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borishaifa [10]
3 years ago
12

The budget for the City of Goodville for the year ending December 31 was adopted and recorded on January 2 of the same year. Aft

er recording the budget, the accounting records showed a debit balance of $50,000 in the Budgetary Fund Balance account. What does this indicate?
Business
1 answer:
scoray [572]3 years ago
3 0

Answer:

See below

Explanation:

A budgetary fund is an income account and thus a debit balance suggests a deficit on the fund account. This means that governing bodies of City of Goodville have spent more money in their expenditures than they have brought in as income from the fund. This will be recorded as a liability in the balance sheet. Where as a credit balance would be a surplus and recorded as  an asset.

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An employer reports a pension loss in Other comprehensive income when: Multiple Choice a change in an assumption causes the proj
Jlenok [28]

Answer:

The employer can experience pension loss if it found out that the retirees benefits paid out are more than expected.

Explanation:

  • Normally during salary payments, pension claims are paid to retirees as well, and can be automatically checked and processed as if the deficiency was very contrary.
  • However, if payments for retired claims are found to be higher than expected, we can say that the company has suffered a pension loss.
  • so The employer can experience pension loss if it found out that the retirees benefits paid out are more than expected.

8 0
3 years ago
The following transactions were completed by The Irvine Company during the current fiscal year ended December 31: Feb. 8 Receive
nirvana33 [79]

Answer:

See every requirement in details bellow

Explanation:

6 0
3 years ago
Tara purchased a machine for $40,000 to be used in her business. The cost recovery allowed and allowable for the three years the
Nana76 [90]

Answer:

The answer is "$11,480".

Explanation:

Calculate the benefit as illustrated below:  

               Recovery of costs approved                      Recovery costs approved

Year-1                    $16,000                                            $8,000

Year-2                   $9,600                                             $12,800

Year-3                   $5,760                                             $7,680

Total cost                                                                                                $40,000

Making a reference to:  Cause great costs allowed or permitted

Year-1                                            $16,000      

Year-2                                           $12,800

Year-3                                           $7,680                                             $36,480

Adjusted basis                                                                                       $3,520

Formula:

Recognized Gain = Residual value - Adjusted basis

                             = \$ \ 15,000 - \$ \ 3,520 \\\\ = \$ \ 11,480

8 0
3 years ago
Pab Corporation decided to establish Sollon Company as a wholly owned subsidiary by transferring some of its existing assets and
Burka [1]

Answer:

Debit : Cash $44,000

Debit : Inventory  $76,000

Debit : Land $109,000

Debit : Buildings $249,000

Debit : Equipment  $121,000

Credit : Accounts Payable $63,000

Credit : Shares (30,000 x $6) $180,000

Credit ; Gain on Bargain Purchase $356,000

Explanation:

Assets and liabilities are acquired at their Fair Value Amounts instead of Cost or Book Value.

A transfer of some of the asset of a Company is referred as a Asset acquisition transaction instead of Business Combination (Acquirer obtains control of one or more businesses).

This is an asset Acquisition Transaction and no consolidated Financial Statements will be prepared.

The excess of Net Assets Acquired over the consideration is called Gain on Bargain Purchase and this amounts to $356,000.

8 0
3 years ago
Skysong, Inc. began the year with 9 units of marine floats at a cost of $12 each. During the year, it made the following purchas
Alisiya [41]

Answer:

Skysong, Inc.

a. The cost of goods sold under FIFO

= $816

b. The cost of goods sold under LIFO

= $1,068

c. Average unit cost

= $18.90

d. The cost of goods sold under average-cost

= $945

Explanation:

a) Data and Calculations:

Date    Transaction                 Units   Unit Cost    Total

Jan. 1   Beginning inventory      9            $12        $108

May 5, Purchases                    28            $16         448

July 16 Purchases                    19            $20        380

Dec. 7, Purchases                   24            $24        576

Dec. 31 Total                           80                        $1,512

Dec. 31 Ending inventory       30

Dec. 31 Sales                          50

a. The cost of goods sold under FIFO:

Jan. 1   Beginning inventory      9            $12        $108

May 5, Purchases                    28            $16         448

July 16 Purchases                    13            $20        260

Cost of goods sold                                               $816

b. The cost of goods sold under LIFO:

May 5, Purchases                      7            $16          112

July 16 Purchases                    19            $20        380

Dec. 7, Purchases                   24            $24        576

Cost of goods sold                                           $1,068

c. Average unit cost:

= Total cost/Total units

= $18.9 ($1,512/80)

d. The cost of goods sold under average-cost:

= $945 (50 * $18.90)

8 0
3 years ago
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