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
larisa86 [58]
3 years ago
6

The board of commissioners of the City of Hartmoore adopted a General Fund budget for the year ending June 30, 2017, that includ

ed revenues of $1,342,500, bond proceeds of $595,000, appropriations of $960,000, and operating transfers out of $532,500. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year
Business
1 answer:
Aleks04 [339]3 years ago
8 0

Answer:

The Journal entry at the beginning of the year is as follows:

Estimated revenue A/c                      Dr. $1,342,500

Estimated other financing sources-Bonds proceeds A/c Dr. $595,000

To Appropriations control                                                                     $960,000

To Appropriations-Other financing uses-operating transfer outs     $532,500

To Budgetary fund Bal.                                                                        $445,000

(To record entry at the beginning of the year)

You might be interested in
In 2008, expected inflation exceeded inflation. in 2009, inflation exceeded expected inflation. therefore the real interest rate
Nastasia [14]
Expensive cost with Trade interest
4 0
3 years ago
he Talley Corporation had a taxable income of $345,000 from operations after all operating costs but before (1) interest charges
Setler79 [48]

Answer:

(a) The firm's Income tax liability is $59,771.25.

(b) The firm's after-tax income is $233,478.75.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows

The Talley Corporation had a taxable income of $345,000 from operations after all operating costs but before (1) interest charges of $69,000, (2) dividends received of $17,250, (3) dividends paid of $20,700, and (4) income taxes. Its federal tax rate was 21% (ignore any possible state corporate taxes). Recall 50% of dividends received are tax exempt. What are the firm's income tax liability and its after-tax income?

The explanation to the anwer is now given as follows:

Adjusted taxable income = Income after operation - Interest charges + Taxable dividend received ................. (1)

Where;

Income after operation = $345,0000

Interest charges = $69,000

Taxable dividend received = 50% * $17,250 = $8,625

Substituting the values into equation (1), we have:

Adjusted taxable income = $345,000 - $69,000 + $8,625 = $284,625

(a) Income tax liability = Adjusted taxable income *  Tax rate = $284,625 * 21% = $59,771.25

(b) After-tax income = (Adjusted taxable income - Income tax liability) + (50% of dividend received) = ($284,625 - $59,771.25) +  (50% * $17,250) = $224,853.75 + $8,625 = $233,478.75

3 0
2 years ago
The production possibilities curve illustrates the basic principle that: Group of answer choices A) an economy will automaticall
ICE Princess25 [194]

Answer:

The correct answer is option C.

Explanation:

The production possibility curve shows the maximum possible bundle of two goods that can be produced using all the available resources and state of technology.

Since the resources are scarce, when we produce more of one good, we need to sacrifice more and more of the other good.

If all the resources in the economy are fully employed then it is not possible to increase the production of one good without decreasing the production of the other.

The economy can thus produce either on the production possibility curve or below it but not above it.

3 0
3 years ago
Hich best describes the benefits of renting a home?
Zinaida [17]
Non of the above all of the others take from you or make problems.
3 0
3 years ago
Read 2 more answers
[The following information applies to the questions below.]
Zepler [3.9K]

Answer:

The corresponding budgets in column B from which dollar amounts are transferred directly in constructing the budgets listed in Column A are matched in the explanation below

Explanation:

1.) Budgeted Income Statement

E.) Sales Budget

2.) Budgeted Balance Sheet

D.) Payables Budget

3.) Cash Flow Budget

A.) Direct Materials Budget

4.) Cost of Goods Sold Budget

B.) Cost of Goods Sold Budget

5.) Production Budget

C.) Production Budget

5 0
3 years ago
Other questions:
  • When we compare economic welfare in a monopoly market to a competitive market, the profits earned by the monopolist represent A.
    14·1 answer
  • US taxpayers who attended college or university in the past year can deduct the interest paid on student loans from their taxabl
    15·1 answer
  • The typical measurement of hotel demand is the room night (RN). When we say that each room night is perishable , we mean that on
    14·1 answer
  • Jim and Carolyn, who are married, establish a Coverdell Education Savings Account to pay for the future college expenses of thei
    11·1 answer
  • What is a product item?
    6·1 answer
  • Suppose we have a bond issue currently outstanding that has 20 years left to maturity. The coupon rate is 8% And coupons are pai
    15·1 answer
  • If a company sells its smart phones for $400 and the phones have a COGS of $250, how many additional phones would the company ha
    7·1 answer
  • T. Hillcrest Co. sold $500 of merchandise on a bank credit card with a 5% fee. The entry to record this sales transaction would
    9·1 answer
  • Which of the following best explains what a career in public planning is like?
    14·1 answer
  • Revenue management methodology can be applied in the case of nonperishable assets.
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!