The amount that the government entity report should report as a liability for the judgment in its year 2 governmental fund financial statements is $25000.
<h3>What is liability?</h3>
"At the beginning of year 2, a government entity had a $500,000 judgment outstanding. The government entity paid $400,000 of the judgment during year 2. The remaining balance of the judgment includes $25,000 payable early in year 3 and $75,000 payable at the end of year 4. What amount should the government entity report as a liability for the judgment in its year2 governmental fund financial statements?
A) $500,000 B) $100,000 C) $75,000 D) $25,000
It should be noted that liability simply means the future sacrifices of economic benefit that an entity is obliged to make.
Here, the amount that the government entity report should report as a liability for the judgment in its year 2 governmental fund financial statements is $25000.
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Answer:
Explanation:
The journal entry to record the establishment of the fund on September 1 is:
Debit: Petty Cash. $460
Credit: Bank. $460
Being cash drawn for petty cash.
Other journal entry for the disbursement of the petty cash fund are:
1. Debit: Office Supplies. $94
Credit: Petty cash. $94
Being cash paid for office supplies
2. Debit:Merchandise inv. $170
Credit: Petty Cash. $170
Being cash paid for merchandise inventory
3. Debit: Miscellaneous exp. $43
Credit : Petty cash. $43
Being cash paid for miscellaneous expenses.
Answer: A blog
Explanation:
A blog is an online journal or website that displays information about a particular topic or product. A blog is an avenue for a writer to give their views on certain subject.
There are important reasons to start a blog. Blogging for projects or business, increases the visibility for the company. Blogging helps to get the attention of the consumers hence, connecting the company to it audience. It also boost traffic as the more one posts, the more the company is known.
<h2>Reducing the "Entertainment " will hold good for the given scenario</h2>
Explanation:
There things which a man needs like food, water, shelter, etc.
Savings
: This aspect is necessary for helping us in crucial point. It can serve as an another hand on demand.
Groceries
: This is most important component of every men and women for living. So it cannot be reduced.
Utilities
: This is equally important.
Entertainment
: This shows luxurious aspect and not a mandatory one. So the amount spent in this category should be reduced.
Answer: $9,182,000
Explanation: This question can be done as follows :-
Total shareholders equity = paid in capitals + other paid in capitals + retained earnings - treasury stock
Putting the values into equation we get :-
Total shareholders = $32,000 + $5,200,000 + $4,200,000 - $250,000
equity
= $9,182,000
