Answer:
Adjustments for enterprise fund-basis statements from their original modified accrual basis would not be included in the required reconciliation of the Governmental Fund Balance Sheet to the governmental activities Statement of Net Position.
Answer:
$38,103.34
Explanation:
A= P(1+r/n)^nt
P: Principal
r: interest rate
n: number of times interest is applied per time period
t: total time period
A= 30000(1+0.06/8)^(4×8)
A= $ 38,103.34
Answer: Both the State and local governments
Explanation: The State and Local Governments prepare both entity wide and fund financial statements.
The entity wide and fund financial statements consist of the statement of net assets and Statement of activities. That is its information is based on the funds the Government has and what the funds are used for.
This is different from the private organisations financial statement as they present every thing necessary about the organisation which includes statement of profit and Loss and Balance sheet.
The State and Local Government do not prepare Profit or loss account as the government funds generally have a short-term perspective.
Answer and Explanation:
The computation is shown below:
a. The receivables Turnover Ratio and Inventory Turnover Ratio is
receivables Turnover Ratio is
= Net credit sales ÷ average account receivable
= $86,000 ÷ ($6,500 + $6,900) ÷ 2
= $86,000 ÷ $6700
= 12.84 times
Inventory turnover ratio is
= Cost of goods sold ÷ average account receivable
= ($86,000 × (1 - 49.8%) ÷ ($7,280 + $7,300) ÷ 2
= $43,172 ÷ $7,290
= 5.92 times
b. The average days to collect receivables and inventory is
For receivables
= 365 ÷ 12.84 times
= 28.43 days
For inventory
= 365 ÷ 5.92
= 61.66 days
Answer:
Investment interest expense deduction is restricted to the extent of investment income.
Investment interest expense deduction = $4600
Explanation:
