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3 years ago

For the 2016–2017 biennium, an estimated ________ billion in state general revenue funds went to public education.

2 answers:

Nutka1998 [239]3 years ago

8 0

Around 58 Billion in state general revenue funds went to public education.
For the 2016-2017 period, most of the states' budget is spent on two spcecific sectors.
58 Billion for public education and Aroynd 61 Billion was spent on medicaid (for welfares and other similar things)

Anuta_ua [19.1K]3 years ago

3 0

For the 2016–2017 biennium, an estimated $41.3 billion in state general revenue funds went to public education.

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Michek Company's Journal Entries related to loans to Sarasota Company are as follows:

a) Journal Entries without using fair value option:

December 31, 2020:

Debit Interest Receivable $120,000

Credit Interest Revenue $120,000

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Debit Interest Receivable $120,000

Credit Interest Revenue $120,000

To record the 6% interest due on January 1.

b) Journal Entries with fair value option

December 31, 2020:

Debit Loan Receivable $50,000

Credit Unrealized Gain from Fair Value $50,000

To record the fair value of the loan.

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Credit Interest Revenue $120,000

To record the 6% interest due on January 1.

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Credit Loan Receivable $20,000

To record the fair value of the loan.

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Data and Calculations:

January 1, 2020, amount of loan = $2,000,000

Interest rate = 6%

Period of loan = 3 years

December 31, 2020 2021 2022

Fair value of loan $2,050,000 2,020,000 2,000,000

Interest income $120,000 $120,000 $120,000 ($2,000,000 x 6%)

Payment of interest = January 1

December 31, 2021:

Debit Unrealized Loss from Fair Value $30,000

Credit Loan Receivable $30,000

Debit Interest Receivable $120,000

Credit Interest Revenue $120,000

Thus, the Loan Receivable account's balance at December 31 each year varies only when using the fair value option.

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