Answer:
The City of Mayville
The City should report $42,000 as restricted fund balance in its General Fund on December 31, 2019.
Explanation:
a) Data and Calculations:
Total fund balance in General Fund = $200,000
Inventory = $28,000
Prepaid Rent 10,000
Encumbrances 60,000
Restricted fund = $42,000
b) The City of Mayville's restricted fund balance is the cash balance that has been earmarked for specific or limited use by or for the City. Restricted funds ensure that donors detect and direct the usage of the funds.
Answer:
$160
Explanation:
The way 401(k) savings work is that employees can save from their earnings before tax is deducted, which means that on the $200 saved no tax is deducted, hence, the take of the employee reduces by $200
When there are savings, a tax of 20% would have been deducted from the $200, as a result, the employee would be left with $160($200-($200*20%)), which means that take-home would reduce by $40, the amount tax deducted.
The reduction in take-home=$200-$40
The reduction in take-home=$160
Answer:
Explanation:
1. Posting Transferring amounts from the journal to the ledger
2. Account A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period
3. Debit Left side of a T-account
4. Journal A record of transactions in date order
5. Charts of accounts A list of all accounts with their account number
6. Trial balance A list of all accounts with their balances at a point in time
7. Normal balance Side of an account where increases are recorded
8. Ledger A journal entry that is characterized by having multiple debits and/or multiple credits
9. Credit Right side of a T-account
10. Compound journal entry The record-holding all the accounts of a business, the changes in those accounts, and their balances
