Answer:
The City of Mayville
The City should report $42,000 as restricted fund balance in its General Fund on December 31, 2019.
Explanation:
a) Data and Calculations:
Total fund balance in General Fund = $200,000
Inventory = $28,000
Prepaid Rent 10,000
Encumbrances 60,000
Restricted fund = $42,000
b) The City of Mayville's restricted fund balance is the cash balance that has been earmarked for specific or limited use by or for the City. Restricted funds ensure that donors detect and direct the usage of the funds.
Answer:
The amount allocated to ending inventory is $ 11,520
Explanation:
Using LIFO basis of inventory valuation implies that the items received last are sold first,in other words, sales of 160 units comes from the purchases of 240 units made on July 5,that leaves 80 units of the purchase in closing inventory.
However,the sale of 140 units on 30 July is taken from purchases of 120 units on July 21 as well as purchases of July 5.
The amount allocated to ending inventory is computed below:
July 5 60 units at $112 $6,720
opening inventory 40 units at $120 $4,800
Value of closing inventory $11,520
Independently owned firms that take title to the merchandise they handle, are classified as either full-service or limited-service, and go by names like industrial distributors are known as merchant wholesalers.
<h3>What are merchant wholesalers?</h3>
Merchant wholesalers are described as independent businesses that sell goods after purchasing them from the manufacturers. It is important to mention that the merchant wholesalers are the one that purchases goods and sells them to other third parties. Merchant wholesalers form an important part of indirect sales.
The merchant wholesalers are the ones that purchase the goods, store them, and handle them physically in bulk quantities. The merchant wholesalers sell the goods to the other retailers, but only in small quantities.
It can be concluded that independently owned firms that take title to the merchandise they handle, are classified as either full-service or limited-service, and go by names like industrial distributors are known as merchant wholesalers.
To know more about, wholesale retailers, check this link:
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The annual exempt amount applies to the earnings of each non-grace taxable year prior to the year of full retirement age, as defined
