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qwelly [4]
3 years ago
7

The City of Crescent Hill operates a central motor pool as an internal service fund for the benefit of the city’s other funds an

d departments. In the current year, this fund billed the Parks Department $30,000 for vehicle rentals. If the Parks Department is a governmental fund, which account should the Parks Department use to record these billings?A. Interfund Transfer InB. Interfind exchangesC. ExpendituresD. Cost of rentals from other funds and units
Business
1 answer:
poizon [28]3 years ago
7 0

Answer: Option C

Explanation: In simple words, expenditures refers to the outflow of resources by an organisation for creating some service or good.

   In the given case, the fund operated by the city of crescent billed them $30,000 and this outflow of money is made with the objective of providing support to the other departments.

Hence from the above we can conclude that this is an expenditure.

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The ending retained earnings balance of the Taco Heaven restaurant chain increased by $2.6 million from the beginning of the yea
Vika [28.1K]

Answer: $4.1 million

Explanation:

From the question, we are informed that the ending retained earnings balance of the Taco Heaven restaurant chain increased by $2.6 million from the beginning of the year and that the company had declared a dividend of $1.5 million.

The net income earned during the year will be:

= $2.6 million + $1.5 million

= $4.1 million

5 0
3 years ago
Typically, the firms' lowest cost source of financing is ____________ as its cost is tax deductible and it also tends to offer t
Finger [1]

Answer:

Debt

Explanation:

Debt is the lowest cost source of financing because the <em>interest</em> return given to holders of debt has a <em>tax shield</em> (tax deductible) that is provided by the Section 11j  of the Income tax Act.

The other sources of finance give a return in form of <em>dividends</em>. Dividends are are not tax deductible hence they attract a huge cost.

6 0
3 years ago
Paul is exchanging a building with a market value of $600,000.00 and an adjusted basis of $450,000. He is exchanging it for an a
alukav5142 [94]

Answer:

Carpenter will have to pay taxes for a recognized gain of $150,000

Explanation:

When you are calculating taxes, you must use the adjusted a¿basis of the buildings.

Paul is exchanging a $450,000 building + $75,000 in cash for a $375,000 office building.

Paul's realized loss = $525,000 - $375,000 = $150,000

therefore Carpenter's recognized gain = $150,000

7 0
3 years ago
A flower shop acquired 80 new customers last year. Costs in the marketing and sales areas were the following:
Anna11 [10]

Answer:

$1,215 per customer

Explanation:

Add all costs:

Marketing Costs = $1,200

Sales Costs = $9,000

Salaries = $87,000

Total = $97,200

$97,200 divided by 80 new customers = $1,215 per customer

6 0
2 years ago
Internal control can provide only reasonable assurance that the entity’s objectives and goals will be met efficiently and effect
Strike441 [17]

Answer: The correct answer is "the cost of internal control should not exceed its benefits"

Explanation: One factor limiting the likelihood of achieving those objectives is that the cost of internal control should not exceed its benefits. The cost of performing an internal control should never exceed the benefits that this may have as a result, since in that case its performance would be uneconomical.

3 0
3 years ago
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