,600</u>

<u>Workings</u>

Retained earning = Beginning retained earning + Net income - Dividend  

= 61,100 + 90,000 - 20,000

= 131,100

5 0
3 years ago
Chavez Corporation reported the following data for the month of July:
Alchen [17]

Answer:

Direct Material Cost for July=$60,600

Explanation:

The direct materials cost for July is is calculated as:

Raw Material in the beginning=$34000

Additional Raw materials purchases=$69500

Total Raw material Available=Raw Material in the beginning+Additional Raw materials purchases

Total Raw material Available=$34000+$69500

Total Raw material Available=$103500

Ending Raw material=$33500

Raw material used in production=Total Raw material Available-Ending Raw material

Raw material used in production=$103500-$33500

Raw material used in production=$70000

Indirect materials included in manufacturing=$9400

Direct Material Cost=Raw material used in production-Indirect materials included in manufacturing

Direct Material Cost=$70000-$9400

Direct Material Cost=$60,600

8 0
2 years ago
Read 2 more answers
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