What are the two types of products that

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

Lina20 [59]

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 .

4 0

3 years ago

The hotel manager received an offer to hold the local bikers' club annual meeting at the hotel in march, which is the hotel's lo

OleMash [197]

<span>Given that this is the hotels low season, and this would be a definite increase in income that the hotel would not normally get, the hotel manager should accept. 45 suites at $100/ night for 3 nights is a nice $13,500. That would be a nice profit in their low season.</span>

6 0

4 years ago

A business maintains subsidiary accounts for each of its customers. on may 15, the business sells services on account: $2,500 to

Andreyy89

A number that can be added but idk do u know because im bored and have home work and all fs so i need help im home schooled

7 0

3 years ago

Discuss why South Africa as a country has a scarcity of skilled workers, and how this can be changed more especially in terms of

FromTheMoon [43]

South Africa, as a country still experiences a scarcity of skilled workers. This should not be, given the country's population size.

<h3>What is the scarcity of skilled workers?</h3>

The scarcity of skilled workers means that South African companies cannot attract the manpower they need to power the South African industry and economy.

However, this scarcity can become a thing of the past if many more South African companies can start investing in the education sector by giving out scholarships, grants, and endowing academic chairs in the universities.

This was how the economy of the United States was enabled to flourish until today. South African companies can emulate their footsteps.

Thus, South Africa, given its enormous population, has no business experiencing a scarcity of skilled workers.

Learn more about the scarcity of skilled workers at brainly.com/question/1787954

5 0

2 years ago

Shale Remodeling uses time and materials pricing. It is setting prices for next year using the following information: Labor rate

lorasvet [3.4K]

Answer:

45%

Explanation:

Annual material purchase $1,206,250

Material purchasing, handling and storage cart $241,250

Material purchasing, handling and storage % on 20%

material purchase ($241,250/$1,206,250*10)

Target profit margin 25%

Material markup per dollar of material used 45%

8 0

3 years ago