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Papessa [141]
3 years ago
13

A state whose fiscal year ends June 30, 2019, had the following transactions and events. For each item, compute how much total e

xpenditures the state will report in the General Fund Statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2019. 1. During the year, the state paid salaries of $3,600,000. Its employees also earned $150,000 during the period June 23 to June 30, but the payroll for that period will be paid on July 12.
Business
1 answer:
inn [45]3 years ago
4 0

Answer:

$3,750,000

Explanation:

The total amount of expense = current salaries +accrued salaries

The total amount of expense = $3,600,000+ $150,000

The total amount of expense= $3,750,000

The salaries are those expenses that are paid from the current financial resources. If the salaries are not being paid in the current year due to any reason it will be an accrued expense to the company and has to be paid in next year.

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Answer: Please see explanation column for answers

Explanation:

1.To record the Purchase of office supplies on account.

Date         Account titles and explanation         Debit         Credit

April 2                Office Supplies                         $900

Accounts Payable                                                                  $900

2.To record performed services on account

Date         Account titles and explanation         Debit         Credit

April 5            Accounts Receivable                  $4,600

                    Service revenue                                                   $4,600

3.To record office supplies  bought previously on account.

Date         Account titles and explanation         Debit            Credit

April 8         Accounts Payable                           $330

                   Cash Credit                                                            $330

4.To record Payment of  advertising expense for cash

Date         Account titles and explanation         Debit            Credit

April 8         Advertisement expense                 $800

                          Cash                                                                 $800

5.To record the Purchase equipment for cash

Date         Account titles and explanation         Debit           Credit

April 9                Equipment                              $3,100

                               Cash                                                         $3,100

6. To record Paid wage expenses for cash

Date         Account titles and explanation         Debit            Credit

April 10             Wages Expenses                      $2,000

                                   Cash                                                     $2,000

7. To record Collected cash from customers provided services billed April 5.

Date         Account titles and explanation         Debit            Credit

April 11           Cash                                               $1,800

             Accounts Receivable                                                  $1,800

8.To record the Purchase of  land by  signing note and giving a  down payment.

Date         Account titles and explanation         Debit           Credit

April 12           Land                                          $14,000

                     Cash                                                                    $2,800

                Notes payable                                                         $12, 200

9. To record the Issuance of  common stock for building an office

Date         Account titles and explanation         Debit            Credit

April 13        Office Building ( 1700 x$40)          $68,000

                        Common Stock                                               $68,000

10.To record Performed services on account.

Date         Account titles and explanation         Debit             Credit

April 14         Accounts Receivable                  $2,800

              Service Revenues                                                      $2,800

11. To record unpaid utilities bill to be paid in the next month.

Date         Account titles and explanation         Debit             Credit

April 15           Utilities expense                          $700

               Utilities payable                                                          $700

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During 2019, its first year of operations, Bento Steel Corporation reported a net operating loss of $500,000 for financial repor
erastovalidia [21]

Answer:

The amount of net income reported in 2020 income statement would be $75,000.

Explanation:

Pretax accounting income for 2020 = $100,000

Income tax expense for 2020 = Current tax + Reversal of Deferred tax assets

= ($100,000 - $100,000)*25% + ($100,000*25%)

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Amount of net income reported in 2020 income statement = Pretax accounting income - Income tax expense

= $100,000 - $25,000

= $75,000

Therefore, The amount of net income reported in 2020 income statement would be $75,000.

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Use the following information:
seraphim [82]

Answer:

Windswept, Inc.

The total dividends paid for 2017 is:

= $556.

Explanation:

a) Data and Calculations:

Windswept, Inc.

Income Statement for the year ended December 31, 2017:

Net Sales                                           $9,740

Cost of goods sold                              7,910

Depreciation                                          480

Earnings before interest and taxes $1,350

Interest paid                                            110

Taxable income                                $1,240

Taxes                                                     434

Net income                                         $806

Windswept, Inc.

2016 and 2017  Balance Sheets ($ in millions)

                               2016        2017                                     2016       2017

Cash                      $260       $290  Accounts payable    $1,490   $1,460

Accounts rec.        1,060         960  Long-term debt           1,130     1,330

Inventory               1,900       1,740  Common stock          3,400    3,340

Total                   $3,220   $2,990  Retained earnings        670       920

Net fixed assets   3,470     4,060

Total assets      $6,690    $7,050  Total liab. & equity  $6,690  $7,050

The total dividends paid for 2017:

Retained earnings, Dec. 31, 2016        $670

Net income for the year, 2017               806

Less Retained earnings, Dec. 31, 2017 920

Dividends paid                                     $556

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