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Serhud [2]
2 years ago
11

A city government adds streetlights within its boundaries at a total cost of $300,000. These lights should burn for at least 10

years but can last significantly longer if maintained properly. The city develops a system to monitor these lights with the goal that 97 percent will be working at any one time. During the year, the city spends $48,000 to clean and repair the lights so that they are working according to the specified conditions. The city also spends another $78,000 to construct lights for several new streets. Prepare the entries assuming infrastructure assets are capitalized with depreciation recorded on government-wide financial statements. Prepare the entries assuming infrastructure assets are capitalized with government using the modified approach on government-wide financial statements.
Business
1 answer:
tekilochka [14]2 years ago
3 0

Answer: See explanation

Explanation:

a. Prepare the entries assuming infrastructure assets are capitalized with depreciation recorded on government-wide financial statements.

1. Debit: Infrastructure assets—street lights $300,000

Credit: Cash $300,000

(To record cash purchase of street light

2. Debit: Depreciation expense $300,000/10 = $30,000

Credit: Accumulated depreciation—infrastructure assets $30,000

(To record depreciation expense)

3. Debit: Maintenance expense—infrastructure assets $48000

Credit: Cash $48000

(To record maintenance expense)

4. Debit: Infrastructure assets—street lights $78000

Credit: Cash $78000

(To record cash expense for new light)

b. Prepare the entries assuming infrastructure assets are capitalized with government using the modified approach on government-wide financial statements.

1. Debit: Infrastructure assets—street lights $300,000

Credit: Cash $300,000

(To record purchase of street light)

2. Debit: Maintenance expense—infrastructure assets $48000

Credit: Cash $48000

(To record maintenance expense)

3. Debit: Infrastructure assets—street lights $78000

Credit: Cash $78000

(To record cash expense for new light)

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Explanation:

A strategic plan is made up of the organization's mission, vision, and values, as well as its long-term goals.  These are backed up with the action plans for attaining the long-term goals.  A strategic plan should involve the whole of the organization and remain futuristic.  It does not concentrate on short-term objectives.  Instead, a strategic plan concentrates on long-term goals with its duration period lasting five years or more.

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7 0
3 years ago
Madison Corporation sells three products (M, N, and O) in the following mix: 3:1:2. Unit price and cost data are: M N O Unit sal
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Answer:

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= $26.

Explanation:

a) Data and Calculations:

Products                    M            N            O

Current sales mix      3             1             2

Unit sales price      $16         $11          $13

Unit variable costs   10            9            10

Unit contribution    $6          $2           $3

Contribution margin per

composite unit    $18          $2           $6

=                      ($6 * 3)   ($2 * 1)    ($3 * 2)

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5 0
2 years ago
Suppose the following transactions occur during the current year:
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Answer:These transactions combines will increase the Gross Domestic Products by +2500

Explanation:

Gross domestic product is the Value of all goods and service produced within the boarders of the country over a period of time. Gross domestic product is measured in monetary terms. Gross domestic product can also be calculated as a total of all expenditures on goods and services in the economy.

we will now sow how these Transactions affect the gross domestic product

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+$3000 export = + 3000 Gross Domestic Product.

3. Jake US Citizen pays $1500 for a laptop he orders from microell (a US company)

This transaction will increase Consumer's domestic consumption which is represent by a Variable denoted by C in the Consumption equation. When Jake pays $1500, Consumption increases by $1500 which also increases Gross domestic Product by $1500 ceteris pa

+$1500 Consumption = + $1500 Gross domestic product

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These transactions combines will increase the Gross Domestic Products by +2500

8 0
3 years ago
Read 2 more answers
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