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Amiraneli [1.4K]
3 years ago
7

Use the following information to determine whether the Development Special Revenue and the Debt Service Funds should be reported

as major funds based on asset amounts provided. Development Special Revenue Fund Assets $740,000 Debt Service Fund Assets $150,000 Total Governmental Fund Assets $7,500,000 Total Governmental Fund and Enterprise Fund Assets $8,750,000.
Business
1 answer:
Lina20 [59]3 years ago
4 0

Answer:

Only the Development Special Revenue Fund should be reported as major.

Explanation:

According to Statement No. 34 of the Government Accounting Standards Board (GASB), a fund can be categorized as a major fund if its liabilities, assets, expenditures, or revenues represent at least 10% of totals of all corresponding governmental or enterprise funds and at least 5% of the aggregate amount recorded for all governmental and enterprise funds.

Based on the above, we can calculate the percentage proportional percentage for both the Development Special Revenue and the Debt Service Funds as follows:

1. Development Special Revenue percentage representation:

a. In Total Governmental Fund Assets = ($740,000/$7,500,000)*100 =  9.87% approximately 10%

b, In Total Governmental Fund and Enterprise Fund Assets = ($740,000/$8,750,000)*100 = 8.46% approximately 8%.

2. Debt Service Funds representation:

a. In Total Governmental Fund Assets = ($150,000/$7,500,000)*100 = 1.71% approximately 2%

b. In Total Governmental Fund and Enterprise Fund Assets = ($150,000/$8,750,000)*100 = 2.00%

Based on the above, Development Special Revenue should be reported as major funds since its amount represents 10% in Total Governmental Fund Assets and 8% in Total Governmental Fund and Enterprise Fund Assets. However, Debt Service Funds representation should not be reported a major fund since it does not meet the requirement of at least 10% representation of totals of all corresponding governmental or enterprise funds and at least 5% of the aggregate amount recorded for all governmental and enterprise funds .

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7 0
3 years ago
ICHOR Restaurant Group was started by Brian Bailey and Tim Hug in 2006 and has since opened three successful restaurant concepts
Margaret [11]

Answer:

franchising

Explanation:

According to my research on different business strategies, I can say that based on the information provided within the question Entrepreneurs purchasing such a license are engaging in franchising. This is when the owner of a brand licenses the name to a specific individual so that individual can open up his/her own store using that name and reputation. These licenses come with certain requirements placed by the owner of the brand that the buyer must follow.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

4 0
2 years ago
The following data relates to Spurrier Company's estimated amounts for next year. Estimated: Department 1 Department 2 Manufactu
Rashid [163]

Answer:

$3,628  per direct labour hour.

Explanation:

Total manufacturing overhead cost and total direct labour hours

Particulars                                       Dep 1             Dep 2          Total

Manufacturing overhead cost     1,360,000 3,560,000    4,920,000

Direct labour hours                       553,000     803,000     1,356,000

Plant-wide overhead rate = Total manufacturing overhead / Total direct labour rate

Plant-wide overhead rate = $4,920,000 / 1,356,000

Plant-wide overhead rate = $3,628

Therefore, the Plant-wide overhead rate is $3,628  per direct labour hour.

6 0
2 years ago
Which mastery color indicates Apprentice level?<br> Yellow<br> Gray<br> Red<br> Green
masha68 [24]

Answer:

Which mastery color indicates Apprentice level?

Yellow

Gray

Red

Green

Answer: Green

Explanation:

An apprentice level is an arrangement of preparing another age of experts of an exchange or calling with hands on preparing and frequently some going with (study hall work and perusing). Apprenticeships can likewise empower experts to increase a permit to rehearse in a directed calling. A large portion of their preparation is done while working for a business who enables the apprentices to get familiar with their exchange or calling, in return for their proceeded with work for a concurred period after they have accomplished quantifiable abilities. Apprenticeship lengths fluctuate altogether across parts, callings, jobs and societies. Individuals who effectively complete an apprenticeship at times can come to the "understudy" or expert accreditation level of fitness.

6 0
3 years ago
You purchased 5,400 shares in the New Pacific Growth Fund on January 2, 2016, at an offering price of $63.90 per share. The fron
Alexxandr [17]

Answer:

The total return from this investment is -2.35%

Explanation:

According to the give data You invested = 5,400 x $63.90 = $345,060

Because of the front-load, your effective investment = $345,060 x (1 - 5%) = $327,807

Value of assets increases by 6% in 2016, hence, your investment value = $327,807 x (1 + 6%) = $347,475

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Now, because you withdrew within a year, back-end load of 2% is applicable as well.

Hence, your net withdrawal =$343,826 x (1 - 2%) = $336,949

Hence, total return = $336,949 / $345,060 - 1 = -2.35%

The total return from this investment is -2.35%

4 0
3 years ago
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