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ira [324]
3 years ago
14

The City of Waterville applied for a grant from the state government to build a pedestrian bridge over the river inside the city

’s park. On May 1, the city was notified that it had been awarded a grant of up to $200,000 for the project. The state will provide re-imbursement for allowable expenditures. On May 5, the special revenue fund entered into a short-term loan with the General Fund for $200,000 so it could start bridge construction. During the year, the special revenue fund expended $165,000 for allowable bridge construction costs, for which it submitted documentation to the state. Re-imbursement was received from the state on December 13.
Required:
For the special revenue fund, provide the appropriate journal entries, if any, that would be made for the following. (Assume the city has a fiscal year-end of December 31).
1. May 1, 2017, notification of grant approval.
2. May 5, 2017, loan from General Fund.
3. During FY 2017, bridge expenditures and submission of re-imbursement documentation.
4. December 13, 2017, receipt of the grant re-imbursement funds.
5. December 31, 2017, adjusting and closing entries.
Business
1 answer:
bija089 [108]3 years ago
7 0

Answer and Explanation:

The Journal entries are shown below:-

1. No Journal entry is required as the eligibility should be completed before recognition.

2. Cash Dr, $200,000

       To Inter fund Loans Payable-Current $200,000

(Being cash is recorded)

3. Expenditure Dr, $165,000

      To Voucher Payable $165,000

(Being expenses is recorded)

Due from State Government Dr, $165,000

       To Revenues $165,000

(Being revenues is recorded)

4. Cash Dr, $165,000

        To Due from State Government $165,000

(Being cash  is recorded)

5. Revenues Dr, $165,000

       To Expenditure $165,000

(Being revenue is recorded)

No Other entry will made as the balance of $35,000 eligibility is not fulfilled.

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A colleague from the plant in Germany has arrived at the Chicago plant to share insights on a recent product line changeover imp
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Answer: jim already had a rigid opinion about what will work in the United States .

Superiority complex on the side of Jim.

Language barrier.

He is not impressed by the German outlook and dressing

Explanation:there are several barriers that may hinder the successful implementation of the new product line which has saved thousand of euros for the Germans,one is the fact that Mr jim already has a predisposed idea that the implementation will not work one can only wonder why he invited the German in the first place,it's obvious that the invitation if the German came from a higher pedestal and could be one if the reason Mr jim believes contrarily ,he believes innovation will not work in the USA,meanwhile ,world over , workers tend to resist change and innovation but there are a lot of measures to bring them to the table which include engaging them in every stageof the implementation , assuring them that there will be no job loss due to innovation,making them to see the advantages of the proposed changes to all.

The feeling of superiority to the Germans and their technology is very obvious ,ranging from the quiet disparaging of the visitors accent and pronounciation ,condemn his outfit rather than concentrating on what he has to offer ,he has a set mind ,which find everything about the Germans repulsive.it will be difficult to adopt the new technology with Jim at the helm of affairs at the Chicago plant .

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3 years ago
I had a account but now i cant get this app what do i do i cant even get a new account
Alborosie

Answer:

Yes you can of course you can

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When a cube of manganese oxide was added to a solution of hydrogen peroxide, water and oxygen were produced. Manganese oxide was
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Answer:

The Manganese oxide would rather speed up the rate of reaction.

Explanation:

In this reaction, manganese oxide is the catalyst and catalyses the decomposition of hydrogen peroxide. Chemically this reaction can be written as:

2H_2O_2 -> O_2 + 2H_2O

MnO2 does not show itself in the equation because it is a catalyst.

A catalyst is a substance that speeds up a chemical reaction, but is not consumed by the reaction; hence a catalyst can be recovered chemically unchanged at the end of the reaction it has been used to speed up, or catalyze.

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Lisa quit her $20000-per-year job to start her own economics consulting firm. At the end of her first year of operation, her tot
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Answer:

Economic profit for the year is

Explanation:

The accounting profit will be Revenue - expenses (150,000-35,000) $ 115,000. However this problem requires us to calculate economic profit. Economic profit is different from accounting profit. While calculating it opportunity costs also become part of expenses as implicit costs. Detail calculation is given below.

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3 years ago
For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model
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Answer:

1.

c. Many

d. Differential

c. Monopolistic Competition

2

b. Few

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a. Oligopoly

3

a. One

a. Unique

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Explanation:

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An example of monopolistic competition are restaurants  

A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms.

An example of a monopoly is a utility company

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An Oligopoly is when there are few large firms operating in an industry. In the cab industry, it is a duopoly that exists. This is a type of oligopoly where there are only two firms in the industry. Consumers do not care about the cabs they enter or the different services offered by the companies, so, the product is identical

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