1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
OlgaM077 [116]
3 years ago
14

The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in

order to prepare government-wide statements. As such, the City’s internal service fund, a motor pool fund, is included in the proprietary funds statements. Balance sheet asset accounts include: Cash, $102,000; Investments, $150,400; Due from the General Fund, $18,300; Inventories, $396,000; and Capital Assets (net), $1,169,700. Liability accounts include: Accounts Payable, $61,500; Long-Term Advance from Enterprise Fund, $738,000. The only transaction in the internal service fund that is external to the government is interest revenue in the amount of $4,400. Exclusive of the interest revenue, the internal service fund reported net income in the amount of $84,000. An examination of the records indicates that services were provided as follows: one-third to general government, one-third to public safety, and one-third to public works. Prepare necessary adjustments in order to incorporate the internal service fund in the government-wide statements as a part of governmental activities. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Business
1 answer:
Andrei [34K]3 years ago
3 0

Answer: The answer has been attached

Explanation:

The journal is a book in accounting that is used to record the transactions that affect a business. It should be noted that the double entry method of bookkeeping is utilised while recording in a journal.

The journal has been attached in the following way:

1. The journal was used to record the balance sheet particulars.

2. To record the transaction in the internal service fund that is external to the government.

3. To record the internal service fund in the government-wide statements as a part of governmental activities.

It should also be noted that the net income of $84,000 was to be shared as one-third to general government, one-third to public safety, and one-third to public works. This means they'll all receive ($84,000/3) = $28,000 each.

Further explanation can be found in the attached file.

You might be interested in
When originally purchased, a truck costing BD 23.000 had an estimated useful life of 8 years and an estimated salvage value of B
GREYUIT [131]

Answer:

d. BD 2,500

Explanation:

Accumulated Depreciation through the end of year 4 = [ Asset's cost - Salvage Value) / Estimated Useful Life] * Years Elapsed

= [(23,000 - 3,000)/8] * 4

= BD 10,000

Depreciation in Year 3 = [Asset's cost - Salvage Value - Accumulated Depreciation] / Remaining Estimated Useful Life

Depreciation in Year 3 = [23,000 - 3,000 - 10,000] / 4

Depreciation in Year 3 = 10,000 / 4

Depreciation in Year 3 = BD 2,500

6 0
3 years ago
Happy​ Trails, Inc. manufactures railway coaches and uses the FIFO method of process costing to record costs. The Workminusinmin
sertanlavr [38]

Answer:

80 % of materials ;  43 % of conversion costs

Explanation:

The FIFO method traces equivalent units for materials and conversion costs for the following categories :

  1. Opening Work in Process units
  2. Units started and completed
  3. Ending Work in Process units

So the units not completed from last months are the first to be completed during the month (hence To finish Opening Work in Process). During the year there are units started and completed (hence Units Started and Completed) and units started that never gets completed (hence Ending Work in Process units).

All these physical units need to be expressed to the percentage of work done on them - equivalent units.

The question is focusing on Number 3 - Ending Work in Process units. So 80 % of materials and 43 % of conversion costs were added during October for these units.

4 0
3 years ago
“If the minimum wage rate is higher than the equilibrium wage rate, fewer people will be hired because the cost of labor is too
icang [17]

If the minimum wage rate is higher than the equilibrium wage rate, fewer people will be hired because the cost of labor is too high. I agree.

Explanation:

  • If the minimum wage is set above the equilibrium wage rate, it has powerful effects. The Labor Market and the Minimum Wage The equilibrium wage rate is $4 an hour. The minimum wage rate is set at $5 an hour. So the equilibrium wage rate is in the illegal region
  • If the minimum wage is set below the equilibrium wage rate, it has no effect. The market works as if there were no minimum wage. If the minimum wage is set above the equilibrium wage rate, it has powerful effects.
  • The equilibrium market wage rate is at the intersection of the supply and demand for labour. Employees are hired up to the point where the extra cost of hiring an employee is equal to the extra sales revenue from selling their output.
  • When the labor market is in equilibrium, the economy is at full employment.
5 0
3 years ago
Yo-Down Inc. produces yogurt. Information related to the company’s yogurt production follows:
kap26 [50]

Answer:

Yo.Down Inc.

Determination of Support Department 1 costs to be allocated to each production department:

                                      Production        Production         Production

                                      Department 1    Department 2   Department 3

Support Department 1    $96,000            $6,000           $18,000

Explanation:

a) Cost allocation of Support Department 1:

1) Rate of allocation = Total Support Department 1's costs divided by the total of the cost drivers

= $120,000/2000 = $60 per cost driver

2) Production Department 1 = $60 x 1,600 = $96,000

Production Department 2 = $60 x 100 = $6,000

Production Department 3 = $60 x 300 = $18,000

3) The direct method is one of the three methods for allocating support or service department costs to the production departments in order to ensure the full inclusion of overhead costs in the production costs.  As the name goes, the costs of service departments are allocated to only production departments individually.  This method is not like the step method of cost allocation where the costs of service departments are allocated to other service departments, starting with the department with the highest costs, followed by the next, until all the costs of service departments are allocated to production.  However, no service department whose total costs have been allocated will be allocated any costs.  The last method of cost allocation is the reciprocal method, which is a more complicated method that produces more accurate results, by using equations to establish relationships between the departments.

3 0
3 years ago
A company that packages and distributes fruit for on-the-go lunches has established a differentiation. they are packaged in such
SSSSS [86.1K]

The correct answer is forward integration. Forward integration is being defined as a business strategy by which it is associated with the vertical integration of where business activities are being expanded by means of including the control of the direct distribution or the supply of the products of the company.

6 0
3 years ago
Other questions:
  • Allegheny Company ended Year 1 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $54,000 and $2,400, r
    6·2 answers
  • Identify the careers that require a college degree and those that require technical training.
    15·1 answer
  • Suppose you are building a scatter plot in Excel for a large amount of data. After selecting the scatter plot option, how do you
    11·1 answer
  • Shelley newcome is the new ceo for a publicly traded financial services company, asset management co. (amc). newcome is new to t
    6·1 answer
  • 2. At a consumer optimum, for all goods purchased, marginal utility per dollar spent is equalized. A high school student is deci
    8·1 answer
  • 1. Choose a real or made up example of a company, and describe at least three variable costs the
    10·1 answer
  • To _____ is to modify or improve upon code.
    6·2 answers
  • Dunning's theory of international investment is known was the electric program in the theory brand names trademarks, economies o
    10·1 answer
  • Suppose that a flower nursery benefits from having a butterfly farm located only a few miles away, because the presence of the i
    13·1 answer
  • Drag the tiles to the correct boxes to complete the pairs.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!