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horsena [70]
3 years ago
5

During January, its first month of operations, Dieker Company accumulated the following manufacturing costs; raw materials $4,80

0 on accounts, factory labor $7,900 of which $5,400 relates to factory wages payable and $2,500 relates to payroll taxes payable, and utilities payable $2,700.
Prepare separate journal entries for each type of manufacturing cost.
Business
1 answer:
aev [14]3 years ago
6 0

Answer:

J1

Work - In - Process $4,800 (debit)

Raw Materials $4,800 (credit)

J2

Work - In - Process $7,900 (debit)

Salaries and Wages Payable $5,400 (credit)

Payroll taxes payable $2,500 (credit)

J3

Work - In - Process $2,700 (debit)

Utilities Payable $2,700 (credit)

Explanation:

All cost accumulations to be done in the Work - In - Process Account.

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The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020:
qaws [65]

a) The journal entries for the transactions relating to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020, are as follows:

<h3>Journal Entries:</h3>

Debit Taxes Receivable $1,000,000

Credit Property Tax Revenue $1,000,000

Debit Other Revenues Receivable $400,000

Credit Other Revenue $400,000

Debit Cash $970,000

Credit Taxes Receivable $970,000

Debit Cash $340,000

Credit Other Revenues Receivable $340,000

Debit Contract Services $106,000

Credit Accounts Payable $106,000

Debit Other Expenditures $1,040,000

Credit Accounts Payable $1,040,000

Debit Accounts Payable $1,204,000

Credit Cash $1,204,000

b) The preparation of the Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund is as follows:

City of Buffalo Falls

<h3>Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund</h3>

For the year ended December 31, 2020

Property Tax Revenue              $1,000,000

Other Revenue                              400,000

Total Revenues                         $1,400,000

Expenditures:

Contract Services     $106,000

Other Expenditures 1,040,000

Total expenditures                   $1,146,000

Changes in Fund Balance        $254,000

c) The preparation of the Balance Sheet for the General Fund is as follows:

City of Buffalo Falls

<h3>Balance Sheet</h3>

As of December 31, 2020

Cash                                              $216,000

Taxes Receivable                          245,000

Other Revenues Receivable          60,000

Total Assets =                              $521,000

Accounts Payable                          $7,000

Fund Balance                               514,000

Total liabilities + Fund balance $521,000

<h3>Data:</h3>

Beginning balances:

Cash, $110,000

Taxes Receivable, $215,000

Accounts Payable, $65,000

Fund Balance, $260,000

<h3>Budget:</h3>

Estimated revenues =        $1,400,000

Estimated expenditures =  $1,294,000

Estimated budget surplus = $106,000

<h3>Transaction Analysis:</h3>

Taxes Receivable $1,000,000 Property Tax Revenue $1,000,000

Other Revenues Receivable $400,000 Other Revenue $400,000

Cash $970,000 Taxes Receivable $970,000

Cash $340,000 Other Revenues Receivable $340,000

Contract Services $106,000 Accounts Payable $106,000

Other Expenditures $1,040,000 Accounts Payable $1,040,000

Accounts Payable $1,204,000 Cash $1,204,000

<h3>Accounts Balances:</h3>

Cash, $216,000 ($110,000 + $970,000 + $340,000 - $1,204,000)

Taxes Receivable, $245,000 ($215,000 + $1,000,000 - $970,000)

Other Revenues Receivable $60,000 ($400,000 - $340,000)

Accounts Payable, $7,000 ($65,000 + $106,000 + $1,040,000 - $1,204,000)

Fund Balance, $514,000 ($260,000 + $254,000)

Learn more about Statement of Revenues, Expenditures, and Changes in Fund Balance at brainly.com/question/13814211

#SPJ1

8 0
2 years ago
A rich donor gives a hospital $100,000 one year from today. Each year after that, the hospital will receive a payment 5% larger
wariber [46]

Answer:

D) $779,843.27

Explanation:

The present value of this donation = Donation in Year 1/(1+ discount rate)^9 + Donation in Year 2/(1+ discount rate)^8 + ….. + Donation in Year 2/(1+ discount rate)^1

= $100,000/(1+9%) + $100,000*(1+5%)/(1+9%)^2 +$100,000*(1+5%)^2/(1+9%)^3…. +$100,000*(1+5%)^9/(1+9%)^10 = $779,843.27

Or we can easily input in excel and generate NPV as file attached; in which the formula is NPV(discount rate, cash inflow year 1 : cash inflow year 10) = (9%, 100000,100000*(1+5%)….,100000*(1+5%)^9) = $779,843.27

Download xlsx
5 0
3 years ago
Depreciation of equipment is an example of a(n) relevant cost. opportunity cost. sunk cost. variable cost. None of these.
77julia77 [94]

There are different kinds of cost incurred in business. Depreciation of equipment is an example of sunk cost.

  • Sunk cost is a financial term for a cost that has been incurred and one cannot recover again. This type of costs are taken as bygone and are not taken into consideration when making decisions.

They are money that has been spent and one cannot get back again. Example is Depreciation, amortization, and impairments.

Lean more about  Sunk costs from

brainly.com/question/16524308

7 0
2 years ago
A regressive tax has the biggest impact on which sector of the american economy?
9966 [12]
A regressive tax has the biggest impact on the income of the middle-sector households. of the American economy because they are affected by the increase of the average tax rate. The regressive tax gets its large percentage from the middle sector than the high-class households with high earnings.
7 0
3 years ago
Jeff's Pizzeria can handle 30 orders during the day. It wanted to increase this number, so it started making its delivery boys d
klasskru [66]

Answer:

The options for this question are:

a. dominance

b. synergy

c. anarchy

d. compromise

The correct answer is b. synergy.

Explanation:

usiness synergy is an interesting concept if we use it in the business world, since we find the possibility of growth and improvement. Remember! The whole is more than the sum of its parts and achieves the best business strategy.

In an altruistic way it is also possible to obtain a benefit or even establish a new professional relationship in order to obtain more work and promotion that otherwise would not have been obtained.

5 0
3 years ago
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