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Studentka2010 [4]
3 years ago
10

Last year a city received notice of a $150,000 grant from the state to purchase vehicles to transport physically challenged indi

viduals. During the current year the city received the entire $150,000, purchased a bus for $65,000, and issued a purchase order for a van for $60,000. The grant revenue that the city should recognize on the government-wide financial statements in the current year is:
Business
1 answer:
Slav-nsk [51]3 years ago
7 0

Answer:

The answer is: $0

Explanation:

Government entities have to record grant revenue during the period that they occur. The city received notice of this grant last year, so they recorded the grant revenue in last year's financial statements. If they recognize any grant revenue this year, it must come from a new grant.

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Why do you think effective planning is necessary in achieving our objectives?
MakcuM [25]

Answer:

yes by planning we can be success and can get instructions oursrlves

8 0
3 years ago
Blossom, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The follo
Crazy boy [7]

Answer:

The Journal entry with their narrations shown below:-

Explanation:

The Journal Entry is shown below:-

1. Petty cash Dr, $271

       To Cash $271

(Being establishment of petty cash fund is recorded)

2. Freight-in Expenses(delivery charges) Dr, $76

Supplies expenses Dr, $41

Postage expenses Dr, $49

Loan to employees (Accounts receivable) Dr, $33

Miscellaneous expenses Dr, $52

Cash short and over Dr, $8

         To Cash                              $259

($271 - $12)

(Being disbursement of cash is recorded)

3. Petty cash Dr,  $116

       To cash  $116

(Being increase in petty cash is recorded)

6 0
3 years ago
A cup of Starbucks coffee is just as good as a cup of Dunkin Donuts coffee for me (assuming equal sized cups.) The price of coff
Oxana [17]

Answer:

TRUE

Explanation:

It is given that both Starbucks coffee as well as Dunkin Donuts coffee are both perfect for me. They taste same and the quality of the coffee in both are same. The price of Starbucks coffee is more than the coffee in Dunkin Donuts. As a customer I would prefer the lower cost item i.e. the Dunkin Donuts coffee.

After the pandemic, the price of the Starbucks coffee have increased. But my utility of purchasing coffee from Dunkin Donuts is not changed as the price of the Dunkin Donuts coffee is still the lowest between the two. So I will continue buying coffee from Dunkin Donuts like before. Thus my utility remains unchanged.

4 0
2 years ago
Louise has been a child care provider for one year. She works out of her home and cares for five children. She completed a train
Lerok [7]

Answer: D

Explanation:

6 0
2 years ago
Lusk corporation produces and sells 20,000 units of product x each month. the selling price of product x is $30 per unit, and va
balandron [24]

From economics, we know that the formula for Profit is:

Profit = Income – Total Cost

Case 1: Continue producing and selling product x

income is calculated as:

Income = ($30 / unit) * (20, 000 units)

Income = $ 600, 000

Total cost is composed of both the fixed cost and variable cost:

Total cost = Variable cost + Fixed cost

Total cost = ($21 / unit) * (20, 000 units) + $250,000

Total cost = $670, 000

Therefore, the profit of producing and selling product x each month is:

Profit = $ 600, 000 - $670, 000

<span>Profit 1= - $70, 000        (decifit)</span>

 

Case 2: Discontinue producing and selling product x

Since there is no income but there is unavoidable fixed cost of $50,000, therefore:

<span>Profit 2 = - $50, 000       (deficit)</span>

 

The company’s overall net operating income would be the change in profit (deficit in this case):

Net operating income = Profit 2 – Profit 1

Net operating income = - $50, 000 – (- $70, 000)

Net operating income = $20, 000

 

<span>Therefore discontinuing product x would result in an increase in the overall net operating income by $20,000 per month.</span>

8 0
3 years ago
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