1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
laiz [17]
3 years ago
14

A city orders a new computer for its General Fund at an anticipated cost of $93,000. Its actual cost when received is $94,460. P

ayment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
DaniilM [7]3 years ago
5 0

Answer:

The Journal entries for the Fund based Financial Statement and the Government wide financial statement are in the explanation.

Explanation:

Well, first there is the need to know that the Government Authority Standard Board mandates that government organisations keep two financial statements. The first is the Government-wide financial statement and the second is the fund-based financial statement.

The fund based Financial Statements- General Fund

S/N                              Description                           Debit ($)    Credit ($)

1.              Computer - Encumbrances Control       93,000

                         Outstanding Encumbrances                             93,000

Being the payment for Computer received

2.               Outstanding Encumbrances                   93,000

                     Computer- Encumbrances control                        93,000

Being the removal of encumbrance for received computer

3.                 Computer- Expenditures Control         94,460

                       Vouchers payable                                                 94,460

Being the receipt of a new computer and its liability

4.                       Voucher Payable                              94,460

                                Cash                                                               94,460

Being the payment for the computer and its liability

It should be noted the encumbrance control account was created because the computer was received but payment was made at a later date.

Government Wide Financial Statement- Government Activities

S/N                              Description                           Debit ($)    Credit ($)

1.             There is no entry required to record the order of the computer

                         

2.               Computers                                             94,460

                    Vouchers Payable                                                  94,460

Being the record of computers received and its liability

3.                Voucher Payable                                   94,460

                      Cash                                                                         94,460

Being the record of payment made for the computer

You might be interested in
Sabrina, a production manager at Orrin Co., needs to measure the performance of 12 of her subordinates. She divides the number o
Tcecarenko [31]

Answer: Forced-distribution

Explanation:

The forced distribution is one of the type of method which is used by the various types of organizations or companies for the purpose of evaluating the performance of an employees by using the rating system parameter.

By using the forced distribution method the organizations are establishing the appraisal method by evaluating the productivity and the performance of an employees and it is also known as the management tool.

 According to the given question, Sabrina is the production manager at the Orrin Corporation and they needs to measure the overall performance of the subordinates so she is using the forced distribution method by dividing each employees into the different types of categories such as Exceptional, below average, Average and above average.      

 Therefore, Forced Distribution is the correct answer.  

8 0
3 years ago
Depreciation is the accountant's estimate of the cost of ______ used in the production process matched with the benefits produce
faust18 [17]

Answer:

Fixed assets and equipment

Explanation:

Depreciation is the accountant's estimate of the cost of fixed assets and equipment used in the production process matched with the benefits produced from owning it.

It is the decrease in the value of assets and the method used to reallocate the cost of asset over its useful life span.

Assets can be categorized as :

1. Current

2. Fixed

3. Tangible

4. Intangible assets.

In accounting, there are several standard methods of computing depreciation expense:

1. Fixed percentage

2. Straight line

3. Declining balance methods.

4 0
3 years ago
Benjamin Graham, the father of value investing, once said, "In the short run, the market is a voting machine, but in the long ru
Ber [7]

Answer:

1- a. A stock's intrinsic value is based on true investor return.

2- a. Most investors prefer companies that can rise prices beyond reasonable levels.

b. Successful companies can avoid raising external funds in the financial markets.

Explanation:

Intrinsic value of a company's stock is the real value of stock which is based on systematic factors affecting the company. The factors affecting the intrinsic value of company are usually internal factors. The performance of company management, employee satisfaction and its operational efficiencies are the factor which drive intrinsic value of a company.

6 0
3 years ago
The city of New Orleans has 200 advertising companies, 199 of which employ designers of normal ability at a salary of $80,000 a
mezya [45]

Answer:

Jacobs will earn $1,080,000

Explanation:

The earnings of the work factor are made up of two factors: Transfer Earnings + Economic Rents.

Transfer earnings are defined as the minimum required amount that a company must pay its workers to keep them in the workplace. Below this amount, the worker will leave his job. In this case, the Transfer Earnings are $ 80,000, which is the base salary of every designer.

On the other hand, the Economic Rents are the additional income that the worker receives and that is above the minimum level they need to supply his work (In this case, the additional income is given by Jacobs' special ability). In numerical terms, the Economics Rents amount is equivalent to the difference between the earnings obtained by the Jacobs company and the earnings obtained by the other companies.

That is: 1,500,000 - 500,000 = 1,000,000.

Therefore Jacobs salary is equivalent to 80,000 + 1,000,000 = 1,080,000.

From this, it can be deduced that approximately 92% of Jacobs' salary is equivalent to Economic Rents. From the theoretical point of view, this makes sense, because the demand for designers (which is a highly qualified profession) is very inelastic, and the more inelastic the greater the proportion of Economic Rents as part of the salary. In the annexes, I show it graphically.

8 0
3 years ago
If major earthquakes occur along active segments of the san andreas fault about every 200 years, when can another major event be
Aleonysh [2.5K]
It should generate another major event around 2050-2060
8 0
3 years ago
Other questions:
  • Phillips Corporation purchased 1,000,000 shares of Martin Corporation's common stock, which constitutes 10% of Martin's voting s
    7·1 answer
  • Wie Corp's sales last year were $315,000, and its year-end total assets were $355,000. The average firm in the industry has a to
    7·1 answer
  • Starbucks traditionally has relied on a franchising model to expand internationally. But when it came to India, the coffee chain
    9·1 answer
  • Fitness is the measure of ____________ and ability to produce more ________
    5·1 answer
  • Assuming a normal upward-sloping supply curve and downward-sloping demand curve, if the government imposes a $5 excise tax on le
    14·1 answer
  • An appraiser is trying to find the value of a piece of property. He looks at the land first and figures its value, and then he d
    8·1 answer
  • During the current calendar year, Bowman Corporation purchased $660,000 of inventory. The beginning inventory balance was $84,00
    5·1 answer
  • Kiran owns a T-shirt shop in a beach community. For many years, he owned the only T-shirt shop in the area. Recently, several ot
    10·1 answer
  • The following describe several different business organizations. Determine whether each description best refers to a sole propri
    15·1 answer
  • If an industry is characterized by low entry barriers, strong supplier and buyer positions, high threat of substitutes and inten
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!